Avendus Future Leaders Fund III (FLF), the private strategies fund of the Avendus Group, has invested approximately Rs 140 crore in Parag Parikh Financial Advisory Services (PPFAS).
The fund also announced that it is on track to achieve its final close at around Rs 1,800 crore by the end of this month.
The investment in PPFAS was made through a secondary transaction, with FLF acquiring shares from promoters Neil Parag Parikh and Khushboo Joshi.
Established in 1992, PPFAS is an equity-oriented asset management company.
“We believe PPFAS is well-positioned to capitalise on the structural growth opportunities in India's asset management industry, with growing preference for financial investments among Indian households and increasing investor participation in the capital markets,” said Ritesh Chandra, Managing Director, Avendus Future Leaders Fund.
