TLDR: 360 One launches secondaries fund with a ₹4,000-crore target corpus
- 360 One Asset is raising a ₹4,000-crore secondaries fund to buy stakes in companies from other investors
- They are also planning to launch a healthcare-focussed private equity fund, an early-stage venture capital fund, and a fourth pre-IPO fund
Asset manager 360 One WAM Ltd is in the process of raising a ₹4,000-crore secondaries fund, which will provide liquidity options for Indian companies and investors in the sub-₹200 crore to ₹300 crore range. The fund, led by Sameer Nath, the chief investment officer and head of venture capital and private equity business for 360 One Asset, has already made five investments and is halfway through the fundraising process.
Alongside the secondaries fund, 360 One Asset is also working on raising a healthcare-focussed private equity fund. The company already has investments lined up, with one in Hyderabad-based audiology chain Hearing Solution. They plan to launch an early-stage venture capital fund as well as a fourth pre-IPO fund within the next year. Their secondaries fund has a greenshoe option to raise a larger fund, allowing them to capitalize on the growing demand for liquidity in the market.
The rationale behind the secondaries fund is the significant gap between the capital invested and exits made in India over the past decade, creating a need for liquidity options for investors. 360 One is strategically positioning itself to tap into this market and provide timely exits while also retaining stake in promising companies. They are also benefitting from regulatory tailwinds, as the Securities and Exchange Board of India has declined extensions, putting pressure on investors to find liquidity solutions.
360 One’s approach to structuring its secondaries fund highlights their focus on generating liquidity within three years, with a significant portion of the corpus invested in pre-IPO companies. They are also planning to launch sector-specific funds in areas such as healthcare, financial services, consumer, and technology, solidifying their position as a specialist in the private equity space.
