360 ONE Asset, an esteemed asset management company, has unveiled its latest endeavor – the ‘Special Opportunities Fund-12’, a secondaries fund with a targeted corpus of INR 4,000 Crores. This fund is poised to invest in late-stage startups, marking India’s maiden foray into the private equity secondary market through an alternative investment fund (AIF).
Venturing into Secondaries
The essence of a secondary transaction lies in the exchange of shares between existing and new investors of a startup, devoid of fresh share issuances. In a strategic move, 360 ONE Asset aims to tap into this burgeoning market segment, leveraging its expertise to navigate the complexities of secondary transactions.
Early Success
Internal sources reveal that 360 ONE Asset has already initiated six investments from the freshly launched fund, signaling early success and investor confidence. Reports from The Hindu Business Line suggest that the company has surpassed the halfway mark in securing the target corpus for the fund, underlining strong investor interest.
Strategic Investment Focus
The fund is poised to channel investments into startups operating in key sectors such as financial services, healthcare, consumer, and technology. With an average ticket size ranging from INR 150 to 250 Crores, the fund aims to fuel growth and innovation in promising late-stage ventures across these sectors.
Rationale Behind the Launch
Sameer Nath, Chief Investment Officer of 360 ONE Asset, elucidated the rationale behind the fund’s launch, citing a significant capital overhang in the Indian venture capital and private equity landscape. With a substantial pool of capital seeking liquidity, the launch of the secondaries fund underscores 360 ONE Asset’s pivotal role in addressing this unmet demand and providing viable liquidity solutions.
Company Overview
360 ONE Asset, a subsidiary of 360 One, boasts a formidable track record, with total assets under management (AUM) reaching INR 23,404 Crores in Q2 2024. The company’s portfolio comprises 101 companies, including 30 unicorn startups such as Anarock, Swiggy, and FirstCry.
Expansion Plans
In addition to the secondaries fund, 360 ONE Asset has introduced another fund focused on the healthcare sector, aptly named the ‘Healthcare Opportunities Fund’. This fund aims to support startups in healthcare services, healthtech, diagnostics, and life sciences, further diversifying 360 ONE Asset’s investment portfolio.
Future Outlook
360 ONE Asset remains steadfast in its commitment to innovation and growth, with plans to launch an early-stage venture fund and its fourth pre-IPO fund on the horizon. These initiatives underscore the company’s strategic vision and unwavering dedication to fostering entrepreneurship and driving value creation in the Indian startup ecosystem.
