Axis AMC Growth Avenues AIF achieves final close; raises Rs 1,000 cr

The start-up ecosystem has expanded significantly in India offering substantial wealth creation opportunities for investors in new-age businesses, Chandresh Nigam MD and CEO, Axis AMC, said.The fund will focus on technology-enabled companies with scalable business models and a favourable risk-return profile.

Axis Asset Management on Thursday said it has garnered Rs 1,000 crore through the final close of its Growth Avenues AIF (alternate investment fund), which will invest in unlisted mid-to-late stage innovative companies.

The asset management company achieved its target within a span of three months from its first close on strong response from family offices, high networth individuals (HNIs) and non-resident Indians (NRIs).

The fund aims to invest in unlisted mid-to-late stage innovative companies with strong long term growth prospects, the asset management firm said in a statement.

''The strong response received by the Axis Growth Avenues Fund is a reflection of the long term opportunities in the fast evolving Indian digital economy. The start-up ecosystem has expanded significantly in India offering substantial wealth creation opportunities for investors in new-age businesses,'' Chandresh Nigam MD and CEO, Axis AMC, said.

The fund will focus on technology-enabled companies with scalable business models and a favourable risk-return profile. The fund house will target a portfolio size of 8-10 companies with the deal size ranging from Rs 100 crore to Rs 150 crore each. The total term of the fund is 5 years from the date of its final closing. Positioned to take advantage of the macro opportunities, the fund focuses on sectors that promise multi-year growth potential.

''With the Axis Growth Avenues Fund, we are seeking to invest in ambitious founders and management with scalable asset-light models in sectors that have the promise of delivering significant upside in the next decade,'' Ashwin Patni, Head Products & Alternatives, Axis AMC said.

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