Team Startupcity

• L Catterton raises $200M in first close of its maiden India-focused consumer fund with a $400M target corpus.
• Backed by IFC, Kotak Private, asset managers, and insurers, with a green shoe option of $200M.
• Plans 7–9 growth-stage deals in consumer brands, investing $25M–$150M including co-investments.

Global private equity firm L Catterton has completed the first close of its debut fund focused on India’s consumer market, successfully raising $200 million, according to a source familiar with the matter. The fund aims for a total target of $400 million, with an extra green shoe option of $200 million.

The capital raised includes commitments from a variety of domestic and international investors. These include asset management firms, insurance companies, the International Finance Corporation (IFC), which is the private investment branch of the World Bank, and Kotak Private, the wealth management unit of Kotak Mahindra Bank.

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The consumer-focused PE firm plans to make between 7 and 9 investments through this fund. It is aiming at growth-stage companies at Series B, as well as those getting ready for IPOs in the next few years. Investment sizes will range from $25 million to $150 million, including co-investments. The focus will be on acquiring significant minority stakes in high-growth companies and select buyout opportunities.

L Catterton has already made significant investments in India, supporting startups like Farmley, which offers healthy snacks, and SUGAR Cosmetics, a beauty brand. The firm was formed in 2016 from the merger of Catterton Partners with the private equity arm of LVMH Moët Hennessy Louis Vuitton and Groupe Arnault. It is now one of the world’s largest consumer-focused private equity groups. Globally, it has invested in companies such as Birkenstock and Jio Platforms, the digital services division of Reliance Industries.