CHENNAI: Paragon Partners, a mid-market focused private equity firm, on Monday announced the completion of fund-raising for its maiden fund - Paragon Partners Growth Fund-I. The firm has raised approximately $120 million from a diverse mix of domestic and global investors.
The fund’s limited partners include a large sovereign wealth fund, a development financial institution, funds of funds, insurance companies, family offices and high networth individuals (HNIs).
“Achieving our final close on our first fund is an important and exciting milestone for us. We are today well positioned to pursue the opportunity we have identified in the mid-market in India,” said Siddharth Parekh, co-founder and senior partner, Paragon Partners.
Sumeet Nindrajog, co-founder and senior partner at Paragon Partners, said, “We are confident that our highly experienced investment team, deep sector expertise and disciplined investment approach will enable us to capitalise on the attractive fundamentals offered by the mid-market segment in India. We will continue partnering with talented management teams to propel their businesses.”
Paragon Partners, founded by Siddharth Parekh and Sumeet Nindrajog, has raised $50 million (around Rs 300 crore) in its first close in March 2016. Paragon Partners targets investments in the mid-market space in India and focuses on opportunities in core sectors, including consumer discretionary, financial services, infrastructure services, manufacturing & industrials and healthcare services.
Paragon’s investment trends
Paragon Partners makes investments ranging in the ticket size of $10-15 million per transaction, targeting significant minority ownership stakes. The fund has already made four investments aggregating approximately $45 million. In September 2017, one of the fund’s early portfolio companies, Capacit’e Infraprojects Ltd, went public in an initial public offering that witnessed an oversubscription of 186 times