Mumbai: A91 Partners, the venture capital fund set up by three former managing directors at Sequoia Capital, is nearing the final close of its $350 million debut fund, said two people aware of the matter, on condition of anonymity. The Economic Times on Tuesday reported that A91 has closed the fund, with dollar commitments of $280 million, while almost $70 million of the corpus was rupee denominated from Indian backers. This was also the second churn at Sequoia Capital, after WestBridge Capital decided to dermerge from Sequoia in 2011 as WestBridge’s founders wanted to focus on public market investments. The fund has exceeded original expectations as A91 had planned to close the fund at $290-300 million, said the person cited above. VC investors, such as A91 Partners, Mirae Global Asset Management and Iron Pillar, have now targeted the mid-stage exclusively, Mint reported on April 15.

Source: Mint May 14, 2019 04:18 UTC