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19 Nov 2024
L Catterton, a private equity firm supported by French luxury fashion house Louis Vuitton Moët Hennessy (LVMH), has applied to Sebi to launch an Indian rupee fund, according to an Economic Times report.
The firm plans to raise Rs 4,000 crore within the next year under the Category II AIF guidelines. If approved, this will mark the first instance of a global private equity fund launching an Indian investment vehicle.
L Catterton aims to attract investments from banks, insurance companies, pension funds, family offices, and high-net-worth individuals. The firm intends to invest in India alongside its next Pan Asia dollar fund on a pro-rata basis and is considering both majority and minority investments. However, L Catterton has not yet commented on the media reports.
The investment vehicle is expected to be managed by Sanjiv Mehta, executive chairman of India, and Anjana Sasidharan, partner and head of India. The L Catterton Asia leadership team, led by managing partner Scott Chen, will also oversee the fund. L Catterton manages approximately $35 billion in equity capital.
In March, L Catterton launched a new India consumer-focused joint venture with Sanjiv Mehta, who was then the president of Hindustan Unilever South Asia. Mehta, who also held the positions of chairman, CEO, and managing director of Hindustan Unilever, managed products consumed by over 90% of Indian households.
L Catterton has invested over $1 billion across 19 companies, including three in India, achieving a 3.1 times gross return and a 1.8 times unrealised gross return. India is a key market for L Catterton in Asia, with investments in companies like Jio Platforms, Drools, and Sugar Cosmetics.
Typically, global private equity funds invest in India from their global or Asia-specific funds. For instance, Blackstone's $11 billion second Asia private equity fund, raised in 2021, includes investments in India.
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