L Catterton has raised $200m in the first close of its India-focused consumer fund, which targets $400m with an additional $200m greenshoe, according to the Economic Times.

The fund is launched in partnership with Sanjiv Mehta, former CEO of Hindustan Unilever and now Executive Chairman of L Catterton India.

The vehicle will provide growth capital to mid-market consumer companies across food and beverage, healthcare, retail, restaurants, and branded consumer products. Early commitments include the International Finance Corporation (IFC) and clients of Kotak Private Bank.

The fund has already deployed capital into Farmleys, a healthy snack food brand, and aims to build on L Catterton’s existing India portfolio, which features Drools, Sugar Cosmetics, and Jio Platforms.

Globally, L Catterton manages $37bn across private equity, credit, and real estate, with more than 300 consumer brand investments since its founding in 1989. The India fund is intended to strengthen its presence in one of the world’s fastest-growing consumer markets.

If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com.

Can`t stop reading? Read more.