ICICI Venture India Advantage Fund Series 5

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About Company

As the Technology Development and Information Company of India Limited, ICICI Venture was established in 1988 as a joint venture between ICICI Limited and the Unit Trust of India. It changed its name to ICICI Venture Funds Management Company Limited in 1998 and became a fully owned subsidiary of ICICI Limited. A fully owned subsidiary of ICICI Bank Limited is ICICI Venture (the successor entity to ICICI Limited). 

In 2002, ICICI Venture transitioned from making early-stage venture capital investments to late-stage investments, from managing proprietary capital-oriented funds to managing third-party capital-oriented funds. The AUM/A of ICICI Venture, which includes the former VC strategy, hit $5 billion at the end of 2019. The ICICI Venture team comprises 60 individuals, including devoted investment specialists in each industry and a multifaceted corporate centre.

Fund Snapshot

Minimum Investment: INR 10 Million (or as per extant SEBI AIF Regulations)
Final Closing: 18 months from First Closing (excluding extensions, if any)
Investment Period: 5 years from First Closing
Fund Term: 8 years from Final Closing
Management Fee: 2% p.a.

Private Equity Strategy

The centrepiece strategy of ICICI Venture is private equity. ICICI Venture primarily invests in mid-market businesses in India that have a compelling value proposition in the form of a dominating or leading franchise, great growth potential, and long-lasting advantages over rivals domestically or abroad. To assist these firms in enhancing their operations and positioning themselves for future growth in their specialised markets, ICICI Venture offers growth equity to enterprises. We also engage in control and joint control transactions with carefully chosen partners. No of the stake, we always invest with the “majority attitude.”

Numerous industries, including banking and financial services, insurance, water, media and entertainment, food, quick service restaurants (QSR), diagnostics, healthcare, biopharmaceuticals, speciality chemicals, branded apparel, etc., have seen the rise of ICICI Venture-backed companies as industry leaders. India Advantage Fund Series 1, India Advantage Fund Series 2, India Advantage Fund Series 3, India Advantage Fund Series 4, and India Advantage Fund Series 5 are the 5 PE Funds that ICICI Venture PE has invested in, totalling around 55 firms.

Value Add

Developing and implementing strategic, operational, and financial initiatives: By developing and implementing strategic, operational, and financial initiatives aimed at enhancing portfolio companies’ competitive positions relative to their peers and industry benchmarks, value is sought to be created in portfolio companies. Hiring/strengthening management: Where appropriate, ICICI Venture will work with firms to find any gaps in the management team of a portfolio company and fill them, as well as build a talent retention plan.

Identifying acquisition candidates by their expansion strategy and putting their acquisition plans into action are two areas where ICICI Venture may try to help its portfolio firms. Because it is a member of the ICICI Group, ICICI Venture has access to the resources and expertise of ICICI Bank and other ICICI Group businesses.

Corporate Social Responsibility

The ICICI Group has always been committed to CSR and plays a crucial role in all of the company’s operations. The Company, the Group, and the larger community are all involved in implementing the Group’s Contribution to the development of the social sector, which comprises several innovative initiatives. The CSR goal of ICICI Venture is to actively assist significant socioeconomic development in India and make it possible for a bigger population to participate in and profit from that country’s economic growth. This is based on the idea that development and progress are only successful when they lead to greater access to opportunities and favourable outcomes for a larger segment of society.

The majority of the company’s CSR initiatives are concentrated in the fields of education, health, skill development and sustainable livelihood, financial inclusion, capacity building for CSR, and any other initiatives the company deems necessary to achieve its CSR goals. The CSR committee is the governing body that defines the scope of CSR operations and oversees compliance with the CSR policy. In contrast, the CSR policy of the Company establishes the framework directing the Company’s CSR activities.

Fund Overview

ICICI Venture is the Settlor, AIF Sponsor, and Manager of the Feeder Fund. It is structured as a close-ended, contributory, determinate trust and registered with SEBI as a Category II AIF (Fund of Funds). Will only make investments in India Advantage Fund S5 I, a close-ended contributory determinate trust registered with SEBI as a Category II AIF (Master Fund). The Master Fund’s Settlor, AIF Sponsor, and Manager are all ICICI Venture.

Unique Feature

Trusted Brand Name

  • Strong brand identity in the Indian ecosystem
  • Partner of choice for global and domestic investors 

Access to Proprietary Deal flow

  • Longstanding relationships across the ecosystem of Indian businesses: owners/promoters, bankers, regulators, policymakers and consultants
  • Being one of India’s largest banks, well connected across the spectrum of small, medium and large corporates

Deal lifecycle

  • Sectoral expertise and information
  • Institutional knowledge and experience
  • Privileged market insights from networks with key stakeholders
  • Relationships across the value chain

Access to a large pool of talent and infrastructure

  • Support from the banking, insurance, capital markets intermediation and asset management teams
  • Access to financing options/ M&A advisory

Strong ESG focus

ICICI Venture endorses UNDP SDG Impact Standards for Private Equity Funds

  • Standard 1 :

Strategy: Embedding foundational elements into purpose and strategy

  • Standard 2:

Management Approach: Integrating foundational elements into operations and management approach

  • Standard 3:

Transparency: Disclosing how foundational elements are integrated into purpose, strategy, management approach and governance, and reporting on performance

  • Standard 4:

Governance: Reinforcing the commitment to foundational elements through governance practices

Foundational Elements of the UNDP SDG Standards

Contributing positively to sustainable development and achieving the SDGs cannot be achieved without demonstrating respect for human rights, planetary boundaries and other responsible business practices and is realised through effective impact management and decision-making.

India Advantage Fund Series 5 Would Seek To Invest Around 3 Investment Themes

  • ASPIRATION: Aspiration driving access and opportunity
  • TECHNOLOGY: Technology to enable disproportionate growth and disruptive business models
  • ATMANIRBHAR: India manufacturing is driven by Atmanirbhar Bharat and the “China+1” strategy

Focused Sectors

  • BFSI: Bank, NBFC, Insurance, Payments
  • Consumer: Beauty & Personal Care, Food Services, Online Retail, Home & Kitchen Appliances
  • Healthcare, Pharma: Hospitals, Diagnostics, Pharma, Health Tech
  • Manufacturing: Speciality Chemicals, Processed Food, Electrical Equipment, Engineering Goods

The Key Pillars of India Advantage Fund Series 5

  • Sector agnostic; focused on BFSI, Consumer, Healthcare & Pharma, Manufacturing, Digital
  • 10-12 deals; Focus on diversification of portfolio, exit strategies
  • India focused; View on India 2030
  • “No Go”: RE, Infra, special sits commodity; Early stage
  • Tap synergies acrossICICI Group
  • Best in class ESG practices
  • Growth PE (INR 1.50-3.00 Bn per deal), control, joint control (INR 3.00-5.00 Bn per deal)
  • Minority investing with the majority mindset; Drive operational excellence in portfolio companies
  • Target GrossINR MoIC of 2.5x-3x at a GrossINR IRR of 25%-30%

Utilising its well-established PE methodology, ICICI Venture implements an IAF5 investing strategy.

Deal sourcing

  • AIF Manager/ Team
  • Prior investees
  • Group references
  • Investor references
  • Intermediaries
  • Auctions

Rigorous due diligence

  • Environmental& Social (E&S) DD
  • Commercial DD
  • Financial DD
  • Legal DD
  • PromoterDD

Distinctive and disciplined pricing, structuring

  • HR
  • Business ops, Supply chain, IT
  • Cost optimisation
  • M&A
  • Branding, Marketing
  • Business Strategy
  • Financial Management
  • Strategic alliances
  • ESG

Target Returns within TargetedHolding Period

  • The diversity of exit options
  • Ab initio alignment with promoters, teams
  • Adaptability
  • Speed
  • Intermediaries
  • Focus on execution excellence

Investment Process

Deal Selection

  • Preliminary Evaluation: Check alignment with investment objectives
  • Senior investments team: Initial discussion/screening

Transaction Execution

  • Detailed Evaluation: Deal assigned to transaction team. Evaluate deal attractiveness and identify potential risks/concerns
  • PE team: Broad business terms, Business Model, Financials
  • Detailed Due Diligence: Financial, Business, Legal, Technical, Promoter due diligence
  • Investment Committee: Deal approval

Portfolio Monitoring / Value Add

  • Meeting portfolio companies: Regular interface with / reinforcement of management, Guidance & support, Supporting operational improvements.
  • Environmental, Social, Governance (“ESG”): ESG considerations are an integral part of the ICICI investment process, Rigorous post-investment due diligence to ensure compliance with applicable laws


  • Portfolio review meetings: Periodic portfolio review meetings
  • Senior investment team: Sale approval

Deal Selection

ICICI Venture follows a 5-point framework for screening and selecting deals for further evaluation.

  • Management: Who we are backing
  • Industry: Which way is the tide
  • Differentiation: What is the right to win
  • Asset Price: Are we buying it right
  • Sale: How will they exit

ICICI Venture’s PE Investing Style: Minority investors with a Majority Mindset

Active portfolio management

  • Formulation and implementation of strategic, operational and financial initiatives
  • Improving corporate governance and best practices
  • Hiring/ strengthening the management of investee companies
  • Identifying appropriate advisers/ consultants to enhance systems, including operations, strategy, HR and financing


  • Representation on the Board and select committees of investee companies
  • Significant rights vested with the fund/ investment manager through a detailed shareholder agreement

Typical veto rights

  • Changes to Articles of Association of a portfolio company
  • Major corporate decisions, including M&A/takeovers
  • Anti-dilution provisions/ any capitalraising
  • Granting of loans/ guarantees/ investments
  • Transfer of shares of key promoters and management
  • Capital investment or divestment of assets
  • Changes in accounting policies and auditors

Information rights

  • Monthly Management Information System (MIS) within 30 days of month end
  • Audited financials of the company
  • Access to additional material information, including business plans, capex budgets etc., as required by the Fund
Product - AMC Category AUM (in Cr.) Performance 1M 3M 6M 1Y 2Y 3Y 5Y 10Y SI

ICICI Prudential PMS Value Strategy

AMC Name: ICICI Prudential AMC Ltd. Inc Date: 28-Jan-04
Multi Cap
108.05 Strategy -3.16 1.33 22.66 34.49 21.09 32.80 19.20 NA 11.90
Nifty 200 -2.86 -1.42 10.89 9.63 6.74 22.03 15.40 NA 12.20

ICICI Prudential PMS Contra Strategy

AMC Name: ICICI Prudential AMC Ltd. Inc Date: 14-Sep-18
Multi Cap
2,745.06 Strategy -4.00 -1.10 14.90 21.50 15.00 30.60 20.40 NA 18.70
S&P BSE 200 -2.90 -1.40 10.90 9.60 6.70 22.00 15.40 NA 12.80

ICICI Prudential PMS Growth Leaders Strategy

AMC Name: ICICI Prudential AMC Ltd. Inc Date: 22-Dec-00
Multi Cap
1,078.73 Strategy -2.80 -1.50 11.90 10.50 7.20 21.80 15.80 NA 11.20
S&P BSE 200 -2.90 -1.40 10.90 9.60 6.70 22.00 15.40 NA 12.20

ICICI Prudential PMS Largecap Strategy

AMC Name: ICICI Prudential AMC Ltd. Inc Date: 17-Mar-09
Large Cap
95.72 Strategy -4.00 -0.70 11.00 14.30 9.20 24.40 15.90 NA 15.30
S&P BSE 100 -2.70 -3.10 6.50 7.00 5.20 19.30 14.30 NA 15.60

ICICI Prudential PMS PIPE Strategy

AMC Name: ICICI Prudential AMC Ltd. Inc Date: 5-Sep-19
Small Cap
2,745.06 Strategy -1.70 5.40 31.40 40.20 25.20 42.00 NA NA 30.50
Nifty Mid Small-cap 400 -2.90 -1.40 10.90 9.60 6.70 22.00 NA NA 18.20

ICICI Prudential Growth Leaders Fund

AMC Name: ICICI Prudential AMC Ltd. Inc Date: 9-Nov-21
long only
738.52 Strategy -0.20 14.80 25.20 29.40 NA NA NA NA 19.30
S&P BSE 200 -1.50 5.80 14.70 8.10 NA NA NA NA 4.10

ICICI Prudential Long Short Fund - Series I

AMC Name: ICICI Prudential AMC Ltd. Inc Date: 20-Aug-18
long Short
2,345.73 Strategy 0.20 0.70 2.20 8.20 8.10 12.40 13.10 NA 12.80
Index -2.50 3.90 11.30 8.40 6.00 19.10 10.50 NA 10.80

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Disclaimer: Investing Involves Risk. This document is for information purposes only and should not be viewed as a legal offering document or solicitation. Offers to invest in this fund are made only by the Discretionary Portfolio Management Services Agreement. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve their objectives. We do not guarantee any returns in the hand of investors not we take any sort of accountability for the performance of the scheme. The above-mentioned data is collected from the respected Fund house please verify the same at SEBI website.