Axis Asset Management on Thursday said it has garnered Rs 1,000 crore through the final close of its Growth Avenues AIF (alternate investment fund), which will invest in unlisted mid-to-late stage innovative companies.
The asset management company achieved its target within a span of three months from its first close on strong response from family offices, high networth individuals (HNIs) and non-resident Indians (NRIs).
The fund aims to invest in unlisted mid-to-late stage innovative companies with strong long term growth prospects, the asset management firm said in a statement.
“The strong response received by the Axis Growth Avenues Fund is a reflection of the long term opportunities in the fast evolving Indian digital economy. The start-up ecosystem has expanded significantly in India offering substantial wealth creation opportunities for investors in new-age businesses,” Chandresh Nigam MD and CEO, Axis AMC, said.
The fund 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.
Positioned to take advantage of the macro opportunities, the fund focuses on sectors that promise multi-year growth potential.
“With the Axis Growth Avenues Fund, we are seeking to invest in ambitious founders and management with scalable asset-light models in sectors that have the promise of delivering significant upside in the next decade,” Ashwin Patni, Head Products & Alternatives, Axis AMC said.