Waterfield marks first close of maiden fund-of-funds at $27.4 mn

 Waterfield marks first close of maiden fund-of-funds at $27.4 mn

Waterfield Advisors, a wealth advisory firm and India’s largest multi-family office, has hit the first close of its first fund-of-funds that would allow its investors to tap third-party private equity and venture capital funds.

The firm marked the first close at Rs 200 crore ($27.4 million) for the fund that has a target corpus of Rs 500 crore ($68.4 million). The milestone came within three months of the fund receiving regulatory approval.

The fund has an additional Rs 250 crore greenshoe option, which Waterfield expects to exercise to achieve a final close by September this year. This would take the fund’s size to a little over $100 million.

The first close saw commitments from well-established single-family offices and ultra-high net worth individuals. These investors see the fund of funds as an opportunity to build a well-diversified portfolio of top-quartile domestic venture capital and private equity funds, the firm said on Thursday.

Soumya Rajan, co-founder and CEO of Waterfield Advisors, said the first close reaffirms the need for more institutional domestic capital to enter the PE-VC space in India and support homegrown managers.

Waterfield is an independent multi-family office and wealth advisory firm established in 2011 by Rajan and Sanjay Teli. It advises on over $3.6 billion of assets on behalf of several prominent Indian business families whom it serves from its six offices in India.

The firm itself had raised capital in the past. In December 2019, it raised $6 million from Zepyhr Management LP and homegrown private equity firm TVS Capital.

The same year, it had also formed a consortium of family offices in association with Dalmia Group Holdings. The new entity was to allow the participating family offices to be a part of large transactions.

Seven years ago, brothers Amit and Arihant Patni had also picked up a stake in Waterfield. Amit and Arihant are sons of Gajendra Patni, the eldest of the Patni brothers who had founded Patni Computers.

The Capital Quest