Bombay : Sorin Investments, a technology fund co-founded by private equity veteran Sanjay Nayar and Angad Banga of Hong Kong-based Caravel Group, raised $100 million in the first closing of its first fund from a family group offices, Nayar and Banga said in an interview.

The fund will aim to raise up to $130 million, with a greenshoe option of $30 million and has begun evaluating investment opportunities.

The fund’s first close saw participation from KKR co-founder Henry Kravis and Hero Enterprise chairman Sunil Kant Munjal and a few other global and Indian family offices.

“We have seven to eight families to invest in the fund’s first closing, both local and international, including Henry Kravis and Sunil Munjal. We will invest from the start of Series A to the start of Series C,” Nayar said.

Nayar and Banga have invested a significant portion of their personal capital in the fund as sponsorship commitments.

Nayar, a banking and private equity veteran, having spent a combined four decades in those ventures, said he didn’t want to invest in startups as an angel investor or family office and wanted to create an institutional setup for attract high quality companies. Capital city.

“Creating a fund structure gives you the flexibility to attract high quality capital, not just two or three families. In a fund structure, you can build a truly institutionalized professional team and give them meaningful ownership. We don’t want to be seen as some kind of small family office,” he said.

The fund will invest between $2 million and $10 million and seek to create a portfolio of around a dozen investments.

The Sorin fund comes at a time when India’s startup ecosystem is going through a turbulent period amid a global funding winter, but Nayar believes that trend will be short-lived.

“There is a so-called winter in the tech industry but I don’t think that is a problem at all and I think summer will come quite soon as India is one of the destinations where capital has to come back. You are going to see a lot of capital flowing into India,” he said.

Given Nayar’s background in financial services, fintech should be a key focus area for Sorin.

“Fintech will obviously be a big part of our investments, but not just because we come from financial services. The way the government is promoting financial inclusion and the urgent need for financial inclusion in the country and provision of financial products, both lending and non-lending, is a tremendous opportunity. It is understandable that we are experiencing a little regulatory intervention at the moment because we are a bit concerned about abuse. But once the regulations are clear and that there will be such demand for financial inclusion, I think fintech will be a pretty big space,” Nayar said.

Besides fintech, Sorin will also be keen to invest in consumer goods, SaaS (software as a service), healthcare technology and proptech.

“The latest iteration of India’s tech revolution will be made up of local Indian companies designing technology that can be used around the world. These include consumer, SaaS, fintech, healthcare, and even proptech. All these areas are where India has a massive scale at the national level. These businesses can be created for the domestic market and then exported,” Banga said.

Sorin’s investment philosophy is to be an “industrial investor” and not just a financial investor, Banga said. “We’ve always thought of ourselves as industry investors. We love trying to make a lasting impact on the companies we deploy capital in by developing deep relationships and building insight and trust. That’s the kind of approach we’ve had in private equity and now we’re going to take it to an early stage of growth in India,” he said.

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