L Catterton’s India fund raises $200 million in first close

L Catterton’s India-dedicated consumer fund has raised $200 million (₹1,763 crore) to mark its first close, said people aware of the matter.The private equity fund, set up in partnership with former Hindustan Unilever chief executive Sanjiv Mehta, has a total target of raising up to $400 million and a green shoe of $200 million, the people said. Mehta is currently the executive chairman of L Catterton India.

The fund is focused on providing growth capital to mid-market companies in the consumer sector.

The fund has so far secured commitments from the World Bank arm International Finance Corporation and certain clients of Kotak Private, the private banking and wealth management division of Kotak Mahindra Bank, said the people cited above.

The fund will focus primarily on investments in food and beverage, consumer services including healthcare, retail and restaurants, and consumer brands, the people said.

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L Catterton India declined to comment.Anjana Sasidharan and Vikram Kumaraswamy are the co-heads of L Catterton’s India operations.L Catterton is a consumer-focused investment firm, managing around $37 billion of equity capital worldwide across three multi-product platforms-private equity, credit, and real estate. Founded in 1989, the firm has made over 300 investments in some of the world’s most iconic consumer brands.

The firm’s current portfolio in India comprises pet food maker Drools, beauty company Sugar Cosmetics, and Jio Platforms.

Out of the new India-dedicated fund, it has made only one investment so far in healthy snack food company Farmleys.

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