Peak XV, tổ chức đầu tư tập trung vào Ấn Độ và Đông Nam Á lớn nhất, đang giảm kích thước của một số quỹ và giảm phí để trở thành “sâu sắc cùng với các đối tác hạn chế”. Công ty đã thông báo với các nhà đầu tư vào tối thứ Ba rằng họ sẽ cắt giảm 465 triệu USD từ các quỹ vintage 2022 của mình. Nhóm vốn rủi ro vốn, vẫn là nhóm lớn nhất trong khu vực ngay cả sau khi cắt giảm kích thước quỹ, đang thu hẹp quỹ tăng trưởng và đa giai đoạn, đồng thời cũng giảm cấu trúc kinh tế cho những phương tiện này xuống mức cơ sở của 2% phí quản lý và 20% quyền lợi mang đi, giảm từ 2,5% và 30% tương ứng. Peak XV vẫn giữ các quy định để bắt kịp quyền lợi mang đi lên đến 30% sau khi đạt tỷ lệ 3 lần phân phối so với vốn đã thanh toán, theo thư nhà đầu tư ghi nhận. Phần kinh tế cho các quỹ hạt giống và tập trung vào rủi ro vốn của mình vẫn không thay đổi.
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Peak XV, the largest India and Southeast Asia-focused venture firm, is reducing the size of some of its funds and lowering fees as it seeks to become “deeply aligned” with its limited partners.
The firm, which raised $2.85 billion funds in mid-2022, informed its backers on Tuesday evening that it would cut $465 million from its 2022 vintage funds, according to an investor letter seen by TechCrunch.
The venture capital group, which remains the largest in the region even after the reduction in fund size, is scaling back its growth and multi-stage funds, while also trimming its economic structure for these vehicles to a baseline of 2% management fee and 20% carried interest, down from 2.5% and 30% respectively.
Peak XV will maintain provisions to catch up on carried interest up to 30% after achieving a 3x distributed to paid-in capital ratio, the letter stated. The economics for its seed and venture-focused funds remain unchanged.
Peak XV didn’t comment.
This move comes more than a year after Peak XV’s separation from Sequoia. The storied venture firm said it was splitting from its China and India-Southeast Asia units to avoid market conflicts and confusions amid geopolitical tensions between Washington and Beijing.
Peak XV’s decision reflects a broader trend in the venture capital industry, where many firms have either reduced new fund sizes or struggled to raise their target amounts in recent years following a correction after a 13-year bull run in the tech sector.
Peak XV’s rationale stems from growing apprehension about the frothy public market performance in India and a perceived dearth of venture-scale opportunities in the immediate future. It wrote in the letter that it remains bullish about the region and the changes it’s making better aligns the firm with its backers.
Macquarie analysts recently noted that India’s price-to-earnings ratio stands at about 21 times, compared with 10 times for emerging markets overall, 14.5 times for global markets, 17 times for the US, and 8 times for China. India has seen more tech initial public offerings this year than the U.S.
Peak XV began its journey in India more than a decade ago. The firm has made a realized and unrealized gains of $10 billion to date, it disclosed in the letter. Since the seperation with Sequoia last year, it has made about $1.2 billion in exits, TechCrunch reported last week.
Peak XV’s dominant position in the region has drawn both praise and criticism. The firm’s Surge program, which offers favorable terms and extensive resources to early-stage startups, has become a coveted launchpad for young startups in India and Southeast Asia, somewhat eclipsing the appeal of Y Combinator’s offering.
The venture capital group earlier this year unveiled plans for a perpetual fund backed by its own partners. Since its inception, Peak XV has amassed $9 billion in assets under management, with an additional $2 billion yet to be deployed. Its portfolio spans more than 400 companies, including over 50 unicorns and about 40 businesses with annual revenues surpassing $100 million.
Since 2020, 15 of its portfolio companies have listed on public markets, outpacing other India-focused venture funds.
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