SG investment firm bags $19.1m in first close of venture debt fund

Singapore-based investment firm Lighthouse Canton has hit the first close of its venture debt fund at 155.4 crore rupees (US$19.1 million), with onshore and offshore institutions and family offices pouring in capital.

(From left) LC Nueva AIF’s Ashish Chand, LC Capital India’s Sumegh Bhatia, and LC Nueva AIF’s Sohil Chand / Photo credit: LC Nueva

The venture debt fund will focus on tech-enabled companies that are part of the Indian startup ecosystem, the company said in a statement.

The fund, which will have a capacity of US$67.5 million and a greenshoe option of an additional US$67.5 million, is part of Lighthouse Canton’s regional venture debt strategy.

“Given the growth of the venture ecosystem in India, we see tremendous opportunity for venture debt, and we expect the size of this market to grow 3x to 4x in the next five years,” said Sanket Sinha, global head of asset management at Lighthouse Canton.

The investment firm oversees over US$3 billion worth of assets under management and advisory as of September 30, 2022. Its service caters to hedge funds, private equity, direct lending, and global macros, among others.

See also: Recession Run: B2B startups have an edge over B2C, says Tin Men Capital

In April 2022, Lighthouse Canton partnered with Nueva Capital to launch its maiden VC fund, LC Nueva, which was focused on pre-series A and series A companies in India.

Currency converted from Indian rupees to US dollar: US$1 = 81.45 rupees.