The founders of InnoVen Capital, a venture debt fund, have launched a new venture debt fund named Alteria Capital with a fund size of Rs 1,000 crore.
Ajay Hattangdi and Vinod Murali resigned from their roles at Innoven Capital in June 2017 to start a new fund. At InnoVen, Hattangdi was the India CEO, driving international expansion in Southeast Asia and China; while Murali was the deputy CEO of India operations.
As per the reports, Alteria Capital will be registered as a category II alternative investment fund (AIF). It will have a tenure of seven years, with a possible extension of two years.
Reports also suggests that Alteria Capital will have a corpus of about Rs 800 crore ($125.7 million). This will be accompanied by a Greenshoe option of raising an additional Rs 200 crore.
The venture debt fund is looking to make the maiden close of the fund by the first quarter of 2018, with a target to raise 25-50% of the corpus (Rs 250-500 crore) to enable deployments around the same period.
Hattangdi and Murali said that they are currently in the process of registering Alteria Capital with SEBI. Alteria Capital is expecting that the registration process will be over by mid-September.
Post that, the fund will begin the official fundraising. Apart from Innoven Capital, Ajay Hattangdi and Vinod Murali’s venture debt fund Alteria Capital will compete with Trifecta Capital in the venture debt space.
Hattangdi and Murali, both of whom were earlier with Citibank, launched US-based Silicon Valley Bank’s (SVB) venture lending operations here in 2008 and played a key role in pioneering both the asset class as well as scripting InnoVen’s success in this market.