Foundation Private Equity, a provider of bespoke secondary mixtures across Asia, and Prime Venture Partners, an early-stage India-focused VC fund, has announced that that FPE has acquired all the LP interests in Prime VP’s Fund 1 via a LP tender offer process.
Prime VP’s Fund 1 is a Mauritius-based fund and the first investor in seven business, including edtech startup Quizizz and fintech startup Happay( recently acquired by CRED ). With these new developments, Prime VP has delivered a healthful, top decile return to its Limited Partners in its ninth time of operation and has further extended the fund by four years.
Singapore based Candor Asia Advisors Pte Ltd ., functional specialists in complex secondaries and GP-led spates, was the sole advisor to this transaction.
With this fund extension, FPE now becomes the sole LP in Prime VP’s first money, which was originally raised in 2012. The corporations under this fund include 😛 TAGEND
Quizziz: An interactive understand startup be exploited by teaches in 120 countries, it has more than 100 million monthly active customers. It is backed by pavilion investors such as Tiger Global and Yahoo Co-founder Jerry Yang.
Happay: The business expense, payments, and advance control scaffold serves more than 6,000 customs. It finagles work-related expenses of more than one million users globally, who devote virtually$ 1 billion annually. Happay was recently acquired by CRED for $180 million in a money plus capital transaction.
Waggle: The solutions offered by this US-based pet tech company include innovative pet sensors and wearables and the industry’s first cloud-based mobile app that serves as a one-stop solution for domesticated state, safety, and fitness.
HackerEarth: A solutions provider to source, assess, upskill, and lock software developer ability, it recently recorded a 144 percentage increase in its receipt growing in India and a 185 percent swelling in the US.
Synup: This digital chart management and customer experience optimisation solution for businesses is used by thousands of companies to drive better business ensues. Synup is headquartered in New York City with enterprises in APAC, EMEA, Australia, Canada, New Zealand, and the United Kingdom.
Smartowner: A quality asset control marketplace company based in India.
Vidgyor: An adtech platform currently working with more than 60 TV broadcasters, content owneds, and OTT stages, it plies engineering solutions to manage and monetise live and VoD content and to reach audiences regionally and globally.
Shripati Acharya, Sanjay Swamy, and Amit Somani
Prime Venture Partners is an India-focused very early stages conglomerate had begun in 2012 with an Indian advisory office led by Shripati Acharya, Sanjay Swamy, Bala Parthasarathy, and Amit Somani.
With a look to bringing Silicon Valley-style professionalism to guess investing, Prime VP’s assignment is to collaborator early with financiers and help build world-class technology corporations addressing some of India’s most important problems.
Sanjay Swamy, Co-Founder and Managing Partner, Priven Advisors, Advisory to Prime Venture Partner, said, “Ensuring benefactors have the opportunity to build their businesses to their full possible, while at the same time ensuring meaningful returns to our Limited Partners, is what the Prime VP squad endeavor for as advisors. This event is a validation of the’ concentrated portfolio with active support’ strategy that help determine our coming from Day Zero.
“We were extremely happy with FPE’s approach to understanding the nuances and reasons of early-stage industrialists. We’re too awfully grateful of the work done by Soma Ghosal Dhar at CandorAsia in helping orchestrate a smooth process for all parties involved.”
Foundation Private Equity, started by industry ex-servicemen Jason Sambanju and Jeremy Foo, was formed in 2017 with a mission to provide innovative solutions to Limited Partners and General Marriage at all points of their money life cycle.
Jeremy Foo, Co-Founder and Partner, Foundation Private Equity, said, “We are very pleased to have worked closely with the team at Prime Venture Marriage to identify and execute an optimal liquidity solution for their existing LPs. The FPE team has taken a patient approach thus far with assessing jeopardize opportunities in India, and we are excited to be backing a very high-quality GP team and portfolio with our first busines in India. We have strong conviction in the appraise that Prime VP brings to their investee fellowships, and are energized about the passage ahead.”
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Prime Venture Marriage announces Fund IV of $100 M, with a first close of $75 M
‘The first institutional investor’
Prime VP has raised four stores since its inception and succeeds more than $ 250 million with investors, includes the International Finance Corporation( IFC ), part of the World Bank Group and a top-tier university endowment, various clas parts and universities, and innumerable world-wide engineering entrepreneurs.
Jay Zaveri, Partner, Discover at Social Capital, said, “India is one of the fastest growing economies in the world. One of the best ways to unlock the value of India’s entrepreneurial spirit is to back benefactors just as they are getting started. Social Capital secured the first fund of Prime Venture Partner to sounds these early stage opportunities and we are excited to see them come to fruition. We look forward to seeing what these financiers achieve in future years with the Foundation PE team.”
Currently in its Fund IV of $100 million, Prime VP is typically the first institutional investor and focuses on business with an innovative approach to solving fundamental problems through engineering.
Soma Ghosal Dhar, Managing Director Candor Asia Advisors Pte. Ltd, said, “Such secondary restructurings offer a powerful second wind to high quality portfolios to be organized by pedigreed GPs, while also providing very much liquidity at attractive return various to patient LPs.”
Edited by Teja Lele Desai
Read more: yourstory.com
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