Creaegis targets $500m India fund
Creaegis, an India-based private equity firm established by Prakash Parthasarathy, formerly founding CIO and managing partner of PremjiInvest, is looking to raise USD 500m for its debut fund.
The International Finance Corporation (IFC) has proposed to invest USD 25m or no more than 20% of the overall corpus. It said in a statement that the fund – an India-domiciled alternative investment fund – would back 10-15 companies across the consumer, financial services, healthcare, and technology sectors.
Parthasarathy joined PremjiInvest, the family office of ex-Wipro chairman Azim Premji, in 2006. Before that, he was an executive vice president at IT services provider iGate. Parthasarathy left PremjiInvest in 2017 and VCCircle reported two years later that there were plans to raise a USD 400m fund.
Creaegis made its first investment last year, leading a USD 75m Series C for Medikabazaar, an India-based B2B medical supplies marketplace, at a valuation of USD 700m. It re-upped in a USD 65m round led by Lighthouse Funds earlier this month.
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