India-focused fund to launch with L Catterton for $600 M; IFC suggests $30 M
In the L Catterton India Fund (Fund I), the International Finance Corporation (IFC) has suggested an equity investment of up to $30 million as well as a co-investment envelope of up to $30 million under delegated authority.
The disclosure states that the fund’s overall commitment target is $600 million.
Sanjiv Mehta, the former CEO of Hindustan Unilever (HUL), joined forces with L Catterton in March 2024 to create an investment vehicle with an emphasis on India.
A private equity vehicle called Fund I is dedicated to giving mid-market businesses in India’s consumer sector growth capital. With ticket prices ranging from $25 million to $150 million per company, it intends to make seven or nine investments.
Food and beverage companies, consumer services (including healthcare), retail and dining establishments, and consumer brands are the four main business sectors that the Fund will concentrate on. The investment strategy focuses on finding businesses that are well-positioned to grow in response to India’s expanding economy and consumer demand.
L Catterton’s executive chairman for India, Mehta, and partner Anjana Sasidharan, who is in charge of India investments, will steer the vehicle. Under the direction of managing partner Scott Chen, who has been in the role since 2019, they will collaborate with the L Catterton Asia leadership group.
A minority stake in Jio Platforms, Sugar Cosmetics, Farmley, Drools, and Impresario (owner of the restaurant chain Social) are all part of L Catterton’s portfolio in India.
