360 One launches secondaries fund with a ₹4,000-crore target corpus
MUMBAI : Asset manager 360 One WAM Ltd is in talks with investors to raise a ₹4,000-crore secondaries fund—a vehicle typically used to buy stakes in companies from other investors or replace another investor in multiple firms. The alternatives asset manager is also in talks to raise a healthcare-focussed private equity fund, Sameer Nath, chief investment officer and head of 360 One Asset’s venture capital and private equity business, said at a press briefing on Tuesday. 360 One WAM, which handles nearly $2.9 billion in assets under management under its alternatives strategies, also plans to launch an early-stage venture capital fund as well as a fourth pre-IPO fund over the next year, Nath said.
“We are halfway through the fundraise and have made five investments," Nath said about the secondaries fund, declining to name the investments. Typical investments will be in the range of ₹150 crore to ₹200 crore, he said, adding that the fund will be sector-agnostic. This is 360 One Asset’s first secondaries fund.
Several foreign investors such as TR Capital, Foundation Private Equity, and New Quest Capital have launched secondaries-only funds that operate in India. Large private equity firms such as KKR and Blackstone also acquire secondary stakes in India. 360 One Asset will be able to offer more options to Indian companies and investors in the sub- ₹200 crore to ₹300 crore range, Nath said.
In addition to the base corpus of ₹4,000 crore ($480 million), 360 One Asset’s secondaries fund will have a greenshoe option to raise a larger fund. A greenshoe option allows a fund manager to raise more capital than planned if it sees greater demand. Nath said that over the last decade, private equity and venture capital funds had
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