Hornbill raising $250M hedge fund to invest in India

Hornbill Orchid Fund, an India-focused firm anchored by China-based private equity manager Orchid Asia, is raising $250 million (Rs 1,537 crore) for a long-term hedge fund, a senior executive told VCCircle.

“The Mauritius-based fund will invest purely in listed Indian firms through primary and secondary routes,” said Manoj Thakur, managing partner, Hornbill Orchid. Thakur is the founder of the advisory firm Hornbill Capital Advisers LLP that will advise Hornbill Orchid. He is former CEO of Avendus Private Equity Investment Advisors. The advisory firm was set up late last year.

The percentage of stake owned by Orchid Asia is unclear but Thakur mentioned that the target amount is open ended and can go beyond $250 million. Orchid Asia currently has assets under management worth $3 billion globally and this vehicle will be its first route to invest in Indian companies. The fund will approach family officers and institutional investors in the US and Europe for fundraising. The news was first broken by news agency Reuters.

Hornbill Capital currently has investment director Ajay Nandanwar and former vice president at GenNext Ventures Jagdish Patel who has come on board as finance director. The firm is going to hire one more investment professional at mid-senior level.

Hornbill Orchid Fund will focus on consumer, healthcare, technology and branded services. Its investment range is between $1 million and $10 million. 

(Edited by Joby Puthuparampil Johnson)

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