PE firm Paragon Partners has raised $50 million, marking the close of its USD 200 million growth fund, PPGF-I to invest in mid-size companies.
PPGF was established in 2015 by Siddharth Parekh and Sumeet Nindrajog. It is an AIF-Category II Private Equity fund, investing in high growth mid-market private companies in India.
The fund will focus on five key sectors - consumer discretionary, financial services, Infrastructure services, Industrials and Healthcare services. The fund has an advanced pipeline of investment opportunities across these sectors.
Paragon Partners advisory Board includes Deepak Parekh (Chairman, HDFC Ltd.), Harsh Mariwala (Chairman, Marico Ltd. & Founder Member), Sunil Mehta, (Chairman, SPM Capital Advisors Pvt Ltd) and Jeff Serota (ex Sr. Partner at Ares Private Equity) amongst others.
Siddharth Parekh, co-founder, Paragon Partners said, “We believe the next decade in India will see a strong resurgence of growth in key sectors such as manufacturing, financial services and infrastructure.”
The company said with its first close, PPGF-I have completed the funding of its first investment in Capacite Infraprojects Limited, a leading EPC player based in Mumbai.
Capacite is engaged in the construction of buildings (including super high rise structures) and factories, for large real estate developers, corporates and institutions.
The company currently has a footprint across Mumbai, NCR and Bangalore regions and will look to grow this on a selective basis moving forward. Capacite is promoted by Rahul Katyal, Rohit Katyal, and Subir Malhotra.
PPGF-I has seen significant interest from onshore and offshore institutions, family offices and HNI’s. Domestic investors include India Infoline, Edelweiss Group and Infina Finance Private Limited (an associate of Kotak Mahindra Bank Limited). The Fund has also received a significant commitment from the Fairfax group based in Canada. Additional discussions with investors are progressing rapidly, and the Fund expects to close on further commitments in coming months.