LGT Lightstone Aspada, formed after the acquisition of India-focused impact investment fund Aspada by Swiss investor LGT in 2019, Thursday said it has rebranded to Lightrock.
This follows the decision of LGT Group, a global private equity platform, to integrate its impact investment businesses into a newly formed entity, Lightrock, as per a statement.
Last year, LGT had planned to give its three business units -- impact investment business, LGT Private Banking and LGT Capital Partners -- greater autonomy.
Lightrock will continue to make growth stage impact investments in India with ticket sizes ranging between $10 million and $50 million. It will also continue to manage past investments from the Aspada and SONG funds.
In 2019, LGT had acquired the management organisation of Aspada and a significant majority position of its portfolio from Aspada’s sole shareholder, Soros Economic Development Fund (SEDF).
Lightrock said it currently manages $400 million in investments across 27 companies in India.
Its other investments include online pharmacy company Pharmeasy and hyperlocal delivery platform Dunzo.