Abakkus Asset Manager, a prominent Indian asset management firm founded by Sunil Singhania, has successfully raised nearly Rs 2,400 crore for its maiden private equity fund, the Abakkus Four2Eight Opportunities Fund. This achievement marks the fastest fundraising in the history of Indian Alternative Investment Funds (AIFs).

"Our maiden mid to late stage Private Equity Fund raised almost Rs 2,400 crores in reportedly the fastest time ever in Indian AIF history. Thanks to investors for their confidence in us. Now starts the hard work of deploying it fruitfully. Interesting investing opportunities welcome," said Singhania in a LinkedIn on Nov 12.

The fund, a Category II AIF, is designed to capitalise on India's burgeoning economy and invest in mid to late-stage companies with strong business models and growth potential. It aims to provide growth capital to these companies, positioning them for significant expansion and, potentially, future IPOs.

The fund will primarily target mid to late-stage companies with established business models, profitability, and experienced management teams. It will also actively seek pre-IPO investments in promising companies. Additionally, the fund will participate in IPOs and engage in secondary market transactions. It will explore opportunities in special situations such as ownership changes, business restructurings, and mergers and acquisitions.

The fund had observed its first close on September 10, 2024.