The fund will focus on five core sectors, including consumer discretionary, financial services, infrastructure services, among others.
PE firm Paragon Partners has raised $50 million (nearly Rs 336.05 crore), marking the close of its $200 million (nearly Rs 1,344.2 crore) growth fund, PPGF-I to invest in mid-size companies.
Siddharth Parekh, an experienced Indian private equity investor and entrepreneur Sumeet Nindrajog who manage the fund said PPGF-I plans to invest in 10-15 mid-market companies in India with an average deal size of $10-20 million (nearly Rs 67.21 - 134.42 crore).
It will focus on five core sectors, including consumer discretionary, financial services, infrastructure services (capex light), industrials and healthcare services, Paragon Partners said in a statement.
"We believe the next decade in India will see a strong resurgence of growth in key sectors such as manufacturing, financial services and infrastructure. Paragon Partners aims to become the capital provider of choice in these sectors, which form the backbone of the Indian economy," Paragon Partners Co-Founder Siddharth Parekh said.
Paragon Partners has recruited a team consisting of six investment and operating professionals and a CFO, with several years of India private equity experience, the firm said.
The fund has made its first investment of $10 million (nearly Rs 67.21 crore) for a minority stake in Capacite Infraprojects, a leading Engineering, Procurement and Construction (EPC) player based in Mumbai.
Capacite is engaged in the construction of buildings (including super high-rise structures) and factories for large real estate developers, corporates, and institutions.
The Advisory Board of Paragon Partners includes HDFC Chairman Deepak Parekh, Marico Chairman Harsh Mariwala, SPM Capital Advisors Chairman Sunil Mehta and Ex-Sr. Partner at Ares Private Equity Jeff Serota among others.
PPGF-I has seen significant interest from onshore and offshore institutions, family offices and high net worth individuals (HNI's), the PE firm said.
Domestic investors include India Infoline, Edelweiss Group and Infina Finance (an associate of Kotak Mahindra Bank Ltd). The fund has also received a significant commitment from the Fairfax group based in Canada.
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