India Discovery Fund – II
India Discovery Fund – II
KEY PORTFOLIO ATTRIBUTES #
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About India Discovery Fund-II
IDF-II is a ₹ 500 crore (₹ 100 crore green-shoe) Category I Angel Fund managed by 35 North Ventures Pvt Ltd. It provides structured growth capital—equity plus optionally OCD/CCD/CCPS—to innovative, asset-light Indian companies at the inflection point between angel and institutional Series-A rounds. The vehicle aims to blend dividends and capital gains while catalysing inclusive employment across sectors.
• Sponsor commitment: 2.5 % of corpus
• SEBI-regulated, trust structure with Amicorp (trustee/admin) & ICICI Bank (custodian).
• Sector-agnostic mandate—agri-tech, defence tech, fintech, ed-tech, D2C, elogistics, ESG & more.
Investment Committee / Advisory Board
Ashwini Mehra (ex-DMD SBI), Avtar Monga (ex-COO IDFC Bank), Sunil Gurbaxani (MD & CEO, Dhanlaxmi Bank), Dr Ruchir Saraswat (Principal Eng., Intel), Lee Kok Fatt (Dy CEO, Gardens by the Bay, Singapore), Anurag Batra (Chairman BW BusinessWorld) and Lalit Kumar (ex-CEO Ebony Gautier).
Investment Objective
Deliver a gross 25 % IRR (INR) by supplying flexible growth capital to revenuegenerating, innovation-led Indian companies, using structured equity or quasi-equity to balance downside protection with upside participation.
Investment Strategy
- Stage & Instrument – Cheques of ₹ 5–25 crore via equity or structured debt (OCD/CCD/CCPS) to accelerate scale without over-dilution.
- Sector-Agnostic, Theme-Focused – Target segments showing tech-driven disruption (agri-tech, defence, fintech, ed-tech, e-logistics, ESG, consumer D2C).
- Active Value Creation – Board observer/seat, strategic mentoring, talent access and multi-step exit design (strategic buy-out, IPO, secondary).
- Rigorous Risk Control – Proven promoters, validated business models, diversified by sector & geography; 5-layer diligence plus standardised reporting.
- Structured Downside Protection – Covenants, liquidation preference and coupon/dividend constructs aim to cap loss while preserving upside.
Investment Philosophy “Structured growth capital + disciplined governance = sustainable alpha.”
IDF-II combines venture-style upside with private-credit-like protection, empowering founders while safeguarding LP capital through rigorous structuring and active stewardship.
Key Fund Terms
| Item | Detail |
| Type of Fund | Trust, Category I AIF (Angel Fund) |
| Fund Size | ₹ 500 crore + ₹ 100 crore “green-shoe” |
| Term | 7 years, extendable up to 2 years (1 year at a time) |
| Target IRR | 25 % gross (₹ terms) |
| Minimum Investment | ₹ 25 L (HNIs) / ₹ 100 L (Family Offices) / ₹ 250 L (Institutions) |
| Promoter / Sponsor | 35North Ventures Pvt Ltd – 2.5 % of corpus committed |
| Investment Manager | 35North Ventures Pvt Ltd |
| Management Fee | 2 % p.a. (plus taxes) on aggregate commitments |
| Performance Fee / Carry | 20 % (European waterfall) |
| Trustee & Fund Administrator | Amicorp Trustees Pvt Ltd |
| Banker & Custodian | ICICI Bank Ltd, India |
| Valuation Frequency | External NAV, semi-annual |
| Set-Up & Operating Fees | One-time set-up ≤ 2 %; operating ≤ 0.50 % p.a. |
| Eligible Investors | Indian & overseas HNWIs, institutions, companies & trusts that meet
SEBI Angel-investor norms |
| Overseas Feeder Fund | Mauritius feeder structure available |
Risk Mitigation Framework
• Diversification across sectors, business models & geographies.
• Seasoned Promoters & Advisory Board providing industry mentorship.
• Robust Governance – standardised reporting, trustee oversight, KPMG tax advisors.
Ideal Investor Profile
• HNWIs & family offices seeking structured exposure to India’s early-growth opportunity.
• Institutions allocating to impactful, employment-generating ventures with capital-efficient models.
• Investors who value downside-protected venture returns and semi-annual liquidity visibility.
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