SUMMARY
- LC Nueva Momentum Fund aims for ₹250 Cr, targeting 10-15 startups in Series A-B stages.
- Focus areas include secondary market, adjacent opportunities, and reinvestment in profitable portfolio companies.
- Secondary stake sales comprised 34% of large Indian deals in H1 2024, per Lighthouse Canton.
The Delhi-based Nueva Capital and Singapore’s Lighthouse Canton have partnered to form LC Nueva Investment Partners, which has announced the opening of a new venture capital fund with a ₹250 crore overall aim.
This collaboration launched the ₹350 crore LC Nueva Fund in 2023. A statement said that the fund has performed well since its closure, with more than half of the companies securing funding rounds and averaging revenue growth of over 57% CAGR.
Featuring a Greenshoe option of ₹100 crore, the new LC Nueva Momentum Fund aims to be as big as ₹150 crore. At the Series A and B investment phases, the VC fund will concentrate on investing in 10-15 startups. LC Nueva Momentum Fund will concentrate on three main areas: secondary market, neighboring prospects, and reinvesting into already profitable portfolio companies.
“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”, stated Sohil Chand, Founding Partner and CIO of LC Nueva Fund.
Global Head of Asset Management at Lighthouse Canton, Sanket Sinha stated, “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.”
Lighthouse Canton is an international asset and wealth management company that will handle assets valued at more than $3.7 billion by June 30, 2024. Ashish and Sohil Chand launched Nueva Capital, an investment holding company that oversees $100 million in both public and private markets.
