Homegrown private equity fund Creaegis has closed its maiden fund at about $426 million (Rs 3,500 crore), as it aims to back indigenous startups. With its maiden fund, Creaegis is looking to build a portfolio of 12-15 companies and will back roughly four companies annually.
The fund is expected to be sector-agnostic and will look to infuse growth-stage capital in Indian startups, Creaegis stated in a press release. The maiden fund has been backed by prominent family offices as well as institutional investors including International Finance Corporation (IFC).
Founded in 2018 by former Premji Invest managing partner Prakash Parthasarathy, Creaegis manages private equity investments. The company will make investments with average ticket sizes ranging between $25 million and $40 million and will look to double down on portfolio winners.
Earlier, Parthasarathy invested through Premji Invest in companies like Lenskart, fashion marketplace Myntra and software unicorn Amagi.
According to Creaegis, it has invested one-third of the corpus raised (around $142 million) and its portfolio counts healthtech platform Medikabazaar, Zopper, and Kale Logistics among others.