Oister Global, an investment firm floated last year by Lumis Partners co-founders Sandeep Sinha and Rohit Bhayana, has launched a Rs 440 crore ($52.7 million) fund to invest in venture capital and private equity firms in India.
The Oister India Pinnacle Fund will invest in early, growth and late-stage VC and PE funds that back businesses across consumption-driven and emerging technology-led sectors. The targeted corpus includes a greenshoe option of Rs 190 crore, Oister said in a statement Monday.
“Oister Global's new fund is strategically designed to capitalise on India's consumption-driven growth,” said Bhayana, co-CEO and co-founder.
The fund will invest across multiple stages and ensure diversification. This will allow Oister to “capture opportunities across the entire spectrum of India's startup ecosystem,” Bhayana said.
Oister aims to mark the fund's first close in May. Through the fund, Oister will be looking to back five funds with a cheque size ranging from Rs 40 crore to Rs 120 crore.
Oister says it identifies alternative investment funds through its network and evaluation process, and carries out investments for their fund investors, which may otherwise have remained out of their reach. It primarily makes LP-style bets in top funds. It has previously backed funds like Blume Ventures and Stride Ventures.
In January, co-founder Sinha spoke about Oister’s plans to invest in 15-20 firms by the end of the year. The firm wanted to give its limited partners a say in defining the quantum they want to invest.
Sinha also said the firm would mostly stick to investing in fund managers who are on their third fund or later, which would make it easier to do due diligence.
