Avendus Fund: Avendus raises Rs 432 cr for its AIF Cat II fund from family offices, HNIs

NEW DELHI: Avendus PE Funding Advisors, an asset administration arm of Avendus Group, on Wednesday mentioned it raised Rs 432 crore within the first shut of Avendus Structured Credit score Fund II, a class II, Different Funding Fund (AIF), final week. The fund is concentrating on a complete corpus of Rs 1,000 crore together with the inexperienced shoe choice of Rs 500 crore.

The capital dedication primarily got here from household places of work, excessive web price people (HNIs) and Indian monetary establishments. The fund will deploy the capital in a differentiated credit score technique targeted on offering structured credit score options to top quality, growth-oriented firms with differentiated enterprise fashions, backed by marquee sponsors, Avendus mentioned.

The sector agnostic fund plans to spend money on secured transactions of working firms in addition to holding firms alongside Avendus Finance, the NBFC arm of Avendus. With the most recent fund, Avendus mentioned it’s going to now be concentrating on deal dimension of Rs 150-250 crore. The fund is evaluating a number of offers in sectors akin to IT companies, B2B companies, specialised manufacturing and healthcare, it mentioned.

The primary structured credit score fund, Avendus Structured Credit score Fund I (ASCF I) is on the finish of its life cycle. Launched in October 2017, it was absolutely deployed throughout 9 transactions, and eight out of 9 transactions have been absolutely exited until date. It has returned greater than 115 per cent capital money on money foundation and is presently monitoring a portfolio stage gross IRR of 17.88 per cent, the corporate mentioned.

“Non-public credit score market in India has seen an enormous uptick over the previous 6-9 months. That is additionally a sign of the attractiveness of structured credit score as a separate funding class amongst buyers. Until now, our fund has acquired commitments from 100+ buyers together with 4 establishments and we hope to proceed the identical momentum over the following 2-3 months,” mentioned Nilesh Dhedhi, Fund Supervisor, Avendus Structured Credit score Fund.