BlueGreen Ventures launches $75M maiden fund
BlueGreen Ventures' maiden fund will invest in early-stage startups and secondaries in growth-stage companies for mid-fund cycle returns for its LPs.
Seasoned investors Anup Jain and Rajeev Suri, former Managing Partners at Orios Venture Partners, launched a new fund BlueGreen Ventures on Wednesday.
The early-stage fund is targeting a total corpus of $75 million with a green-shoe option. It expects to achieve the first close by February 2025, with the final close by the end of 2025.
The fund will deploy a part of the capital in early-stage startups across climate and sustainability, fintech, and business-to-consumer (B2C) sectors.
According to Anup Jain, Founding Partner at BlueGreen Ventures, the cheque sizes will range from Rs 7 crore to Rs 12 crore, with a portfolio spanning 20 startups. The fund will also look at leading the investments with other investors in the round, he told YourStory.
Besides the early-stage deals, the fund will invest in secondaries of a handful of growth companies set to go public in the next four to five years. It will invest an average of Rs 20 crore to Rs 30 crore in these companies, with an average valuation of around $250 million.
“Our investment in secondaries of growth companies is an opportunity to offer liquidity to the Limited Partners in the fund over a period of five years or so. Typically, early-stage investments alone take seven to eight years for returns,” Jain said.
“We will be looking at companies with proven leadership teams, which are operationally profitable and have demonstrated a clear product-market fit,” he added.
The fund corpus—a mix of Indian LPs contributing nearly 70% and the rest coming in from outside India—will be split around 60% in early-stage bets, with the rest deployed in growth companies. The current mix of LPs includes angels, government bodies, founder-investors, and family offices.
“We have also seen contributions from investors beyond the metro cities looking for private market diversification in addition to their existing public market portfolio,” Rajeev Suri, Founding Partner at BlueGreen Ventures, told YourStory.
BlueGreen Ventures will also hire investment and ESG associates in its team. The firm has also appointed Sophie Lambin, Founder and CEO of London-based climate advisory firm Kite Insights, to the board as a strategic advisor.
Jain and Suri have previously led investments across 21 portfolio companies, including , , , , and BatterySmart.
Edited by Suman Singh