Paragon Partners Growth Fund Raises $50 Mn, Invests $10 Mn in Capacite Infraprojects

Paragon Partners has raised $50 Mn in commitments, marking the first close of their $200 Mn private equity fund.

PPGF was established in 2015 by Siddharth Parekh and Sumeet Nindrajog. It is an AIF-Category II Private Equity fund, investing in high growth mid-market private companies in India. The Fund will focus on five key sectors: Consumer discretionary, Financial services, Infrastructure services, Industrials and Healthcare services.

PPGF-I plans to invest in 10-15 mid-market companies in India, with an average deal size of $10-20 Mn.

Siddharth Parekh, co-founder of Paragon Partners said, “We believe the next decade in India will see a strong resurgence of growth in key sectors such as manufacturing, financial services and infrastructure. Paragon Partners aims to become the capital provider of choice in these sectors, which form the backbone of the Indian economy.”

Paragon Partners’ advisory board includes Deepak Parekh (Chairman, HDFC Ltd.), Harsh Mariwala (Chairman, Marico Ltd. & Founder Member), Sunil Mehta (Chairman, SPM Capital Advisors Pvt Ltd) and Jeff Serota (ex Sr. Partner at Ares Private Equity), among others. Its investors include India Infoline, Edelweiss Group & Infina Finance Private Limited (an associate of Kotak Mahindra Bank Limited), and Canada-based Fairfax group.

PPGF-I has also completed the funding of its first investment of $10 Mn in Mumbai-based Capacite Infraprojects Limited. Capacite was established in 2012.  It constructs buildings and factories for large real estate developers, corporates and institutions. It currently has a footprint across Mumbai, NCR and Bangalore. Capacite is promoted by Rahul Katyal, Rohit Katyal and Subir Malhotra.

Prior to this in February 2016, Dave McClure led California-based 500 Startups, an early-stage seed fund, announced a $25 Mn regional fund, 500 Kulfi, focused on India, Sri Lanka, and Bangladesh.

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