Mumbai-based financial services provider Avendus Capital is gearing up to launch a new fund with a corpus of over ₹500 crore to invest in private companies across sectors such as consumer and financial services.

This would be the company’s 11th fund, which now has about $1.6 billion of assets under management (AUM). Avendus Capital has also elevated Ritesh Chandra, who has been with the firm for nearly a decade, as head of the new fund. The fund has appointed Abha Agarwal as Executive Director, Consumer, Financial & Business Services, the post Ritesh Chandra was looking after hitherto.

“The new fund will be launched after the company gets regulatory approvals. The new fund will be launched under the Avendus brand, and its timeline of the launch would depend on SEBI approvals,” Chandra said. He, however, declined to provide further details before a formal launch.

Avendus, which is backed by private equity firm KKR, acquired technology-focussed PE firm Zodius Capital Advisors, an investor in start-ups, such as online furniture retailer Pepperfry and grocery site BigBasket.