Axis AMC has raised commitment of Rs.1000 crore from its Axis Growth Avenues AIF. The fund has raised commitment from family offices, HNIs and NRIs. The fund aims to invest in unlisted mid-to-late stage innovative companies with long term growth prospects.
Axis Growth Avenues AIF is a AIF Category II Private Equity Fund that will focus on technology-enabled companies with scalable business models and a favourable risk-return profile. The fund house will target a portfolio size of 8-10 companies with the deal size ranging from Rs. 100 crore to Rs. 150 crore each. The total term of the fund is 5 years from the date of its final closing.
In a press release, Chandresh Nigam MD & CEO, Axis AMC said, “The start-up ecosystem has expanded significantly in India offering substantial wealth creation opportunities for investors in new-age businesses. The speed at which we have concluded the fund raise shows the confidence that our investors and partners have in us as we pursue the wealth creation potential of this space with our unique investment philosophy.”
Ashwin Patni, Head Products & Alternatives, Axis AMC said, “As the digital transformation continues in India, more and more innovative business models are being tried out and are successfully scaling up. We are also seeing the coming of age of the unlisted ecosystem with new fund launches, greater investor interest, a growing secondary market and most importantly the opening up of the IPO option for the new age tech businesses.”