Private Equity

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Avendus raises Rs.432-Cr to mark first close of 2nd structured credit fund

Mint  

Avendus PE Investment Advisors, an asset management arm of Avendus Group, has marked the first close of its second structured credit fund Avendus Structured Credit Fund II (ASCF II) by raising INR 432 crore (around USD 57.85 million). The funds were raised primarily from family offices, high net worth individuals (HNIs), two private insurance firms and two private sector banks. Around 40% of the investors from the first fund participated in the second fund as well. In October last year, the KKR-backed investment firm launched ASCF–II, a category-2 Alternative Investment Fund (AIF), targeting a corpus of INR 1,000 crore (about USD 133 million) including the greenshoe option of INR 500 crore. ASCF II plans to invest in secured transactions of operating companies as well as holding companies alongside Avendus Finance, the non-banking financial company (NBFC) of Avendus. The fund has already identified around three deals, one each in the IT services, B2B and specialised manufacturing space. The sector-agnostic fund will target a total of around 10-12 transactions with a ticket size of around INR 150-200 crore (against earlier INR 100 crore) to be invested over the next 1-2 years with an investment tenure of 3-5 years.