Aven­dus Fin Opens Debt Fund

NBFC aims to an­nounce first close of .₹ 500-cr fund by Aug end

The Economic Times - - Disruption: Startups & Tech - Biswarup.Gooptu @times­group.com

New Delhi: Aven­dus Fi­nance, the non-bank­ing fi­nance com­pany owned and op­er­ated by KKRbacked Aven­dus Cap­i­tal, has for­mally launched its .₹ 500-crore debt fund, and is aim­ing to an­nounce its first close by the end of Au­gust.

The .₹ 250-crore Aven­dus Struc­tured Credit Fund-I, which will also have a green shoe op­tion of .₹ 250 crore, will in­vest along side the NBFC, and will pri­mar­ily tar­get op­por­tu­ni­ties spread across in­dus­tri­als and health­care sec­tors, and in the broader con­sump­tion theme, ac­cord­ing to San­deep Thapliyal, chief ex­ec­u­tive, Aven­dus Fi­nance. “The fund will sup­ple­ment what is be­ing done by the NBFC. It is largely go­ing to ride on, par­tic­i­pate and in­vest along with the NBFC. It im­proves our abil­ity to write larger cheques, be­cause you have NBFC cap­i­tal along with this dis­cre­tionary pool of cap­i­tal,” Thapliyal told ET in an ex­clu­sive in­ter­view. The launch comes at a time when a num­ber of credit funds are be­ing launched in the coun­try. In Fe­bru­ary, re­ports stated that pri­vate eq­uity firm Bar­ing Pri­vate Eq­uity Asia was in the process of rais­ing a new In­dia-ded­i­cated credit fund of .₹ 500 crore with a green­shoe op­tion of .₹ 250 crore. In Jan­uary, ET was the first to re­port that KKR had com­pleted rais­ing .₹ 1,100 crore to pre-close the first por­tion of its ded­i­cated In­dia-credit fund, the se- cond of its kind from the New York-head­quar­tered pri­vate eq­uity gi­ant.

Thapliyal, who came on board at Aven­dus last year, af­ter be­ing poached by the di­ver­si­fied fi­nan­cial ser­vices provider from RBL Bank, where he headed the com­mer­cial and in­vest­ment bank­ing unit of the coun­try’s youngest listed pri­vate sec­tor lender, said the fund will help Aven­dus to eval­u­ate po­ten­tial deals, which oth­er­wise, may have been dif­fi­cult to tar­get.

“Aven­dus’ core all th­ese years has been in of­fer­ing ad­vi­sory ser­vices to high-qual­ity mid-mar­ket busi­nesses. As such the launch of NBFC com­pletes the bou­quet of prod­ucts and ser­vices to such busi­nesses/com­pa­nies,” Thapliyal said.

The sec­tor-ag­nos­tic, on­shore credit fund, which will in­vest be­tween .₹ 75 crore and .₹ 250 crore, will have a LP pro­file cen­tred around high net-worth in­di­vid­u­als, fam­ily of­fices and in­sti­tu­tional in­vestors. Ac­cord­ing to Thapliyal, it may also con­sider bets on the coun­try’s broader tech­nol­ogy space. “The fact is that tech­nol­ogy is a sec­tor that we un­der­stand ex­tremely well. Aven­dus as a firm has more than 50% mar­ket share when it comes to of­fer­ing ad­vi­sory ser­vices to that seg­ment,” he said. The fund will sup­ple­ment what is be­ing done by the NBFC

SAN­DEEP THAPLIYAL Chief Ex­ec­u­tive, Aven­dus Fi­nance

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