According to reports, Filter Capital, a technology-focused investment firm run by former Warburg Pincus and Multiples Private Equity executives, has made the final close of its first fund at Rs 800 crore (about $96 million).

The Mumbai-based fund, which supports early-stage enterprises, garnered up to 60 percent of the funding commitments from local limited partners, with the remainder coming from overseas investors.

The investors included institutional investors and family offices such as HDFC Fund of Funds, Small Industries Development Bank of India, DSP family office, Amansa Capital founder Akash Prakash and Dream Sports cofounder Harsh Jain.

Nitin Nayar, cofounder and managing director says, “With these stages, we tend to mean that there is a stable team in place, there is a clear product-market fit and there are enough customers from whom you can extrapolate the size of the market.”

In 2018, Nayar launched Filter Capital, and one year later, Sinha joined him. Both men have had nearly two decades of experience in private equity investing and had worked together at Warburg Pincus. A year after raising their first fund, the duo made a first close of Rs 330 crore.

The Filter Capital India Fund have so far poured around Rs 225 crore into four entities: enterprise loyalty software provider Capillary Technologies, bus mobility platform Chalo Mobility, e-commerce logistics services provider LoadShare Networks, and healthcare enterprise software provider THB.

“We seek to partner with capable entrepreneurs whose businesses have reached an inflection point and are poised for rapid growth," cofounder and managing partner Sinha says.

“Our investments are typically a five-year hold. Our view is that eventually these companies will start maturing and we can start returning capital to our investors. We can also start planning for our second fund, which I expect will be two-three years from now,” adds Nayar.