Avendus clinches first close of Rs 850 crore for its Future Leaders Fund III

Avendus Future Leaders Fund III (FLF III) has announced its first close, involving the commitment of Rs 850 crore from investors. The latest fund is looking to raise Rs 1,500 crore with an additional green shoe option of an equal amount. The fund - registered as a Category-II Alternative Investment Fund (AIF) with SEBI - plans to make 12-14 investments, with an average ticket size of Rs 150-300 crore, in sectors such as financial services, healthcare, technology, consumer goods, and manufacturing.

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"Avendus announces first close of INR 850 crores for its Future Leaders Fund III," a release said. Leading domestic family offices and Indian institutions participated in this 'first close'. "With a 7-year track record, FLF III builds on a proven strategy of its predecessor funds, focusing on investing behind established and emerging market leaders in the private space," the release added.

The FLF I and II portfolio companies include Lenskart, Bikaji, Juspay, SBI General Insurance, and Sagility Technologies, among others. "FLF I has returned over 100 per cent of investor capital within 4 years while FLF II has recently been fully deployed," it said. FLF III is in the process of finalising its first investment in the healthcare sector, which reflects the fund's strategy of building a portfolio of consistent compounders and money multipliers, Avendus said.

PTI MBI