Indian mid-market private equity firm Lighthouse Fund holds first closing

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India-focused mid-market private equity firm Lighthouse Funds has held a first close of its second fund, which is targeting $125m, VC Circle has reported.

It will focus on investing between $5m and $15m in Indian SMEs in areas such as healthcare, education and agribusiness.

Earlier this year India 2020 Fund II secured a $25m commitment from development finance group International Finance Corporation.

The fund follows the firm’s $100m India 2020 Fund I vehicle, which currently holds a gross IRR of 30 per cent, according to DealCurry.

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