A person familiar with the situation and an internal memo from Peak XV state that the company is establishing a “evergreen” fund, which will be funded by its extended workforce and investment partners. The venture firm wants to investigate investing in several asset classes and grow to be a sizable LP in the company’s future vehicles.
During its annual general meeting this week in New Delhi, the most renowned venture investor in India and Southeast Asia informed its limited partners of the news. According to an LP source familiar with the subject and an internal memo seen by TechCrunch, Peak XV hopes to provide “a culture of high accountability and alignment with LPs” and “differentiated” potential to evolve as an institution with the “perpetual” fund.
The size of the new fund was not disclosed by Peak XV, the venture capital firm that was previously known as Sequoia’s India and Southeast Asia division. This week, the venture firm is hosting over a hundred of its limited partners in New Delhi for discussions.
The insider, who asked to remain anonymous because the information is private, stated that the new fund, named Peak XV Anchor Fund, will be financed by an internal balance sheet. The LP source claims that Peak XV will be able to “create a global network for learning and collaboration” with the help of the financing.
According to the source, the fund will allow Peak XV Partners to seek investment opportunities in emerging markets and have more skin in the game with its own fund. TechCrunch was unable to identify those more recent places. The venture capital firm intends to collaborate with other “managers across regions, strategies, and sectors” through the Peak XV Anchor Fund.
A request for comment from Peak XV was not immediately answered.
The investor group, which currently oversees over $9 billion in assets under management (AUM) in India and Southeast Asia, has made a number of significant bets, the most recent of which is the Peak XV Anchor Fund. The $2.85 billion fund, which had $2.5 billion in dry powder for the area after its split from Sequoia, was also among the first to introduce Surge, an early-stage targeted program that has significantly reduced the appeal of Y Combinator for entrepreneurs based in India and Southeast Asia.
