NIIF invests Rs 207 cr in Bengaluru-based PE firm Amicus Capital

The National Investment and Infrastructure Fund (NIIF) has announced its commitment to invest Rs 207 crore ($25 million) in Amicus Capital, a Bengaluru-based early-growth capital company.

Founded in 2016, Amicus Capital currently has assets under management of $259 million across two funds. The commitment from NIIF is expected to support businesses in sectors such as specialty manufacturing, technology and business services, healthcare, financial services, and other sectors.

Anand Unnikrishnan, Managing Partner – Private Markets at NIIF, expressed confidence in the potential of the Amicus Capital team to deliver high returns and drive development in India through their investments.

Amicus Capital’s second fund, with a target size of $200 million, has already raised $171 million (Rs 1,415 crore) as of today. The company’s co-founder, Mahesh Parasuraman, highlighted the value of NIIF’s expertise and network in identifying and supporting promising businesses early in their growth cycle.

Amicus Capital has already made early investments in companies such as insurance aggregator RenewBuy and microfinancier Capital Small Finance Bank. NIIF, as a collaborative investment platform for international and Indian investors, manages funds with investments in different asset classes and diversified sectors that generate attractive risk-adjusted returns. The organization currently oversees over $4.9 billion of equity capital commitments across its four funds.

NIIF’s Private Markets business (PMF) provides global institutional investors with access to India’s private assets market. The PMF-I portfolio includes eight funds, through which NIIF has exposure to more than 50 portfolio companies. This commitment from NIIF is expected to further drive development and growth in India’s early growth capital landscape.

Overall, the commitment from NIIF to invest in Amicus Capital reflects the organization’s confidence in supporting and driving development in India’s early growth capital space, as well as its commitment to generating attractive risk-adjusted returns for its investors. The partnership between NIIF and Amicus Capital is anticipated to have a positive impact on India’s business landscape.