L Catterton, a private equity firm backed by LVMH, the world’s largest luxury goods conglomerate, is raising $600 million for its debut India-focused fund, according to a disclosure by the International Finance Corporation (IFC), the World Bank Group’s private sector investment arm. This may mark the first time a global private equity firm is launching an investment vehicle dedicated to India.
As per the disclosure, IFC will invest $30 million in the L Catterton India Fund-I with an additional co-investment amount of $30 million.
In March last year, former Hindustan Unilever (HUL) chief executive Sanjiv Mehta teamed up with L Catterton to launch an India-focused investment vehicle, according to an official statement made at the time. Mehta, who headed HUL, India’s largest FMCG company, for ten years until 2023, formed an India consumer sector-focused joint venture with L Catterton to develop a new investment vehicle. ET had reported last July that L Catterton had submitted an application with the Securities and Exchange Board of India (Sebi) to register the India-focused vehicle as a Category II AIF (alternative investment fund).
The vehicle will be led by Mehta, the firm’s executive chairman for India, along with Anjana Sasidharan, partner and head of India investments, and the existing L Catterton Asia leadership team headed by managing partner Scott Chen, who has been in the role since 2019.
L Catterton plans to make seven to nine investments from this India-dedicated fund, with cheque sizes ranging from $25 million to $150 million.
According to IFC, the fund will primarily back companies across segments such as food and beverages, consumer services (including healthcare, retail and restaurants), and consumer brands.
So far, L Catterton has invested in Indian companies through its Asia fund.
The firm’s portfolio includes beauty brand Sugar Cosmetics, healthy snacking startup Farmley (where it led a $40 million round last month), petcare brand Drools, which became a unicorn following a minority investment from Nestle SA, and Impresario, the parent company of restaurant chain Social, founded by Riyaaz Amlani. L Catterton has also invested in Jio Platforms, owned by Reliance Industries.
The development was first reported by online news publication The Arc.
With its India-focused fund, L Catterton will step into a market already home to consumer-focused investment firms like A91 Partners, as well as early-stage backers such as Fireside Ventures, DSG Consumer Partners, and others.
This fund raise trend also reflects the broader dynamics in the Indian investment ecosystem. In 2024, Bluestone investor IvyCap Ventures, former KKR India CEO Sanjay Nayar’s Sorin Investments, and climate-focused Avaana Capital also announced sizable fund closures. More recently, A91 Partners closed its largest-ever fund with a $665 million corpus, while venture capital fund Accel India, an early backer of Flipkart and Swiggy, also closed a $650 million fund.
ET had reported on April 25 that Peak XV Partners is set to raise its first independent fund after its split from Silicon Valley firm Sequoia Capital with a target corpus of $1.2-1.4 billion.
As per the disclosure, IFC will invest $30 million in the L Catterton India Fund-I with an additional co-investment amount of $30 million.
In March last year, former Hindustan Unilever (HUL) chief executive Sanjiv Mehta teamed up with L Catterton to launch an India-focused investment vehicle, according to an official statement made at the time. Mehta, who headed HUL, India’s largest FMCG company, for ten years until 2023, formed an India consumer sector-focused joint venture with L Catterton to develop a new investment vehicle. ET had reported last July that L Catterton had submitted an application with the Securities and Exchange Board of India (Sebi) to register the India-focused vehicle as a Category II AIF (alternative investment fund).
The vehicle will be led by Mehta, the firm’s executive chairman for India, along with Anjana Sasidharan, partner and head of India investments, and the existing L Catterton Asia leadership team headed by managing partner Scott Chen, who has been in the role since 2019.
L Catterton plans to make seven to nine investments from this India-dedicated fund, with cheque sizes ranging from $25 million to $150 million.
According to IFC, the fund will primarily back companies across segments such as food and beverages, consumer services (including healthcare, retail and restaurants), and consumer brands.
So far, L Catterton has invested in Indian companies through its Asia fund.
The firm’s portfolio includes beauty brand Sugar Cosmetics, healthy snacking startup Farmley (where it led a $40 million round last month), petcare brand Drools, which became a unicorn following a minority investment from Nestle SA, and Impresario, the parent company of restaurant chain Social, founded by Riyaaz Amlani. L Catterton has also invested in Jio Platforms, owned by Reliance Industries.
The development was first reported by online news publication The Arc.
With its India-focused fund, L Catterton will step into a market already home to consumer-focused investment firms like A91 Partners, as well as early-stage backers such as Fireside Ventures, DSG Consumer Partners, and others.
This fund raise trend also reflects the broader dynamics in the Indian investment ecosystem. In 2024, Bluestone investor IvyCap Ventures, former KKR India CEO Sanjay Nayar’s Sorin Investments, and climate-focused Avaana Capital also announced sizable fund closures. More recently, A91 Partners closed its largest-ever fund with a $665 million corpus, while venture capital fund Accel India, an early backer of Flipkart and Swiggy, also closed a $650 million fund.
ET had reported on April 25 that Peak XV Partners is set to raise its first independent fund after its split from Silicon Valley firm Sequoia Capital with a target corpus of $1.2-1.4 billion.