According to a source familiar with the matter, Peak XV is creating an “evergreen” fund, backed by its investment partners and extended team, in an effort to become a significant LP in the firm’s future assets and venture into diverse investment opportunities. The venture firm, formerly known as Sequoia’s India and Southeast Asia arm, revealed this news to its limited partners at their annual general meeting in New Delhi this week.
Their new fund, named Peak XV Anchor Fund, will be funded by an internal balance sheet, and will focus on promoting accountability and alignment with LPs, as well as offering differentiated capabilities for growth as an institution. Over a hundred limited partners are currently in New Delhi for the meeting with the venture firm.
The source, requesting anonymity, stated that the fund will also allow Peak XV to establish a global network for learning and collaboration. By having their own fund, Peak XV Partners will have a more significant stake in the game and will be able to explore investment opportunities in new areas. The details of these new areas have not been disclosed.
TechCrunch reached out to Peak XV for comment but did not receive a response.
The Peak XV Anchor Fund is just the latest major investment in India and Southeast Asia by the investor group, who currently manages over $9 billion in AUM. The fund, which has a dry powder of $2.5 billion for the region after separating from Sequoia, has also launched an early-stage focused program called Surge, competing with Y Combinator for startups in India and Southeast Asia.
