Trifecta Capital raises $130m in first close of debut VC fund

Rahul Khanna, Manager and Co-founder, Trifecta Capital

Venture debt fund pioneer Trifecta Capital has raised $130 million (about 1,000 crore) from domestic investors for the first close of its maiden late-stage venture capital fund Trifecta Leaders Fund-I.

The firm is looking to take advantage of the massive opportunity and investor interest arising out of the maturing Indian startup ecosystem that is starting to see its most valued companies head to public markets.

The fund was launched three months ago and has a target corpus of 1,500 crore (about $200 million). The first close was oversubscribed and saw participation from domestic investors.

Existing investors of Trifecta Capital’s Venture Debt Funds have also made significant investments. For the balance 500 crore (about $70 million), the firm is in discussions with several domestic and global institutional investors.

Trifecta Leaders Fund-I will invest in a targeted set of category leaders, selected predominantly from Trifecta Capital’s portfolio across its venture debt funds, where the firm has proprietary knowledge of the businesses as well as deep relationships with founders and investors.

The Fund will invest 100 crore- 200 crore ($15-30 million) each in 10-12 companies for minority stakes through a combination of primary and secondary positions.

“I think people have started to appreciate that this is a structural gap in the market. The last leg of the journey, typically one to three years to the finish line, is a very different stage of investing, which requires different capabilities, not just raising capital, but thinking very thoughtfully about entry points and exit planning, all the extra work that we have to do to get these companies to the finish line. I think that investors also appreciated that we’ve had a relationship with many of these companies. So, the access was a unique advantage, it gave us knowledge of these companies, it gave us the ability to cherry-pick some of the best companies to now do something that investors really liked,” said Rahul Khanna, managing partner, Trifecta Capital.

Trifecta has onboarded Lavanya Ashok (former managing director, Goldman Sachs, Principal Investment Area) as partner, and Surbhi Garg (previously at Reliance Jio Strategic Investments) as a vice president. It is also augmenting the team with strong private and public markets investing expertise.

This article was first published on livemint.

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.