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Cendana, Kline Hill have a fresh $105M to buy stakes in seed VC funds from LPs looking to sell

TechCrunch · 1y ago

Cendana, Kline Hill have a fresh $105M to buy stakes in seed VC funds from LPs looking to sell

Cendana Capital and Kline Hill Partners have raised $105 million for their Kline Hill Cendana Partners fund, exceeding their initial target of $75 million. The fund will focus on buying secondary interest in seed-stage venture capital funds and individual companies. As the lack of liquidity in venture capital becomes a growing challenge, this fund aims to take advantage of the opportunity to purchase illiquid positions at discounted rates. Cendana's relationships with portfolio funds will help source these secondary deals, with Kline Hill assisting in valuation, underwriting, and negotiation. If successful, the two firms plan to raise a successor fund next year.

Related News

LPs commit record sum to Indian PE-VC funds last quarter

VCCircle

VCCircle · 1y ago

LPs commit record sum to Indian PE-VC funds last quarter

In the last quarter, limited partners (LPs) made a record amount of fresh commitments to Indian private equity, private credit, and venture capital funds. After taking a break earlier in the year, the LPs returned with enthusiasm and opened their purse strings. This surge in commitments reflects the growing investor interest in the Indian market.

LP commitments to Indian PE, VC and private credit funds cross $120 bn

VCCircle

VCCircle · 10m ago

LP commitments to Indian PE, VC and private credit funds cross $120 bn

Limited partners (LPs) have made commitments to Indian private equity, venture capital, and private credit funds, with the total amount crossing $120 billion. However, after reaching a record high at the end of 2023, LPs tightened their purse strings in the first quarter of 2024, with fresh commitments hitting a four-quarter low of Rs 24,380.

LP commitments to India PE, VC & private credit funds cross $100 bn mark

VCCircle

VCCircle · 1y ago

LP commitments to India PE, VC & private credit funds cross $100 bn mark

According to VCCircle estimates based on official data, limited partners (LPs) have made record-breaking fresh commitments to India-focused private equity, venture capital, and private credit funds in the third quarter of 2021, crossing the $100 billion mark. LPs showed renewed enthusiasm after a brief pause in the middle of last year, indicating a strong interest in the Indian market.

VC firm Z47 eyes $150-180 million from portfolio companies stake sale

Economic Times

Economic Times · 9m ago

VC firm Z47 eyes $150-180 million from portfolio companies stake sale

- Venture capital fund Z47 is planning to sell some of its stakes in portfolio companies, including Ola, OfBusiness, Razorpay, and Dailyhunt, which could fetch around $150-180 million. - Z47 is exploring the option of a portfolio sale transaction as the demand for secondaries has been increasing among late-stage companies. - The move comes after Matrix Partners India rebranded itself as Z47 and split from its US partnership. - Z47 had recently closed its latest Fund IV at $550 million and may consider raising a new fund next year. - In recent years, there has been a significant increase in private secondary market transactions, driven by the need for venture funds to demonstrate better distributed to paid-in capital (DPI). - With liquidity pressures impacting the Indian VC industry, secondary portfolio sales are being explored as a means to distribute cash to limited partners (LPs) or sponsors in funds.

Haldiram promoters resist PE offers; Stripe may buy stake in SBI Payments

VCCircle

VCCircle · 1y ago

Haldiram promoters resist PE offers; Stripe may buy stake in SBI Payments

The promoters of Haldiram Snacks Foods are resisting offers from private equity firms to buy stakes in the company. Despite receiving non-binding offers, the promoters are not interested in selling their shares. This comes as Stripe, the online payment company, is reportedly looking to acquire a stake in SBI Payments.

SoftBank, TPG, PremjiInvest, NewQuest to make partial exit in FirstCry IPO

VCCircle

VCCircle · 1y ago

SoftBank, TPG, PremjiInvest, NewQuest to make partial exit in FirstCry IPO

Indian baby products retailer FirstCry's IPO will see major stakeholders, including SoftBank, TPG, PremjiInvest, and NewQuest, sell part of their stakes. SoftBank, the largest shareholder, will sell around 20.32 million shares, while TPG and NewQuest plan to offload approximately 3.9 million and 3 million shares respectively. PremjiInvest will sell 8.6 million shares. The IPO will also include fresh shares worth $218 million being issued by FirstCry. The funds raised will be used for expansion and business growth.

LPs slow down fresh commitment, but Indian PE-VC dry powder crosses $80 bn

VCCircle

VCCircle · 1y ago

LPs slow down fresh commitment, but Indian PE-VC dry powder crosses $80 bn

Limited partners (LPs) were slower in making fresh commitments to India-focused private equity, private credit, and venture capital funds in the first quarter of 2024. This comes after a period of increased commitments in the previous quarter. However, despite this slowdown, the amount of dry powder in the Indian private equity and venture capital sector has surpassed $80 billion, indicating a significant amount of available capital for investments.

Apollo Global, ChrysCap, Apis chart nearly $200-mn PE exit

VCCircle

VCCircle · 11m ago

Apollo Global, ChrysCap, Apis chart nearly $200-mn PE exit

Private equity firms Apollo Global Management, ChrysCapital, and Apis Partners are planning to sell their stakes in an Indian company for an estimated $200 million. This move comes as the firms aim to take advantage of the bullish stock market and cash in their investments. The three firms are looking to monetize their holdings and exit the investment, most likely due to the favorable market conditions.

Micro VC firm TDV Partners rolls out second fund with $6 mn target

VCCircle

VCCircle · 9m ago

Micro VC firm TDV Partners rolls out second fund with $6 mn target

- TDV Partners has launched its second fund with a target size of Rs 50 crore ($6 million). - The firm aims to support early-stage tech startups in pre-seed and seed stages. - TDV plans to make 10-12 investments annually, with cheque sizes ranging between Rs 1 crore and Rs 2 crore. - The fund will focus on sectors like spiritual tech, fintech, and gaming. - TDV's first fund has provided an exit opportunity within two years and generated over 60% IRR. - The second fund has received commitments from LPs in India, as well as from countries like the US, the UK, the UAE, and Singapore.

Swiggy IPO: Prosus may pocket $500 million; founders cash out $36 million via secondaries

Economic Times

Economic Times · 9m ago

Swiggy IPO: Prosus may pocket $500 million; founders cash out $36 million via secondaries

Swiggy's largest investor Prosus is expected to fetch over $500 million from the upcoming IPO of the food and grocery delivery firm. Prosus plans to sell a 5% stake, with the amount calculated based on Swiggy's estimated valuation of $11-12 billion. Other investors like Elevation Capital, Accel, and Norwest will also sell part of their stake in the IPO. Swiggy's founders Sriharsha Majety, Rahul Jaimini, and Nandan Reddy are also selling their stakes, with the company planning to raise up to $448 million through a fresh issue of shares.

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