LC Nueva Investment Partners, a partnership between Singapore-based Lighthouse Canton and Delhi-based Nueva Capital, has announced the launch of a new venture capital fund, LC Nueva Momentum Fund with a total target size of ₹250 crore.
The new LC Nueva Momentum Fund focuses on investing in 10-15 high-growth companies at the Series A, B and growth stages. The target size of the new fund is ₹150 crore (about $18 million), with a greenshoe option of ₹100 crore ($12 million).
The LC Nueva Momentum Fund will focus on three key areas: reinvesting into existing profitable portfolio companies, adjacent opportunities and the secondary market.
“We are confident that our strategic focus on high-potential investments will position LC Nueva Momentum Fund to achieve exceptional returns. By actively pursuing secondary opportunities alongside leveraging the strong relationships established through our previous fund, we are poised to navigate the current market dynamics effectively,” Sohil Chand, Founding Partner and CIO of LC Nueva Fund said.
“Globally, secondary funds experienced the fastest growth of any asset class in 2023. In India, we have recently seen a significant rise in portfolio secondaries, where funds acquire entire General Partner portfolios. These transactions were once limited, but as companies mature, the trend of institutional secondary investors purchasing private secondary portfolios is accelerating rapidly. In the first half of 2024 alone, secondary stake sales were prominent, making up 34% of transactions in the $50-500 million range for large deals,” said Sanket Sinha, Global Head of Asset Management at Lighthouse Canton.
In 2023, this partnership launched the LC Nueva Fund with a size of ₹350 crore. According to a statement, the fund reported strong performances since its close, with over half the companies securing up rounds and reporting an approximately 57% CAGR in average revenue.
Lighthouse Canton is a global asset and wealth management institution, overseeing assets surpassing $3.7 billion as of June 30, 2024. Nueva Capital, founded by Ashish and Sohil Chand, is an investment holding company managing $100 million across private and public markets.
