InCred Group’s alternative investment platform InCred Alternatives Investments has launched its maiden Category II alternative investment fund (AIF) in the private equity space.
The target corpus of the InCred Growth Partners Fund-I (IGPF-I) is INR 500 Cr ($60 Mn+) and is designed to invest in startups across consumer, financial services, technology and enterprise services sectors.
For investment, the fund looks up to HNIs, family offices, as well as institutional investors to access compelling opportunities in private markets.
InCred said in a statement that money from this fund will be invested in a mix of companies at Series B and C stages where growth is likely to drive outcomes, as well as companies with more evolved business models where an increase in business efficiency will drive a multiple expansion.
The fund will be led by investment management veteran Vivek Singla.
Commenting on the fund, InCred’s founder and CEO Bhupinder Singh said, “The launch of our private equity strategy helps us complete the bouquet of alternate funds for our HNI, UHNI and institutional investor base. Our best-in-class alternative investment management team will enable us to provide access to unique investment opportunities in the public and the private markets. IGPF-I has been crafted to foster entrepreneurship, generate targeted returns for our investors and bring together the founder and investor communities”.
InCred stated that this is the third alternative strategy after the successful launch of its Structured Credit Fund and Liquid Quant Fund strategies over the last two years.
To this, Singla added that the idea with this maiden private equity fund is to run a concentrated strategy and invest in no more than 7-9 businesses where InCred will have high conviction.
This announcement comes on the back of the parent fintech entity InCred becoming a unicorn by raising a $60 Mn (INR 500 Cr) Series D funding round led by Manipal Education and Medical Group’s Ranjan Pai.
The unicorn reported that its net profit in FY23, quadrupled to INR 120.9 Cr from INR 30.8 Cr reported in the previous fiscal year.
