Indian alternative-investment firm Anicut Capital LLP is aiming to collect 10 billion rupees for its second fund, DealStreetAsia reported, citing The Economic Times.
Approved by the Securities and Exchange Board of India, the Grand Anicut Fund II has an initial target of 7 billion rupees with a greenshoe option of 3 billion rupees, the report noted.
Anicut Capital is said to be in discussion with high-net-worth individuals for the fundraising. The fundraising is set to close by mid-2020.
Anicut Capital Managing Partner IAS Balamurugan told the local newspaper that the latest investment vehicle will allow the firm to invest in about 25 businesses, with an average transaction size of 300 million rupees.
As of Nov. 13, US$1 was equivalent to about 72.39 Indian rupees.