December 2021 | Chennai: Axis Asset Management, one of the leading fund houses in India announced the final close for its Growth Avenues AIF after it raised commitments of INR 1000 crore, achieving its intended target within a span of 3 months from its first close thanks to the strong response from investors and partners. The fund has achieved the fund raise target from family offices, HNIs and NRIs. The fund aims to invest in unlisted mid-to-late stage innovative companies with strong long term growth prospects.
Chandresh Nigam MD & CEO, Axis AMC said, “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. 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.”
Axis Growth Avenues AIF 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 INR 100 crore to INR 150 crore each (approx). 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.
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. 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.”