LC Nueva Investment Partners, a partnership between Singapore-based Lighthouse Canton and India-based Nueva Capital, raised US$30 million in the first close of its LC Nueva Alternative Investment Fund (AIF).
(From left) LC Nueva AIF founding partner Ashish Chand, LC Capital India CEO and MD Sumegh Bhatia, and LC Nueva AIF founding partner and CIO Sohil Chand / Photo credit: LC Nueva
LC Nueva said it received strong support from global investors and single-family offices for the fund, which launched in February. The total target size of the fund is US$40 million and is expected to close by May.
Sohil Chand is the founding partner and chief investment officer for LC Nueva AIF. Chand formerly served as head of India for Norwest Venture Partners.
“We have strong conviction in the startups we are empowering, and hence 25% of LC Nueva AIF’s fund commitment will come directly from the sponsors,” Chand said in a statement.
The fund will invest in up to 25 to 30 early-stage (pre-series and series A) Indian companies. Even though the fund is sector-agnostic, it will focus on areas such as healthtech, consumer tech, fintech, and edtech.
The LC Nueva AIF is looking to tap into India’s flourishing startup ecosystem. According to a report by IVCA-EY, Indian startups received nearly US$2.5 billion in investments in February, which is more than double what they raised the previous year.
See also: A list of India’s unicorns and their early investors (Updated)
“Having emerged as one of the most attractive investment opportunities, the [startup] sector has seen substantial foreign and domestic venture capital flows into India,” LC Nueva said in the statement.
Editing by Collin Furtado and Arpit Nayak
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