Ananta Capital, an alternative investment fund set up in August last year, is raising a total of $150 million for its two funds — a pledge fund focused on private equity deals, and an equity fund dedicated to stake acquisitions in publicly-traded companies.
Jaganath Swamy, managing partner, Ananta Capital, said both funds had so far drawn commitments of $20 million from limited partners (LPs), high networth individuals and financial institutions.
“We are looking at closing $110 million in the next three-four months for both funds. The pledge fund is designed to be LP-friendly and will be focussed primarily on the advanced materials and renewable energy sectors in India,” Swami said.
The fund is said to be the first of its kind in India and would eventually invest around $110-130 million in infrastructure and consumption-linked sectors in India. For the pledge fund, Ananta Cap will be targeting ticket sizes of $10-$15 million, while the equity fund will go in for deals with ticket sizes in the range of $5-$10 million. By leveraging pledged capital against its deal pipeline, as opposed to committed funds, LPs would have the benefit of greater operational transparency, Swami said.
The equity fund will focus on making significant stake acquisitions in high growth publicly-traded companies in India.
