Private equity firm Singularity AMC has concluded the closing of its second vehicle, Singularity Growth Opportunities Fund II, at INR 2,000 Crores, aimed at supporting growth-stage and pre-IPO startups.

According to the firm, around 22% of the corpus was contributed by institutional investors, which include prominent domestic development finance institutions (DFIs), public and private sector banks, insurance companies, and endowments.

There was also strong participation from large family offices, who doubled down post their participation in the first fund, it added.

Notably, the investment firm marked the first close of the fund at INR 500 Cr in October 2023.

“Deployment is already underway, with 52% of the fund’s capital committed with a robust pipeline,” Singularity AMC said. 

From the second fund, Singularity has backed dairy startup Akshayakalpa, EV battery startup Lohum, data centre EPC (engineering, procurement and construction) player Edville DC, Mahindra’s premium bike subsidiary Classic Legend, commercial EV manufacturer Qucev, among others.

The operator-investor-led growth PE platform aims to invest INR 75 Cr to INR 200 Cr in 16-18 businesses via the second fund.

In a post on LinkedIn, Sandeep Bapat, Co-Chief Investment Officer at Singularity, said, “We are actively investing from the fund in our focus sectors of energy transition, differentiated manufacturing, consumer brands, financial services and healthcare.”