MUMBAI: The National Investment and Infrastructure Fund (NIIF) on Monday said to commit Rs 207 crore ($25 million) in Bengaluru-based early growth capital company Amicus Capital.
Founded in 2016 by private equity (PE) professionals Sunil Theckath Vasudevan and Mahesh Parasuraman, Amicus Capital has assets under management of $259 million across two funds.
“We believe that the Amicus Capital team has the potential to deliver high returns while driving development in India through their investments and look forward to a successful partnership,” said Anand Unnikrishnan, Managing Partner - Private Markets, NIIF.
With a target size of $200 million, Amicus Capital Fund II expects to support businesses in sectors such as specialty manufacturing, technology and business services, healthcare, financial services and other sectors.
“Including NIIF’s commitment, our second fund has raised $171 million (Rs 1,415 crore) as of today. NIIF's expertise and network will be invaluable as we continue to identify and support promising businesses early in their growth cycle,” said Mahesh Parasuraman, Partner and Co-founder, Amicus Capital.
Amicus Capital has invested early in companies like insurance aggregator RenewBuy and microfinancier Capital Small Finance Bank.
NIIF is a collaborative investment platform for international and Indian investors, anchored by the government, which manages funds with investments in different asset classes and diversified sectors that generate attractive risk-adjusted returns.
NIIF manages over $4.9 billion of equity capital commitments across its four funds -- Master Fund, Private Markets Fund, Strategic Opportunities Fund, and India-Japan Fund.
NIIF’s Private Markets business (PMF) provides global institutional investors a unique platform to access India’s vibrant private assets market.
PMF-I has a portfolio of eight funds, through which NIIF has exposure to more than 50 portfolio companies.