DSG exceeds target for third India, Southeast Asia fund
DSG Consumer Partners has reached a final close of $65 million on its third fund focused on early-stage consumer opportunities in India and Southeast Asia, beating its hard cap of $60 million.
In addition to closing its flagship fund, the firm has also reached a first close of $35 million on its second annex fund, according to media reports linked on DSG founder Deepak Shahdadpuri’s Twitter feed. The annex fund, which is targeting $40 million, will participate in follow-on rounds for existing portfolio companies led by external investors. DSG raised $20 million for its first annex vehicle in 2017.
Most of the LPs in the flagship fund are investors in previous vehicles, including Belgium’s Verlinvest, family offices, and other institutional investors from Europe, Asia, and the US. Verlinvest was an anchor investor in DSG’s second fund, which closed in 2017 at $50 million.
The latest fundraise brings DSG’s total assets under management to about $200 million. The firm plans to invest in up to 20 companies in India and Southeast Asia from the fund, maintaining its focus on consumer-oriented sectors including personal care and wellness, travel and hospitality, financial services, and food and beverage. Portfolio companies expected to receive commitments from the annex fund include Greek yogurt brand Epigamia, financial technology developer Mswipe, and baby food maker Piccolo.
DSG has a longstanding alliance with the Everstone Group, which bought a 50% stake in the GP in 2016. The partnership is partly built on necessity, as DSG’s funds are relatively limited in size and Everstone can help reduce operating costs by handling back office requirements.
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