Carnelian Capital plans PE foray with Rs 2,000 crore fund

Carnelian Capital plans to launch its maiden private equity fund of about Rs 2,000 crore within the next 12-18 months, targeting profitable growth-stage and pre-IPO companies seeking Rs 100-300 crore of capital. Founder Vikas Khemani said this mid-sized funding segment has become underserved as large PE funds prefer deals of Rs 1,000 crore or more and IPO sizes have shifted upward. The fund will make about 15 investments of Rs 50-150 crore each across manufacturing, healthcare, consumer, and innovation-led sectors, targeting gross returns above 30%.