India, May 7 -- Wealth management and investment banking firm Client Associates has announced the first close of its maiden Category II alternative investment fund (AIF) at INR 300 Cr (approximately $36 Mn).

The Client Associates Alternate Fund (CAAF) is a SEBI-registered Category- II AIF which invests in consumer tech startups at the Pre-Series A to Series B stages.

It will look to back 12-15 companies with cheque sizes in the range of INR 10 Cr - INR 50 Cr per deal. Further, CAAF will also explore later-stage opportunities (pre-IPO) which offer value creation opportunities for its limited partners (LPs).

Client Associates is targeting commitments of INR 500 Cr ($60 Mn) by exercising INR 200 Cr ($24 Mn) green shoe options and closing ...