Money & Banking

Foundation PE acquires 100 per cent LP interests in Prime Venture Partners’ Fund

BL Bengaluru Bureau | | Updated on: Jan 13, 2022
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The development has helped the early stage investment firm to deliver healthy returns to its limited partners in the span of nine years and has also extended the fund by four years

Foundation Private Equity, a secondary fund focused on Asia, has acquired all LP (limited partner) interests in Prime Venture Partners’ first fund through a LP tender offer process. 

Prime VP’s first fund is an investor in seven companies including the likes of Quizizz and fintech start-up Happay (acquired by CRED). This development has helped the early stage investment firm to deliver healthy returns to its limited partners in the span of nine years and has also extended the fund by four years.  Prime Venture Partners was started in 2012 with an Indian advisory office led by Shripati Acharya, Sanjay Swamy, Bala Parthasarathy and Amit Somani. Currently in its Fund IV of $100 million, Prime VP is typically the first institutional investor and focuses on companies with an innovative approach to solving fundamental problems through technology. Prime VP has raised four funds since its inception and manages more than $250 million with investors including the International Finance Corporation (IFC), part of the World Bank Group and a top-tier university endowment, several family offices and institutions, and numerous global technology entrepreneurs.

Sole LP

With this fund extension, FPE now becomes the sole LP in Prime VP’s first fund that was originally raised in 2012. The companies under this fund include interactive learning start-up Quizziz; fintech start-up Happay (acquired by CRED); pet tech company Waggle; HR tech platform HackerEarth; SaaS company Synup; real-estate start-up Smartowner; and adtech platform Vidgyor.  Jeremy Foo, Co-Founder and Partner, Foundation Private Equity said, “We are very pleased to have worked closely with the team at Prime Venture Partners to identify and execute an optimal liquidity solution for their existing LPs. The FPE team has taken a patient approach thus far with evaluating venture opportunities in India, and we are excited to be backing a very high-quality GP team and portfolio with our first transaction in India. We have strong conviction in the value that Prime VP brings to their investee companies, and are excited about the journey ahead.”

Sanjay Swamy, Co-Founder & Managing Partner, Prime Venture Partners said, “Ensuring founders have the opportunity to build their businesses to their full potential, while providing meaningful returns to our Limited Partners, is what the Prime VP team strives for as advisors. This event is a validation of the ‘concentrated portfolio with active support’ strategy that has defined our approach from Day Zero. We were extremely happy with FPE’s approach to understanding the nuances and motivations of early-stage entrepreneurs. We’re also very appreciative of the work done by Soma Ghosal Dhar at CandorAsia in helping orchestrate a smooth process for all parties involved.”

Published on January 13, 2022

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