Carnelian Asset Mgmt makes first close of debut PE fund at Rs.1,000-Cr

Mumbai-based Carnelian Asset Management & Advisors has raised INR 1,000 crore at the first close of its debut private equity fund. The fund has a base size of INR 1,200 crore and a green-shoe option of INR 800 crore, with the General Partner (GP) team committing more than INR 100 crore of their own capital. Commitments for the fund have been received from domestic family offices, ultra-high net worth individuals (UHNIs), and high net worth individuals (HNIs). The firm expects to complete the final close by December.The new fund will invest in mid-market transactions where companies are raising between INR 100 crore and INR 300 crore. The firm plans to build a portfolio of 15-18 investments, with a structure allocating 60% to growth equity, 20-25% to pre-IPO opportunities, and 20-25% to listed equities. While the fund is mandated to be sector-agnostic, it anticipates that 65-70% of its portfolio will be concentrated in manufacturing, pharmaceuticals and healthcare. The remainder will be deployed in consumer and financial services. The firm has already completed one investment (in white-goods manufacturing) and has an exclusive term sheet signed for a second transaction (in the auto ancillary sector).Founded in 2019 by Vikas Khemani, Manoj Bahety and Swati Khemani, Carnelian Asset currently manages approximately USD 1.6 Billion in listed equities.