Foundation PE buys out LPs of Prime Venture Partners’ first fund

“We have provided top quartile returns to our LPs (limited partners) through this deal,” said Sanjay Swamy, cofounder and managing partner of Prime Venture Partners, or Prime VP. “Even with a discount to the NAV (net asset value), LPs received more than 4x return on capital.”

Through its Mauritius-based first fund, Prime VP has backed companies such as edtech startup Quizizz, fintech startup Happay (recently acquired by Cred), pet tech company Waggle, upskilling platform HackerEarth, digital profile management company Synup, property investment management marketplace Smartowner, and adtech platform Vidgyor.

“We look forward to supporting our portfolio companies for another four years,” Swamy said.

Prime VP is an India-focused early stage firm started in 2012 with an Indian advisory office led by Shripati Acharya, Sanjay Swamy, Bala Parthasarathy and Amit Somani.

It had closed its first fund worth $8 million in 2012, and second fund worth $46 million in 2016. It raised a third fund of $72 million in 2018 and a fourth fund of $100 million in 2021.

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Some of its investors include the International Finance Corporation (IFC), part of the World Bank Group, a top-tier university endowment, several family offices and institutions, and numerous global technology entrepreneurs.

Founded in 2017 by Jason Sambanju and Jeremy Foo, Foundation PE provides liquidity solutions to limited partners and general partners throughout the fund life cycle. The fund, armed with $250 million, is looking to invest up to $30-70 million in funds.

“The FPE team has taken a patient approach thus far with evaluating venture opportunities in India, and we are excited to be backing a very high-quality GP team and portfolio with our first transaction in India,” said Jeremy Foo, cofounder and partner at Foundation PE. “We are expecting to more than double our investments in Prime Ventures over the next four years.”