Private equity platform Xponentia raises Rs 1,000 crore in new fund

Private equity platform Xponentia on Tuesday said it has raised Rs 1,000 crore in its second fund, almost entirely from domestic investors.

The platform will be investing the funds in companies across sectors such as consumer, healthcare, financial services, and business services, according to statement.

It had set out with a target to raise Rs 750 crore, and the same has been oversubscribed and exceeded, the statement said.

Apart from investors in the first fund, new investors, including High Networth Individuals (HNIs), family offices and insurance companies and the ‘fund of funds’ programme managed by Small Industries Development Bank of India (SIDBI) have invested or have committed money in the second fund.

The platform’s managing partner Devinjit Singh said that a conviction about Indian institutions and family offices being under invested in alternative assets led him to leave Carlyle in 2018 and launch the platform.

“Investor appetite for the asset class has increased faster than I imagined, and we have raised the fund almost exclusively from the domestic market,” Singh added.

It had announced the first close of the second fund in July last year at Rs 270 crore, and has so far made four investments, including in commercial electric vehicle maker Altigreen, new age fintech platform Zype, casual wear brand The Souled Store and education financing entity Auxilo from it.

Further, Xponentia has fully invested the first fund, betting on eight companies in total, the statement said.