Epiq Capital Advisors Pvt. Ltd, an investment firm floated by Matrix Partners India founding member Rishi Navani, is set to mark the first close of its debut $200-250 million (Rs 1,300-1,624 crore) fund, a media report said.
The fund, which is raising capital from global institutional investors, will make the first close at $100 million (Rs 650 crore), The Economic Times reported citing unidentified people.
The report also said that Epiq Capital will make investments of $10-20 million, and mainly focus on secondary transactions in mature startups.
Epiq Capital declined to comment on the fund-raise.
In December last year, VCCircle reported that Epiq Capital brought on-board Dheeraj Aggarwal, founder and CEO of mobile VAS company Altruist Technologies, as a partner.
Navani floated Epiq Capital last year, after quitting Matrix Partners India. He is, however, yet to formally announce the fundraising process.
Epiq Capital is focussed on the tech growth equity investments space, says its website.
The investment firm joins the second wave of firms founded by private equity professionals who have become new-generation fund founders. They include Heramb Hajarnavis, who quit KKR to float PE firm Sealink Capital Partners, and HDFC chairman Deepak Parekh’s son Siddharth Parekh, who quit Actis to launch Paragon Partners.
Paragon Partners on Monday said it has marked the final close of its debut fund at $120 million.
The first wave included setting up of CX Partners by Ajay Relan (former CVCI India head), ICICI Venture veteran Renuka Ramnath floating Multiples Private Equity besides creation of MCap by former Baring Private Equity India executive Subbu Subramaniam, Kedaara Capital (by former Temasek and General Atlantic executives) and Creador (former ChrysCapital executive).
Navani had teamed up with Avnish Bajaj, who previously sold Bazee.com to eBay, to launch Matrix Partners India with a $150 million debut fund in 2006.