Amicus Capital Marks Close Of Second Fund At $214 Mn

SUMMARY

According to Cofounder and partner at Amicus Capital, Mahesh Parasuraman, the fund had exceeded its target corpus of $200 Mn

The India-focussed fund was launched in March 2023 which aims to back 10-12 companies with an an initial cheque size of INR 250 Cr which can go up to INR 400 Cr

The fund has seen participation from domestic and international investors, including sovereign funds, fund of funds, insurance companies, family offices, and high-net-worth individuals

Bengaluru-based private equity firm Amicus Capital Partners has marked the final close of its second fund at $214 Mn (around INR 1,800 Cr), exceeding its initial target of $200 Mn (around INR 1,700 Cr).

The Amicus Capital Partners India Fund II is a category II Alternative Investment Fund (AIF) registered under the Securities and Exchange Board of India (SEBI). It was launched in March 2023 with an aim to back small and medium-sized private companies and was closed in the first quarter of 2025.

“…The fundraise exceeded our initial target of $200 Mn is a testament to the trust our investors have placed in us. We are grateful to all our investors, as well as everyone who has worked to get us here…,” Amicus Capital cofounder and partner Mahesh Parasuraman said in a LinkedIn post.

According to a statement by Amicus, its second fund has seen participation from domestic and international investors, including sovereign funds, fund of funds, insurance companies, family offices, and high-net-worth individuals.

“The fund has seen 95% of participation from institutional investors such as HDFC Fund Of Funds, SRI Funds Of Funds and NIIF among others,” said Parasuraman.

The fund will have an initial cheque size of INR 100 Cr to INR 250 Cr, which can also go up to INR 400 Cr. Amicus is targeting 10-12 companies from its second fund and has already made investments in three companies from the fund which includes Aequs, Equirus Capital & Manipal Payments & Identity.

It will majorly invest in high growth, profitable, capital efficient and relatively asset-light businesses operating in the consumer, financial services, healthcare, technology and business services and specialty manufacturing.

“We generally do not invest in companies which are not profitable,” Parasuraman said.

Amicus will deploy 50% of the fund by the end of 2025. “We have either already deployed or have committed 25% of the fund till now,” added Parasuraman.

Founded in 2016 by Parasuraman and Sunil Theckath Vasudevan, Amicus has backed 14 companies which includes the likes of Aequs, mCaffeine, MoEngage and Wonderchef, among others. It currently has assets under management of $302 Mn.

India’s quasi-sovereign fund National Investment and Infrastructure Fund Limited (NIIF) committed INR 207 Cr to the second of Amicus Capital last year.

The development comes at a time when a clutch of PE and venture capital firms have announced India-focussed funds this year.

According to Inc42’s ‘Indian Tech Startup Funding Report, Q1 2025,’ 23 funds have been launched worth over $3.2 Bn in the March quarter.

For instance, Alternate Asset Management Multiples also marked the final close of its $430 Mn continuation fund in one of India’s largest-ever portfolio transactions in private equity space.

This month, Physis Capital, a venture capital firm launched by the founders of Inflection Point Ventures, raised over INR 200 Cr part of their INR 400 Cr maiden fund. Campus Fund also announced the launch of its $100 Mn fund to back student-led startups.

Update: The story was updated to add comments from Amicus Capital Partners.