A91 Partners raise US$350m in debut

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Venture capital firm A91 Partners raised US$350 million in its debut fundraise from a large number of investors. The fund is founded by three former Sequoia executives and is one of the few formed in a limited liability partnership (LLP) structure.

“An LLP format provides the benefit of a corporate structure while balancing the flexibility available in other forms such as trusts,” said Trilegal partner Ganesh Rao, who advised A91 Partners. “In addition, from a substantive perspective, it permits the fund itself to ‘house’ the team [of general partners] and, in doing so, inherently provides more transparency from an LP [limited partner] perspective.”

The limited partners on this fundraise were development finance institutions, funds of funds, family offices, insurance companies and high net worth individuals. It is one of the larger fundraises for an Indian venture capital fund with a first-time fund manager. The former Sequoia executives are Gautam Mago, VT Bharadwaj and Abhay Pandey.

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