InCred Alternatives Investments, the alternative investment platform of InCred Group, Thursday said it has floated its maiden private equity fund.
InCred Growth Partners Fund-I (IGPF-I), which is a category-II alternative investment fund (AIF), is InCred’s third strategy in the alternatives space. It had launched its Structured Credit Fund and Liquid Quant Fund strategies over the last two years.
IGPF-I aims to target assets under management of up to Rs 500 crore. The fund will invest in privately owned companies across the consumer, financial services, technology and enterprise services sectors.
The fund will raise capital from high-net-worth individuals, family offices, as well as institutional investors.
“The launch of our private equity strategy helps us complete the bouquet of alternate funds for our HNI, UHNI and institutional investor base,” said Bhupinder Singh, founder and group chief executive officer of InCred.
IGPF-I will invest in a mix of companies at Series B and C stages where growth is likely to drive outcomes, as well as in companies with more evolved business models where an increase in business efficiency will drive expansion in return multiples, the company said in a statement.
The fund is being led by Vivek Singla, who brings over 18 years of investment management experience. He is an alumnus of IIT Delhi and IIM Lucknow. He is also a CFA Charter-holder.
"I feel it is an opportune time to launch a private equity fund - private market valuations are at realistic levels and there’s been a stark shift in the founders’ mindset from ‘growth at any cost’ to ‘profit after all the costs’,” said Singla, managing partner and chief investments officer, private equity, InCred Alternative Investments.
“The idea with our maiden private equity fund is to run a concentrated strategy and invest in no more than 7-9 companies where we have high conviction,” Singla added.
InCred, which is backed by marquee investors such as KKR, Teacher Retirement System of Texas and Abu Dhabi Investment Authority, among others, had last raised Rs 500 crore in December at a valuation north of $1 billion. The funding round helped it to enter the coveted club of unicorn startups in India.
