When Mahesh Parasuraman went out to raise his first fund back in 2015, he knew it would be tough but he didn’t anticipate falling short.
Parasuraman and Amicus Capital Partners co-founder Sunil Theckath Vasudevan were shooting for a $125 million fund. They ended up raising $88 million. It drove them to a slower, more cautious pace of dealmaking.
“If we didn’t do well in the first fund, there would be no second fund,” Parasuraman, earlier a managing director with The Carlyle Group, told me in the latest episode of Unscripted.
In June this year, Amicus raised $214 million for its second fund – this time exceeding its target. It’s come off the back of steady payoffs from the Fund I portfolio. Logistics platform Pickrr Technologies was acquired by Shiprocket in a $200 million deal in 2022 within a year of Amicus’ investment; last year, gig worker platform Awign, which Amicus backed in 2022, was acquired by Japanese firm Mynavi; and in October this year, it partially exited non banking financial company Berar Finance.
As a mid-market focused private equity (PE) firm in India, Amicus inhabits a territory that comes with its opportunities and challenges. Watch the video to understand how Amicus built its playbook.
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