Growth equity fund research profile
Amicus Capital is an India-dedicated growth-equity manager backing profitable, capital-efficient middle-market businesses. Its thesis combines digitalisation and market access with a partnership model across financial services, consumer, healthcare, technology and specialty manufacturing.
At a glance
Research profile
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Investment lens
Amicus Capital uses a growth equity; mid-market approach across Financial services, consumer, healthcare, technology.
Current evidence
Amicus Capital announced the final close of Fund II at approximately $214 million in June 2025, above its $200 million target. The manager said Fund II had already invested in Aequs, Equirus Capital and Manipal Payments & Identity and would target 10–12 high-growth businesses.
Strategy
Growth equity; mid-market
Sector focus
Financial services, consumer, healthcare, technology
AIF structure context
Indian private equity, growth, buyout and many real-asset strategies are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
Amicus Capital announced the final close of Fund II at approximately $214 million in June 2025, above its $200 million target. The manager said Fund II had already invested in Aequs, Equirus Capital and Manipal Payments & Identity and would target 10–12 high-growth businesses.
Investor questions
Amicus Capital is covered in Rupeia's private equity research universe. The current public record describes the strategy as Growth equity; mid-market, with a sector focus of Financial services, consumer, healthcare, technology. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to Amicus Capital in the reviewed public sources: Aequs; Altum Credo Home Finance; Awign; Berar Finance; Capital Small Finance Bank; Equirus Capital; Manipal Payments & Identity; MoEngage; Namaste Credit; Pickrr; Rivaara Labs; SFO Technologies; Sona Biscuits; Wonderchef; Manipal Payments & Identity Solutions; Altum Credo; mCaffeine; RenewBuy. It does not represent a complete current portfolio unless the manager has published one.
The combined Amicus materials identify a current Fund II portfolio spanning financial services, healthcare, consumer, technology and specialty manufacturing. The public record does not disclose a consolidated fund-level IRR, DPI or TVPI. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: Fund II final close: approximately $214 million (₹1,766 crore) in 2025; firm-wide AUM is separately described by the manager and should not be treated as Fund II size.. Public terms or access information: Growth capital for high-growth, profitable and capital-efficient businesses; public Fund II materials describe 10–12 investments and $12–35 million target investment sizes. Fees, carry and reserves are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Mahesh Parasuraman (Partner and Co-founder); Sunil Theckath Vasudevan (Partner and Co-founder); Abhijeeth Naik (Partner); Mahesh Parasuraman; Sunil Theckath. Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review entry valuation, leverage, governance rights, concentration, execution of the value-creation plan and exit timing. The current open diligence point is: Fund-level net returns, DPI and TVPI are not publicly disclosed; current deployment by each Fund II portfolio company is disclosed only selectively. The record bundles the prior Amicus manager row and the current India-dedicated Fund II row into one canonical entry..
2025-06-20: Amicus Capital announced the final close of Fund II at approximately $214 million in June 2025, above its $200 million target. The manager said Fund II had already invested in Aequs, Equirus Capital and Manipal Payments & Identity and would target 10–12 high-growth businesses.
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