Foundation PE executes secondary transactions with Carpediem Capital; deal valued at USD 10 million

Secondary deal solution provider Foundation Private Equity on Friday said it bought stakes in three of Carpediem Capital's portfolio companies -- Collateral Medical (Colmed), Nysaa Retail (1-India Family Mart), and Sukkhi Online (Sukkhi) for over USD 10 million.

This deal was achieved through a combination of secondary stake purchase and primary fund infusion, involving multiple stakeholders, Foundation Private Equity said in a release.

The overall transaction value is estimated to be over USD 10 million, it added.

Foundation Private Equity (FPE) provides secondary transaction solutions to General Partners (GP) and Limited Partners (LPs) across Asia. Sale or purchase of assets between a pre-existing investor and a private equity or other investment funds is called secondary transactions.

Carpediem Capital is a private equity fund based in India that partners with small and medium-sized enterprises (SMEs) during their early growth.

Typically, secondary deals are consummated through the purchase of LP stakes; portfolio-level secondary deals are less common but are gaining momentum in the Indian alternate investments space.

Jeremy Foo, Partner at Foundation Private Equity, said: ''We worked closely with the Carpediem team to come up with a solution that generated some liquidity to existing investors while providing growth capital to the portfolio companies.'' Abhishek Sharman, MD and founder at Carpediem Capital, said Carpediem's investment strategy is focused on supporting sustainable and capital-efficient businesses that ensure various ''strategic and financial exit opportunities for our investments''.

''We are continuously seeking liquidity options for investors in our funds which have already achieved a certain vintage and the transaction with Foundation was part of that endeavour,'' Sharman said.

Carpediem Capital is presently engaged in the capital raising process for Fund II, with a target corpus of Rs 500-600 crore from both domestic and global investors.

With the closing of this transaction, Foundation Private Equity has completed two GP-led secondary deals in India to-date, the release said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)