Sorin raises $100Mn for Series A to C investments

Tech-focused fund Sorin Investments has raised $100 million, deploying towards series A to C investments.

Founded by private equity veteran Sanjay Nayar and Angad Banga of the Hong Kong-based Caravel Group, Sorin will start investments in the range of $2 to $10 million, with the target of a portfolio with around a dozen startups.

The money was raised from a bunch of family investment offices, including a significant personal investment from Nayar and Banga themselves as sponsors. Nayar said, “We’ve got seven to eight families to invest in the first close of the fund, both local and international, including Henry Kravis and Sunil Munjal.”

Nayar further said that he did not want to invest as a family office or angel. Opening an institutional investment firm would give them the chance to have a bigger say in the direction of the companies they are looking to partner with.

He added, “Creating a fund structure gives you the flexibility of attracting high-quality capital, not just two or three families. In a fund structure, you can build a really institutionalised professional team and give them significant ownership. We don’t want to be seen as some kind of a small family office.”