L Catterton’s India-focused consumer fund raises $200M in first close
L Catterton aims to make between seven and nine deals with cheque sizes ranging $25 million to $150 million.
Private equity firm L Catterton has raised $200 million in the first close of the firm’s maiden India-focused fund, a source familiar with the matter told YourStory.
The Economic Times was the first to report on the development.
The consumer-focused PE fund, which has a target corpus of $400 million, also includes a green shoe option of $200 million.
According to the source, the amount raised by the firm includes commitments from a range of domestic and international investors, such as asset management firms, insurance companies, along with participation from International Finance Corporation (IFC)—the private sector investment arm of the World Bank—and Kotak Private, the wealth management division of Kotak Mahindra Bank.
L Catterton did not respond to detailed queries sent by YourStory.
L Catterton, which has previously invested in Indian startups, including healthy snacks maker Farmley and beauty brand SUGAR Cosmetics, aims to make seven to nine deals from this fund, the source told YourStory.
The company is looking to back growth-stage companies raising Series B rounds and those planning an IPO within a couple of years.
It is keeping its cheque size between $25 million and $150 million, including co-investments. The fund is also looking to focus on significant minority investments in fast-growing companies and buyout opportunities.
L Catterton, which was formed in 2016 from the merger of American firm Catterton Partners with the private equity operations of LVMH Moët Hennessy Louis Vuitton and Groupe Arnault—the family holding company of LVMH CEO Bernard Arnault—is one of the largest consumer-focused private equity groups in the world.
It has invested in several global consumer companies, including footwear maker Birkenstock and Jio Platforms—the technology arm of Reliance Industries.
Edited by Suman Singh