Investment

Amicus Capital Closes Second Fund at $214 Mn, Surpasses Initial Target Amid Strong Institutional Backing

• ByStartupStory     |    June 25, 2025

Bengaluru-based private equity firm Amicus Capital Partners has announced the final close of its second fund, Amicus Capital Partners India Fund II, at $214 million (approx. ₹1,800 crore), surpassing its initial target of $200 million. The fund, a SEBI-registered Category II AIF, was launched in March 2023 and closed in the first quarter of 2025.

Co-founded by Mahesh Parasuraman and Sunil Theckath Vasudevan in 2016, Amicus Capital focuses on backing high-growth, capital-efficient, and profitable mid-market companies across India. The second fund has already seen investments in Aequs, Equirus Capital, and Manipal Payments & Identity, with plans to back a total of 10–12 companies.

“We’re grateful to all our investors for the trust they’ve placed in us,” Parasuraman said in a LinkedIn post. “The fact that we exceeded our initial target is a testament to our disciplined strategy and the growing interest in India’s mid-market segment.”

The second fund has received robust participation from both domestic and international investors, including sovereign wealth funds, fund-of-funds, insurance companies, family offices, and high-net-worth individuals. Notably, around 95% of the capital has come from institutional investors such as HDFC Fund of Funds, SRI Fund, and the National Investment and Infrastructure Fund (NIIF), which had earlier committed ₹207 crore to the fund.

The fund will deploy initial cheques ranging from ₹100 crore to ₹250 crore, with flexibility to go up to ₹400 crore per investment. Amicus Capital plans to deploy 50% of the fund by the end of 2025, and has already deployed or committed 25% of the corpus.

Amicus Capital is known for its focus on consumer, financial services, healthcare, business services, technology, and specialty manufacturing sectors. The firm typically invests in companies with established profitability and asset-light models. “We generally do not invest in companies which are not profitable,” Parasuraman added.

With this close, Amicus Capital now manages assets worth $302 million across its two funds and continues to strengthen its position in India’s private equity ecosystem.

The announcement comes amid a broader uptick in India-focused fund activity. According to Inc42’s Indian Tech Startup Funding Report for Q1 2025, over 23 new funds worth $3.2 billion were launched in the March quarter alone. Other notable fund closures include Multiples’ $430 million continuation fund, Physis Capital’s ₹200 crore close towards its ₹400 crore maiden fund, and Campus Fund’s $100 million launch targeting student-led startups.

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