“The pre-IPO fund will target a range of India focused late-stage new-age businesses with a strong moat of technology,” it said in a statement.

The fund had initially targeted a corpus of Rs 1,000 crore, which was oversubscribed within three months of launch. The fund exercised its green shoe option for Rs 386 crore.

The investors in the fund include several family offices such as Catamaran, which is the family office of NR Narayana Murthy.

The Kotak pre-IPO opportunities fund has already made investment commitments in two deals worth $ 44 million, with one of the deals being API Holdings, the parent company of PharmEasy, where the fund was the only external investor, the statement added.

The fund is said to focus on key sectors like e-commerce, software-as-a-service (Saas), FinTech and EdTech, which have recorded strong growth but the stock market does not offer enough means to get exposure in them.