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Peak XV slashes fund size, cuts fees on some growth funds

LivemintLivemint · 1y ago
Peak XV slashes fund size, cuts fees on some growth funds
Medial

- Peak XV Partners, formerly part of Sequoia Capital, plans to reduce its $2.85 billion growth fund by 16%, or $465 million, in a move to take a more measured approach to investments. - The growth fund, raised in 2022, will now hold approximately $2.39 billion. - Peak XV will tie part of its carried interest to the distribution of profits in its growth and multi-stage funds, while seed and venture fund economics will remain unchanged. - The decision reflects the lack of high-quality investment opportunities in the current market, particularly from companies that raised capital at inflated valuations during the pandemic. - Peak XV is also reducing its management fees to 2% on three growth and four multi-stage funds, and cutting its carried interest to 20% to better align with the interests of its founders and limited partners.

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Peak XV downsizes its $2.85 billion fund by 16% a year after Sequoia US-India split

Economic TimesEconomic Times · 1y ago
Peak XV downsizes its $2.85 billion fund by 16% a year after Sequoia US-India split
Medial

- Peak XV Partners, a venture capital firm, is downsizing its $2.85 billion fund by 16%. - The fund reduction is primarily in the growth-stage allocation, with a total reduction of $465 million. - Peak XV is also cutting down the management fee from 2.5% to 2% of the overall fund size. - The carry, which is the profits from exits, will be reduced to 20% for growth investments, but will increase to 30% if a fund achieves a 3x distribution to paid-in capital. - These changes will be applicable to all ongoing growth funds of Peak XV Partners and previous Sequoia Capital India vehicles. - The decision to downsize the fund size was driven by slow deployment of growth capital over the past two years.

Peak XV to launch perpetual ‘Anchor Fund’ backed by its partners, team members

IndianStartupNewsIndianStartupNews · 1y ago
Peak XV to launch perpetual ‘Anchor Fund’ backed by its partners, team members
Medial

Peak XV Partners, a venture capital firm, is introducing the Peak XV Anchor Fund, a permanent capital vehicle that allows the firm's leaders and team members to invest in future funds and collaborate with other fund managers. The fund aims to institutionalize internal funding and deepen the commitment and alignment of Peak XV managers with the firm's investment strategies. Unlike similar funds, the Anchor Fund will exclusively source its capital from the firm's partners and team members, with a focus on investing in global seed and early-stage venture funds. This move follows Peak XV's separation from Sequoia Capital and positions the firm as a major player in the startup ecosystem.

Peak XV closes $1.3 Bn fund for India and APAC

EntrackrEntrackr · 3d ago
Peak XV closes $1.3 Bn fund for India and APAC
Medial

Peak XV Partners on Friday announced the closing of $1.3 billion in fresh capital commitments across its India Seed, India Venture, and Asia Pacific funds. This is the firm’s first fundraise since its separation from Sequoia Capital. In a post on X, Peak XV Partners said the new capital, along with uninvested capital from its existing growth fund, will strengthen its ability to back founders building category-defining companies across multiple stages. The firm said it continues to focus on supporting outlier founders, a strategy it has followed for over two decades. The announcement comes as Peak XV sees increasing opportunities driven by artificial intelligence across India and the broader Asia Pacific region. The firm said that while early AI breakthroughs were concentrated in Silicon Valley, the opportunity set has expanded, supported by improving market depth, talent quality, and global ambition among startups in the region. In an interview with ET, Peak XV Partners managing director Shailendra Singh said the firm will continue to invest across seed, venture, and growth stages, writing cheques ranging from single-digit million dollars to $100 million, while sharpening its cross-border strategy to build an India-APAC corridor. The latest fundraise follows Peak XV’s 2022 announcement of $2.85 billion in growth and venture capital commitments for India and Southeast Asia, with $2 billion allocated to India. The firm later reduced the fund size by 16 percent in 2024, citing elevated public market valuations in India. The fundraise also comes at a time when several Peak XV portfolio companies are seeing public market momentum. Meesho, Groww, and Pine Labs have listed, while Zetwerk, Curefoods, and Infra.Market are preparing for initial public offerings. Since its split from Sequoia Capital, Peak XV has backed startups including Scapia, RapidCanvas, Sarvagram, Atlys, Mokobara, Stable Money, GoodScore, and Sarvam AI.

Peak XV’s Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma exit to launch new VC fund

EntrackrEntrackr · 21d ago
Peak XV’s Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma exit to launch new VC fund
Medial

url: https://entrackr.com/news/peak-xvs-ashish-agrawal-ishaan-mittal-and-tejeshwi-sharma-exit-to-launch-new-vc-fund-11072541 Content: Peak XV’s Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma exit to launch new VC fund. Peak XV said the decision to part ways with Agrawal was mutually agreed upon after discussions around the long-term interests of its limited partners and the institution. Venture capital firm Peak XV Partners has seen the exit of three senior investment professionals Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma as part of an ongoing leadership transition at the firm. Meanwhile, Peak XV has promoted Abhishek Mohan to General Partner and elevated Saipriya Sarangan to Chief Operating Officer as it sharpens its focus on artificial intelligence-led investing. In a post on X, Sharma confirmed that the three departing partners are coming together to launch a new venture capital firm. Details related to the proposed fund including its size, focus areas, and timeline have not yet been disclosed. These exits follow a series of high-profile departures at Peak XV.

‘We are defined by the choices we make…’: Peak XV downsizes growth fund in India by 16%

Business TodayBusiness Today · 1y ago
‘We are defined by the choices we make…’: Peak XV downsizes growth fund in India by 16%
Medial

- Peak XV Partners, formerly known as Sequoia Capital India, is downsizing its fund in India by 16% after achieving $1 billion in exits this year. - Despite the downsizing, Peak XV remains strongly committed to investing in India and South East Asia. - The venture capital firm is making strategic changes to better serve its multi-decade time horizon. - Peak XV is focusing on measured investments in its growth fund while maintaining its support for seed and venture stage opportunities. - The decision to downsize is intended to benefit the founders and limited partners in the long term. - Peak XV has a successful track record, managing over $9 billion in capital and investing in more than 400 companies across various sectors.

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