New Delhi, July 14 -- Mumbai-based financial services company Avendus Capital has invested Rs 140 crore ($14.5 million) in Parag Parikh Financial Advisory Services (PPFAS) from its third private equity fund that is nearing final close.
The Avendus Future Leaders Fund III invested through a secondary transaction, buying shares from Neil Parag Parikh, chairman and chief executive officer of PPFAS, and Khushboo Joshi, president of wealth management at the company, it said in a statement on Tuesday.
The transaction comes as the late-stage private equity fund prepares to mark its final close at around Rs 1,800 crore by the end of July. Avendus said the fund is currently around 30% deployed and plans to make another five to six investments over the next 12 months.
The announcement follows a VCCircle report in March that the fund was close to hitting its final close after crossing its base target corpus.
Founded in 1992, PPFAS offers mutual funds, wealth management, GIFT City funds, and pension funds. According to the company, its flagship Parag Parikh Flexi Cap Fund managed about Rs 1.43 trillion in assets as of June 2026.
"Over the years, we have built a trusted brand and a strong track record, anchored in disciplined investing and a client-centric, long-term approach to wealth creation," said Neil Parag Parikh.
Ritesh Chandra, managing director at Avendus Future Leaders Fund, said PPFAS is "well-positioned to capitalize" on the structural growth opportunities in India's asset management industry.
"This investment reflects our continued commitment to backing category-leading businesses with proven management teams and sustainable growth potential," Chandra said.
Avendus manages more than Rs 4,000 crore in assets across its PE vehicles under the Future Leaders Fund series which invests in late-stage companies. It launched Future Leaders Fund III in early 2025 and made its first close at Rs 850 crore in January with commitments from domestic institutions and family offices. The fund was targeting as much as Rs 3,000 crore, comprising a base corpus of Rs 1,500 crore and a greenshoe option of an equal amount.
Its portfolio includes eyewear retailer Lenskart, healthcare company La Renon Healthcare, life sciences firm Aragen Life Sciences, insurance company SBI General Insurance, meat delivery startup Licious, payments startup Juspay, fintech company Zeta, non-bank lender Veritas Finance, education lender Avanse Financial Services and electronics manufacturer IL JIN Electronics.
Published by HT Digital Content Services with permission from VC Circle.