India-focused private equity firm OAKS Asset Management has launched its second fund, which will invest in consumer startups and mid-sized companies, it said on Monday.
OAKS Consumer Fund will have a target corpus of Rs 500 crore (around $68 million), with a greenshoe option of Rs 250 crore (about $34 million).
The vehicle is registered with the Securities and Exchange Board of India as a Category-II Alternative Investment Fund. It has already received commitments worth around Rs 400-450 crore, OAKS Asset Management said in a statement.
While the firm did not disclose the identities of limited partners (LPs) in the fund, The Economic Times reported that commitments have come from Indian family offices and ultra-high net worth individuals.
The fund will aim to make 10-12 investments, with ticket sizes ranging between Rs 25 crore and 100 crore.
“All our businesses focus on creating brands that provide better products, service quality and enhance customer experience at affordable prices,” OAKS co-founder and managing director Vivek Anand PS said, adding that the fund will avoid committing to companies that depend on “serial fundraises” or operate in “winner takes all” categories.
OAKS Asset Management was set up in 2015. Previous investments include Hero Electric and Foodlink.
In October last year, OAKS Asset Management took part in a $4.5 million (around Rs 33 crore) follow-on investment round in Mumbai-based supply chain finance firm CredAble.