Singularity AMC’s SGOF II oversubscribed at Rs 1800 crore, eyes final close soon

Singularity AMC, a growth equity platform for private and PIPE investments, has announced that its second private equity fund, Singularity Growth Opportunities Fund II (SGOF II), has been oversubscribed at Rs 1,800 crore.

Launched in August 2023 with a Rs 1,500 crore corpus and a Rs 500 crore green shoe option, SGOF II secured its first close at Rs 500 crore within a month. 

The fund is focused on sectors such as energy transition, next-generation industrials, consumer, healthcare, and financial services.

Investing Rs 75-175 crore across 12-15 companies

SGOF II plans to invest Rs 75 crore to Rs 175 crore in 12–15 companies over the next two years. It has already deployed capital into eight high-growth companies in battery recycling, energy transition, luxury retail, electric mobility, and healthcare.

The fund is structured to enable faster Distributions to Paid-in Capital (DPI), allocating 40% to late-stage companies, 40% to profitable growth-stage companies, and 20% to high-conviction op-vc stage.

SGOF II's current portfolio is valued at Rs 492 crore, with a Multiple on Invested Capital (MOIC) of 1.2x.

Leadership comments

"With India poised to become a $5 trillion economy by 2028-29, we believe the next phase of growth will be driven by sectors such as energy, manufacturing, financial services, and consumer markets. We are bullish on these industries, and the oversubscription of SGOF II underscores the confidence investors have in our strategy," said Yash Kela, Founder & CIO at Singularity AMC.

"We are enthused by the strong response from investors, with nearly all of Fund I's investors participating in Fund II. The portfolio's current momentum reaffirms our ability to identify and scale high-growth businesses," said Sandeep Bapat, Senior Partner & Co-CIO of Growth Equity Fund, Singularity AMC.

Since its inception, Singularity AMC has launched three funds, including two private equity funds and a PIPE fund. Its first fund, Singularity Growth Opportunities Fund I of Rs 560 crore, was launched in 2021 and marked its final close in March 2023. The fund invested in 16 companies.  It made a gross investment of Rs 613 crore across these companies

Five portfolio companies have gone public, with four more expected to list within the next 12–15 months. The target outcome is to achieve 3x MOIC, and the fund is on target to achieve ~1x Distributions to Paid-in capital (DPI) by FY26, which is ~ 3 years from the fund close. The fund is tracking a 30% IRR.