Accel nears close of $150m early-stage India fund
Accel Partners is reportedly on track to raise its first India-dedicated fund - a $150 million early-stage investment vehicle – and is expected to announce a close in the coming weeks.
News of Accel's fund comes weeks after the VC firm called off the raise of its $400 million late-stage investment fund, which industry observers expected would be its first Indian vehicle. Accel typically invests in early-stage targets in India. Reports last month noted that Accel recruited LPs including DE Shaw, Apax Partners and Goldman Sachs.
Instead, Accel is has been meeting with LPs in preparation for the launch of its $150 million fund, Reuters reported. In June, domestic media reported that Accel targeted a $125 million raise for the vehicle.
The Silicon Valley-headquartered firm's first investment in India came in 2008 through the acquisition of Bangalore-based early-stage venture investor Erasmic Partners, which at the time was managing a $15 million fund. Accel now has approximately $80 million invested in 30 companies in India. Globally, the firm has more than $6 billion in assets under management.
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