Panthera Growth Partners (PGP), a Singapore-based tech-focused growth investment firm, announced Tuesday the first close of its second fund, having secured commitments for more than half of the target raise.

The fund’s target has been set at $250 million, and is expected to be reached by end of this fiscal year, PGP said in a statement. The fund will offer up to 100 percent of fund commitments in co-investment opportunities.

The fund’s investment objective is to partner with next generation consumption and enterprise services businesses with vast growth potential. Its capital will be invested in companies that have achieved product market fit and are seeking to accelerate market growth.

The fund will deploy approximately $20 million on average in 10 to 12 individual portfolio companies across India and Southeast Asia.

Backed by institutional investors from India, European Union and United States, Fund II will seek to back entrepreneurs who typically employ market transformational ideas propelled by technology.

Fund II has been formed to build upon the investment track record and philosophy of the firm by focusing upon investments in growth stage technology-enabled companies that are, or are poised to become, leaders in their respective markets.

“We are a growth equity investor focused on revenue-generating enterprises that are building scalable businesses having achieved product-market-fit. At Panthera, we believe that operating thought partners are as just as important as capital at this growth stage. With our teams’ experience of investing and operating companies in the startup ecosystem since more than two decades, we look to support entrepreneurs and management teams as they embark on an ambitious growth journey,” said Shilpa Kulkarni, Founder and Managing Partner of Panthera Growth Fund.

Panthera Growth Fund is a sector specialist investment firm investing exclusively in cutting edge technology leveraged businesses. It is differentiated by its sector specialization, deep network of operational resources and industry relationships, systematic value creation process, and strong execution capability.

The firm was founded in 2021 and its Fund I, which raised $84 million from global institutional investors, is largely deployed across sector leading companies such as BigBasket, Pepperfry, Zivame, OfBusiness, etc.

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