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Avendus Future Leaders Fund III (FLF), the flagship private strategies fund of the Avendus Group, has invested approximately INR140 crore in Parag Parikh Financial Advisory Services (PPFAS) through a secondary transaction, acquiring promoter shares from Neil Parag Parikh, Chairman & CEO of PPFAS, and Khushboo Joshi, President - Wealth Management.
The investment aligns with FLF’s strategy of backing high-quality, market-leading businesses with strong fundamentals and long-term growth potential. Other companies in the fund’s portfolio include La Renon Healthcare, Aragen Life Sciences and IL JIN Electronics.
Founded in 1992, PPFAS has emerged as one of India’s fastest-growing equity-focused asset management companies. Its flagship Parag Parikh Flexi Cap Fund (PPFCF) manages approximately INR 1.43 lakh crore in assets under management (AUM) as of June 2026. Built on a disciplined value-investing philosophy, the fund has delivered a compounded annual growth rate (CAGR) of around 18% over the past decade, consistently outperforming comparable flexi-cap funds managing over ₹20,000 crore in assets.
Commenting on the partnership, Neil Parag Parikh, Chairman & CEO, PPFAS, said the investment marks an important milestone in the company’s evolution into a diversified asset management platform spanning mutual funds, wealth management, GIFT City funds, private equity and the National Pension System (NPS).
“We are delighted to welcome Avendus FLF as our partner in PPFAS’ next phase of growth. We believe Avendus FLF shares our long-term vision and values, and this partnership will further strengthen our platform, enhance our capabilities and enable us to deliver greater value to our clients, investors and stakeholders,” he said.
Ritesh Chandra, Managing Director, Avendus Future Leaders Fund, said India’s asset management industry continues to present significant structural growth opportunities, driven by rising household participation in financial investments and expanding capital market participation.
“PPFAS has consistently delivered strong growth, with its assets under management expanding at a CAGR of around 70% over the past five years. We are delighted to partner with the company at this stage of its journey and look forward to being part of its continued value creation,” he said.
With this transaction, Avendus Future Leaders Fund III is expected to achieve its final close at around INR 1,800 crore by the end of the month. The fund is currently around 30% deployed and plans to make five to six additional investments over the next 12 months.
Across its private market strategies, FLF manages a consolidated AUM of over INR 4,000 crore. The platform focuses on investing in late-stage, category-leading businesses with scalable growth potential. Its portfolio includes Lenskart Solutions, Sagility, SBI General Insurance, Licious, Juspay, Zeta, Veritas Finance, Avanse Financial Services, Aragen Life Sciences, La Renon Healthcare and IL JIN Electronics, among others.
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