Peak XV is creating an “evergreen” fund funded by its investment partners and extended team, according to an internal memo and a source familiar with the matter. The venture capital firm is looking to become a major LP in the company’s future vehicles and explore investments in different asset classes.
India and Southeast Asia’s leading venture investor disclosed the news to its limited partners at its annual general meeting in New Delhi this week. With the “perpetual” fund, Peak XV aims to bring “a culture of high accountability and alignment with LPs” and “diversified” ability to grow as an institution, according to an LP source familiar with the matter and an internal memo obtained by TechCrunch.
Peak XV, the venture capital firm formerly known as Sequoia’s India and Southeast Asia arm, did not disclose the size of the new fund. More than a hundred of its limited partners are in New Delhi this week to work with the venture firm.
The new fund, called the Peak XV Anchor Fund, will be funded from an internal balance sheet, the source said, requesting anonymity as the matter is private. The fund will allow Peak XV to “build a global network for learning and collaboration,” the venture capital firm said, according to the LP’s source.
The fund will allow Peak XV Partners to have more skin in the game with its own capital and explore investments in newer areas, the source said. TechCrunch was unable to identify these newer regions. With the Peak XV Anchor Fund, the venture capital firm plans to partner with other “managers across regions, strategies and sectors.”
Peak XV did not immediately respond to a request for comment.
The Peak XV Anchor Fund is the latest in a string of big bets in India and Southeast Asia, where it manages over $9 billion in AUM (assets under management). The $2.85 billion fund, which at the time of its Sequoia split had $2.5 billion of dry powder for the region, was also early in launching an early-stage-focused program called Surge that made Y Combinator much less exciting for startups from India and Southeast Asia.
