Avendus announced its first close of its Future Leaders Fund III (FLF III), a large-cap fund for private markets, securing commitments of ₹850 crore ($100 million).
With a 7-year track record, FLF III builds on a proven strategy of its predecessor funds, focusing on investing behind established and emerging market leaders in the private space. Leading domestic family offices and Indian institutions participated in this first close.
Registered as a Category-II Alternative Investment Fund (AIF) with SEBI, FLF III is targeting a raise of ₹1,500 crore with an additional green shoe option of ₹1,500 crore. The Fund plans to make 12-14 investments, with an average ticket size of ₹150–300 crore, in sectors such as financial services, healthcare, technology, consumer goods, and manufacturing.
Ritesh Chandra, Managing Partner, Avendus Future Leaders Fund, said, “The commitment to date for FLF III is a testament to the enduring trust our investors place in the strength of FLF’s investment strategy and its team, and in Avendus’ leadership in this space. This milestone also highlights the significant demand for late-stage private equity as a core component of a balanced alternates portfolio.”
FLF I and II portfolio companies include Lenskart, Bikaji, Juspay, SBI General Insurance, and Sagility Technologies, amongst others. FLF I has returned over 100% of investor capital within 4 years while FLF II has recently been fully deployed. FLF III is in the process of finalizing its first investment in the healthcare sector, which reflects the fund’s strategy of building a portfolio of consistent compounders and money multipliers.
