Sanjay Nayar’s tech fund Sorin Investments secures $100 million as its debut fund
- ByStartupStory | July 18, 2022
Sorin Investments has secured $100 million, which will be used to make series A through C investments. Nayar and Banga revealed that the fund has already begun to look at prospective investment opportunities and would be trying to raise up to $130 million. In addition to a sizeable personal commitment from Nayar and Banga as sponsors, the funds were raised from a number of family investment offices.
Henry Kravis and Sunil Munjal are two of the seven to eight local and foreign families who will invest in the fund’s initial closure, according to Nayar. Munjal is the chairman of Hero Enterprise, while Kravis is a co-founder of KKR. The company will begin investing in the $2 to $10 million range with the goal of building a portfolio of about a dozen entrepreneurs.
Nayar, whose background spans decades in banking and private equity, declared he was unwilling to make an investment as a family office or an angel. They would be able to influence the companies they want to collaborate with more if they opened an institutional investment firm.
Nayar said, “Building a fund structure allows you to attract high-quality funding from more than simply two or three families, giving you more options. You can create a highly institutionalised professional team and give them a sizable ownership stake in a fund structure. We don’t want to be perceived as a little family office.”
About Sorin Investments:
Sanjay Nayar, a seasoned private equity investor, and Angad Banga of the Hong Kong-based Caravel Group launched Sorin Investments, a new fund that focuses on technology. As sponsor pledges, Nayar and Banga have both contributed a sizeable sum of their own money to the fund. Nayar has worked in these companies for a total of four decades, but he didn’t want to participate in startups as a family office or an angel investor because he wanted to establish an institutional setup to draw in high-quality capital.
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