bengaluru avendus future leaders fund ii has announced the first close of the fund with commitments of rs 584 crore fund i was launched in 2019 with a total corpus of rs 374 crorethe second fund is targeting to raise rs 750 crore with a green shoe option of another rs 500 crore the fund has a 5year tenor with an option to extend it by another two yearsthe idea behind the fund was to be a pool of capital to target market leaders or emerging leaders in a few sectors were focused on three core sectorsdigital consumption and financial services idea is to identify leadership assets in these businesses and take equity positions for anywhere between rs 75100 crore we will be investing in 810 companies over this time horizon and exiting in 34 years said ritesh chandra managing partner avendus future leaders fundchandra said hnis and family offices form the bulk of the investor base along with a few institutional investors we believe saas is a big opportunity and india has a large role to play in the ecosystem we are very excited by the b2b saas opportunity he saidchandra said the fund is uniquely positioned to capitalise on the strengths of the avendus ecosystem and participate in the value creation journey the fund he said has unparalleled access to marquee businesses and deep longstanding relationships with entrepreneurs