Fearing Capital, a PE firm promoted by Aditya Parekh, son of HDFC chairman Deepak Parekh, on Monday said that it has raised 830 crore marking the close of the first round of fund raising. Faering is promoted by Parekh and his friend and co-founder Sameer Shroff who launched the firm last year.
Faering's successful close comes even as there has been a considerable drop in the tempo of capital raised for India-focused funds in the past year-and-a-half, as investors played safe in a volatile market and funds focused on exiting bad investments.
According to global consultancy E&Y, PE players faced a tough environment for fund raising. India-focused funds raised an estimated $2.5 billion during 2010 compared to $3.8 billion mopped up in 2009.
Faering is looking to invest 35-80 crore in small to mid-cap firms with proven business models. The firm said that it will capitalise on investment opportunities generated through broad-based consumption-led growth in the Indian economy.
Shroff and Parekh, in a chat with ET, said that they are sector agnostic and that they are excited about opportunities in financial services, media, technology, education and healthcare.
Aditya Parekh said his father will play the role of an advisory board member. He will not be involved in day-to-day operations, he added.
"These factors shall result in sustained broad-based consumption growth which, in turn, shall have a favourable impact on a number of industries including financial services, consumer and retail, telecommunication, technology and internet, media and entertainment, education, healthcare and business services," the company said in an announcement.
