India, July 14 -- Avendus said it is set to mark the final close of its Future Leaders Fund III at around Rs.1,800 Cr (about $187 Mn) by the end of July, as the private equity firm looks to step up investments in late-stage businesses.

The fund has so far deployed about 30% of its capital and plans to back another five to six companies over the next year, Avendus said in a statement.

As part of its latest investment, the fund infused about Rs.140 Cr in Parag Parikh Financial Advisory Services (PPFAS) through a secondary transaction, acquiring promoter shares from PPFAS chairman and CEO Neil Parag Parikh and president of wealth management Khushboo Joshi.

Founded in 1992, PPFAS operates across mutual funds, wealth management, GIFT City f...