Zephyr Peacock, a New York-based global investment manager, is planning to raise $200 million from global and domestic investors in order to provide growth capital to Indian enterprises. The firm’s president and chief investment officer, Mohit Gulati, is confident in the growing pool of money available and India’s increasing importance in the world market.
Gulati explains that the opportunity for India’s private market has grown due to China’s disengagement from the world stage. With foreign direct investments into China at 25 year lows, global funds are looking at alternate destinations like India for growth and capital deployment. The increase in India’s weightage on the MSCI All Country Index further highlights its potential as an investment destination.
Zephyr Peacock was initially targeting to raise an India-dedicated fund of $120-130 million, but the firm has now increased the target to $200 million due to its growing confidence in the strategy and opportunity set available in India. However, investors and limited partners are no longer rushing to invest large amounts of money, as they have become more cautious in the aftermath of the pandemic.
The funding winter, combined with China’s partial exit from the world stage, has reshaped the investments landscape. Startup founders are learning the importance of cash flows and profitability, making them more appealing to investors. This shift in the behavior of founders is attracting interest from sophisticated limited partners who are seeking good investment opportunities as the market adjusts to establish equilibrium.
In conclusion, Zephyr Peacock’s plan to raise $200 million reflects the growing potential of India’s private markets and the interest of global investors despite the challenges of the funding winter.
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