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ASK Pravi Capital Advisors is close to raising the first tranche of its maiden Rs 900-crore fund, which would be invested in small and mid-sized businesses.
The Mumbai-based private equity firm, a joint venture between ASK Group and Pravi Capital Advisors, will make the closure of Rs 200-crore in the quarter ending December.
“We have got commitments from certain high networth individuals and families, and we expect to make the closure in December quarter. We will raise the remaining of the fund within a year of closing the first tranche,” ASK Pravi Managing Partner Jayanta Banerjee said.
He, however, did not divulge the names of the HNIs and families who had committed to invest in the fund.
Pravi Capital Advisors was founded by three former ICICI Venture veterans — Jayanta Banerjee, Anand Vyas and Sunay Mathure — in 2010. Pravi Capital holds a 50 per cent stake in ASK Pravi, while the remaining is held by diversified financial services group ASK Group, which has more than $1.2 billion assets under management.
Focus on Unlisted cos
The fund — ASK Pravi Private Equity Opportunities Fund — is being set up to invest in unlisted companies operating in industries that benefit from domestic consumption demand. The PE firm would invest in sectors such as healthcare, education, consumer products and consumer services among others, he said.
“We intend to invest in about 12 deals over a period of time,” Banerjee added.
The sector-agnostic, Rs 900-crore fund will acquire significant minority and controlling stakes in small- and medium-size firms with strong fundamentals over a 4-5 year horizon.
“Our approach is to closely manage and nurture the companies in our portfolio with the support of a team of professionals,” he said, adding, “after about three to five years of every investment, we will exit by selling our stake to larger financial or strategic investors.”
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