New Delhi, Sept. 24 -- Indian boutique investment firm Carnelian Asset Management & Advisors is raising a Rs.2,000 crore private equity fund, its first dedicated fund for the strategy, as it seeks to build on a handful of opportunistic private investments made over the past three years.

The fund has reached a first close of about Rs.1,000 crore, with commitments from domestic family offices, ultra-high-net-worth individuals (UHNIs) and high-net-worth individuals (HNIs), Umesh Agarwal, managing partner for private equity at Carnelian Asset Management and a former 360 One executive, told Mint in an interview on Wednesday.

"Individual commitments into the fund range from Rs.5 crore to Rs.15 crore, some at Rs.25 crore and one large commitme...