SUMMARY
Apis Growth Fund II will make equity investments of $30Mn to $50 Mn into financial services
The second fund has already invested in L&T Infra Debt Fund Ltd, a subsidiary of L&T Finance Holdings Ltd, among others
The fund exceeds the initial target fund size of $400 Mn
Private equity firm Apis Partners LLP has raised $550 Mn for its second fund in limited partner commitments. The global investment manager supports growth-stage financial services and financial infrastructure businesses by providing them with catalytic growth equity capital.
The second fund will make equity investments of between $30Mn and $50 Mn into financial services with a focus on capital-light financial services and financial technology companies across the growth markets of Africa, South Asia and Southeast Asia.
“The Fund closed at its increased hard-cap of $550 Mn with total commitments of $563 Mn, including the GP commitment, exceeding the initial target fund size of $400 Mn,” the company said in a statement.
Investors committing to the second fund include global banks, insurance companies, development financial institutions, fund of funds, pension funds, sovereign wealth funds, and family offices, across major global investor markets in the US, Europe, Africa, Middle East, and Asia.
Apis Growth Fund II will support companies with innovative business models adapted to local conditions and addressing a large portion of the unbanked or underbanked
Populations.
“We see this successful fundraising process as a clear endorsement by our investors of our deep financial services expertise, and recognition of the strong potential in growth markets financial services,” said Udayan Goyal, managing partner and cofounder in the statement.
He also added that the new fund will pursue the firm’s strategy of investing in financial services, which is one of the most important sectors, globally and in growth markets.
Apis second fund has already invested in independent issuer processor Tutuka and multi-channel payment gateway Coda Payments and has committed to invest in India’s Non-Bank Financial Company (NBFC) L&T Infra Debt Fund Ltd.
Apis Growth Fund II will continue to invest in selected financial services and related business services, in the sub-verticals of payments, credit and savings, insurance, technology enablers and service providers, and capital markets. The firm completed five investments and a number of add-on acquisitions into portfolio companies this year. And, till date, it has completed 14 investments to date in financial services across multiple sub-sectors.
Apis Partners LLP’s inaugural Fund, Apis Growth Fund I, announced its final close in 2017 with commitments of $ 287 Mn. The fund significantly exceeded its target of $250 Mn. The Investors in the fund included development financial Institutions, global financial institutions and fund of funds investors from Europe, North America, Africa and the Middle East.
