Bengaluru: Avendus Future Leaders Fund (FLF) III is set to reach its final close at around Rs 1,800 crore by July-end, having invested Rs 140 crore to acquire about a 1% stake in Parag Parikh Financial Advisory Services (PPFAS).The transaction was entirely secondary, with the fund buying shares from PPFAS chairman and CEO Neil Parag Parikh and wealth management president Khushboo Joshi. The deal was completed in about a month, Ritesh Chandra, who heads Avendus Future Leaders Fund, told TOI.Founded in 1992, PPFAS is expanding beyond mutual funds into wealth management, GIFT City funds, private equity and the National Pension System. Its flagship Parag Parikh Flexi Cap Fund manages assets of about ₹1.4 lakh crore and has delivered a compounded annual return of around 18% over the past decade.Chandra said PPFAS is evaluating a public listing over the next three to four years, although Avendus’s exit is not contingent on an IPO. “If the business continues to perform, there will be enough demand for this stock,” he said.Fund III is about 30% deployed, with investments of around Rs 540 crore across four companies. Avendus plans to make another five to six investments over the next 12 months, taking the portfolio to about 12 companies.
