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TVS Capital Funds Ltd has raised its top-up fund, with commitments for Rs 500 crore, fully from domestic capital.
Along with this, TVS Capital, which is the asset manager to TVS Shriram Growth Fund, has strengthened its fund advisory board, brought in a new executive director and COO, and roped in two more fund advisors.
According to Gopal Srinivasan, Chairman and Managing Director, TVS Capital Funds Ltd, nearly Rs 360 crore of the funds raised has come from family offices and individuals, Rs 65 crore from sponsors and Rs 75 crore from institutions. Insurance companies and a few banks have been supportive, while families have committed nearly Rs 250 crore. “This has been a tough experience and it took us exactly one year to raise the funds,” he said.
The market, he said, was rapidly moving towards domestic capital.
Srinivasan said TVS Capital saw good opportunity in agri-business.
That was why it had roped in B. Soundararajan, Founder and Chairman of Suguna Foods, a large poultry enterprise, on to the fund advisory board.
Sandeep Kohli, who was Managing Director Yum!, and Anand Sudarshan, who has been CEO of Manipal Global Education Service, join as fund advisors. Kohli has vast experience in the food and restaurants space, while Sudarshan’s knowledge will help TVS Capital in the education space.
According to a TVS Capital press release, S. Raghunathan, with more than 25 years experience in Hindustan Unilever and Dabur, has joined it as Executive Director and COO. Shyamal Lahon, who was with KPMG Corporate Finance, has joined as an associate.
TVS Capital Funds manages the TVS Shriram Growth Fund I, which is a Rs 600 crore domestic rupee fund.
It has fully committed the money raised. It has had one exit so far – TVS Logistics – and hoped to have two more exits this year, according to Srinivasan.
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