India, May 20 -- Asset management firm Piper Serica has launched a new Cat II AIF, the Bharat Tech Fund, with a potential size of Rs.800 Cr. While the target corpus of the fund is Rs.600 Cr, the firm can further exercise a Rs.200 Cr greenshoe option.

With the fund, Piper Serica aims to back startups at the Series A and Series B stage operating in segments like semiconductors, AI, spacetech, defence tech, biosciences and fintech infrastructure.

The average size of an investment would be in the range of Rs.25-50 Cr. The firm targets to achieve a gross internal rate of return (IRR) of approximately 30% over an average holding period of six years with the fund.

The firm claims to be in active engagements with institutions such as IIT Madra...