Indian asset manager Steptrade Capital said on Monday it has raised more than Rs 100 crore ($10.4 million) in commitments for its second alternative investment fund, hitting its first close within three months of launch.
The Ahmedabad-based firm launched the Chanakya Opportunities Fund II (COF II) in February with a total target corpus of Rs 500 crore. The fund plans to begin deploying capital in August and has opened its next allocation window to broader investors, Steptrade said in a statement.
The Category II Alternative Investment Fund (AIF) will target growth-stage and pre-IPO companies across advanced manufacturing, energy transition and emerging technologies such as artificial intelligence and robotics.
"The response to our first close reflects growing investor conviction that the pre IPO stage has become an important part of long-term wealth creation," Kresha Gupta, fund manager and director at Steptrade Capital, said in the statement.
Gupta co-manages the new fund along with Akshay Dawra.
Gupta founded Streptrade's SME-exchange focussed Chanakya Opportunities Fund series and had managed, along with Ankush Jain, the first vehicle in the series. COF I is invested in SMEs that are listed and soon-to-be-listed, according to Streptrade's website.
While demand for pre-IPO assets is rising among domestic family offices and ultra-high-net-worth individuals, market analysts note that access to curated private market deals remains highly restricted and subject to regulatory scrutiny by the Securities and Exchange Board of India (SEBI).
Steptrade Capital, which manages multiple SEBI-registered funds, did not disclose the names of the investors participating in the first close.
