US-based VC March Capital targets to raise $410m for third fund

Co-founders of March Capital Partners. From left: Gregory Milken, Jim Armstrong, Jamie Montgomery and Sumant Mandal.

March Capital Partners, a US-based venture capital firm that has invested in companies in India, is looking to raise up to $410 million for its third VC fund – March Capital Partners Fund III LP, according to its latest filing with the US SEC.

The stage-agnostic firm, which is mainly focused on the US market, was also keen to step up its pace of investments in India and was also considering setting up base in the country. Its India portfolio includes General Atlantic-backed payments firm BillDesk and online automobile marketplace CarTrade.

In August this year, March Capital led a $51-million Series C round in Uniphore, a Chennai-based global conversational AI (artificial intelligence) technology company.

The filing for the third fund comes eight months after the VC firm raised nearly $156.63 million for 78 investors for March Capital Partners Fund II LP and another $143.35 million from 51 investors for March Capital Opportunity Fund LP.

The combined amount raised for the two funds exceeded the $300-million target that March Capital, led by Jim Armstrong, Sumant Mandal, Gregory Milken, and Jamie Montgomery, had set out to raise when these were launched in 2017.

Last month, the firm filed to raise up to $50 million for March Capital Gaming Fund I LP. March Capital Partners Fund I LP, the firm’s maiden fund, was closed in May 2016 at a total of $240 million.

With the funds raised, March Capital has built up its portfolio to over 30 companies now with assets under management of more than $500 million, according to its website.

The latest filing, which was signed by Montgomery, has not specified the minimum investment that the firm accepts from any outside investor for the said fund.

Founded in 2014, March Capital collaborates with top entrepreneurs building technology companies in large, meaningful markets. It has active investments in both early-stage and late-stage companies across enterprise software, cloud and IoT infrastructure, competitive gaming, cybersecurity, and other growth industries.

Its investment in Indian online payments startup BillDesk was made through Clearstone over a decade ago, including a $45-million check which was reportedly backed in part by specially earmarked funds from March’s investors.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.