Fund News
Neo Asset marks first close of Rs.2,000-Cr secondaries fund at Rs.750-Cr
Mumbai-based Neo Asset Management has made the first close of its INR 2,000 crore private equity fund, the Neo Secondaries Fund, after raising INR 750 crore from investors.The Category-II alternative investment fund (AIF) focuses on acquiring secondary stakes in unlisted Indian companies. It focuses on companies that are profitable and offer an exit pathway within two to four years.The fund has already closed three investments: in disposable hygiene products manufacturer Noble Hygiene, beauty and personal care marketplace Purplle and Mumbai-based artificial intelligence firm Fractal Analytics. It has also signed a multi-asset deal with a venture capital firm.In August last year, the group raised INR 400 crore in a fresh equity funding round led by Japanese lender MUFG Bank along with New York-based Euclidean Capital. Peak XV Partners, which had invested around USD 35 million in October 2023, also participated in this round.
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