360 ONE WAM Ltd., one of India’s largest wealth management firms and backed by Bain Capital, has successfully raised $500 million for its debut secondary fund, marking a significant milestone in the firm’s investment strategy. The announcement was made by Sameer Nath, Chief Investment Officer and head of venture capital and private equity at 360 ONE WAM.
Unlike traditional secondary funds that primarily acquire stakes in other investment funds, 360 ONE’s new secondary fund is designed with a unique twist. It will not only focus on purchasing secondary stakes but will also target investments in companies that are gearing up for public offerings within the next two years. This innovative approach aims to capitalize on late-stage investment opportunities with high growth potential.
The fund has already deployed approximately 40% of its capital across eight assets, with plans to make a total of 20 investments. The investments span various sectors, including technology, healthcare, consumer goods, and financial services. Many of these companies are either in their subsequent fundraising rounds or in the process of filing for initial public offerings (IPOs), reflecting the fund’s strategic focus on high-growth, pre-IPO opportunities.
Nearly 90% of the capital raised for the secondary fund came from local family offices and high-net-worth individuals. Nath highlighted that investors are attracted to the late-stage investment aspect of the fund, appreciating the entry valuations that have experienced recent corrections and the potential for rapid returns. The fund’s strategy is expected to provide liquidity to growth and private equity funds, enhancing their distributed paid-in capital metrics in anticipation of future fundraising cycles.
The rise of such secondary funds comes as a response to the increasing demand for liquidity and the need for more flexible investment options in the evolving financial landscape. By focusing on late-stage investments and upcoming IPOs, 360 ONE aims to leverage the current market conditions to deliver substantial returns to its investors.
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