LGT Lightstone Aspada, formed after the recent acquisition of India-focused impact investment fund Aspada by Swiss investor LGT, plans to raise a new fund of over $250 million (Rs 1,792 crore), according to a media report.
The investment cheque is higher than the $2-4 million which Aspada used to put before the acquisition.
Earlier this week, LGT said it has acquired the management organisation of Aspada and a significant majority position of its portfolio from Aspada’s sole shareholder, Soros Economic Development Fund (SEDF). Hence, Srivatsa will continue to be the managing partner in the newly formed entity.
Srivatsa said that details of the deal is yet to be finalised but the fund will continue to focus on those sectors which Aspada was investing in, including food supply chains, healthcare, education and financial services.
An email sent to Aspada seeking more details did not elicit a response till the time of publishing this article.
Aspada was launched in 2013 by the Soros Economic Development Fund. It also manages the portfolio of the SONG Fund, an early stage venture capital firm backed by the Soros Economic Development Fund, Omidyar Network and Google.
Aspada has invested in more than 15 companies focused on food supply chains, healthcare, education and financial services. Its investments include lending platforms Capital Float and NeoGrowth, hospital chain Be Well Hospitals, fresh produce distribution startup Waycool, fresh fruit supply chain firm InI Farms and cold chain logistics firm Schedulers Logistics.
Impact investment firms are making their own mark against the traditional venture capital and private equity players in India's booming startup ecosystem. Some of them have hit fundraising milestones this year.
On Thursday, FMO, the Netherlands’ development finance company, said it plans to invest $15 million (Rs 107.4 crore) in the fourth fund of Indian impact investor Lok Capital.
Earlier this month, FMO said it planned to make an investment of $42 million (about Rs 290 crore) in social-impact investor and asset manager Aavishkaar Venture Management Services Pvt. Ltd.
In April, Omnivore Capital Management Advisors Pvt. Ltd marked the final close of its second fund at $97 million (Rs 679 crore), overshooting the initial target of $75 million.