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Ashish Chand and Sohil Chand, Founding Partners at LC Nueva AIF
LC Nueva Investment Partners, a collaboration between Singapore’s Lighthouse Canton and Delhi-based Nueva Capital, has introduced its second venture capital fund, the LC Nueva Momentum Fund.
The newly launched fund has a target corpus of Rs 150 crore (approximately $18 million) with an additional greenshoe option of Rs 100 crore (around $12 million).
The combined total for the fund could reach Rs 250 crore ($30 million). The launch comes after the success of their previous venture, the LC Nueva Fund, which closed in 2023 with Rs 350 crore.
Investment focus and strategy
The LC Nueva Momentum Fund will focus on supporting 10-15 startups at the Series A and B stages, marking a focused push into growth-stage investments.
The fund aims to reinvest in startups that have already demonstrated significant growth and improved operational performance. It will also explore adjacent market opportunities and secondary market investments.
"We are confident that our strategic focus on high-potential investments will position LC Nueva Momentum Fund to achieve exceptional returns. By actively pursuing secondary opportunities alongside leveraging the strong relationships established through our previous fund, we are poised to navigate the current market dynamics effectively," said Sohil Chand, Founding Partner and CIO of LC Nueva Fund.
Secondary market opportunities
A key area of focus for the new fund is the Indian secondary market, which has seen growing interest in recent years.
"In India, we have recently seen a significant rise in portfolio secondaries, where funds acquire entire GP (General Partner) portfolios. The trend of institutional secondary investors purchasing private secondary portfolios is accelerating rapidly. In the first half of 2024 alone, secondary stake sales were prominent, making up 34% of transactions in the $50-500 million range for large deals," said Sanket Sinha, Global Head of Asset Management at Lighthouse Canton.