Around 45 per cent came from 35 leading family offices
with individual contributions of Rs 10 crore to Rs 75 crore, thus representing India's Family Office Fund.
"We value this even more as family offices
seek capital returns to support other entrepreneurs in their journey," he said.
DFIs and insurance companies, including SIDBI, NABARD, HDFC Life, SBI Life, Bajaj Allianz, New India Assurance among others, contributed 22 per cent of the fund, while 26 per cent of the commitments come from UHNIs, which include several professionals in various fields as Friends of the Fund.
Sponsors, including TVS Group
and Shriram Group, contributed 7 per cent.
Some of the veterans from the tech space including Infy's Kris Gopalakrishnan, Lakshminarayanan (Cognizant), Natarajan (Mindtree), as well as several SaaS and consumer-tech startup founders have also invested in the fund.
"The fund has the combined advantage of the discipline brought in by institutional investors, legacy and value from the family offices, sophistication and proficiency from Friends of the Fund who help sharpen our understanding in underwriting," said Srinivasan.
The sweet spot for the third fund would be around Rs 125-150 crore as compared to around Rs 60-65 crore in the previous fund.
From the third fund, TCF has already invested Rs 200 crore in GoDigit General Insurance Limited, Rs 50 crore in DCB Bank and in Leap India Private Limited.
TVS Capital said that it would now start raising Fund 4 in end 2022, which could be around $500 million.
TVS Capital funds
is one of the pioneers of mid-market PE investments
in India. It was founded by Gopal Srinivasan, a third-generation entrepreneur of the TVS Family, in 2007. TVS Capital manages around Rs 2,000 crore in AUM across three funds, with the first fund Launched in 2007. It is currently investing out of its third fund. The sponsors include TVS Group
and Shriram Group.