IAN Fund III
IRR (Gross)
18.7%
Fund Type
Angel Fund
Fund Target Size
₹500 Cr
Fund Tenure
8 Years
Min. Commitment
₹25 Lakhs
Fund Structure
Close-Ended Angel Fund Trust (SEBI Reg 19A)
About the Fund
IAN Fund III is India's most established SEBI-registered angel fund, co-investing with IAN's 550+ accredited angel investors in pre-Series A Indian startups. The fund operates under SEBI's Angel Fund sub-category within the AIF framework, enabling minimum investments as low as ₹25 Lakhs — making institutional-quality co-investment accessible to a broader set of accredited investors without the ₹1 Crore threshold of standard AIFs.
Each investee company receives both capital (up to ₹10 Crore per company from the fund) and a dedicated sector mentor from the IAN network with directly relevant domain expertise. This mentor-capital model has materially improved Series A success rates across the portfolio. IAN Fund III targets 60–80 investments across technology, healthcare, fintech, and consumer sectors, with an average first-cheque size of ₹75 Lakhs per company.
Fund Manager Details
Padmaja Ruparel
Co-Founder & President, Indian Angel Network
20+ years in angel investing and startup ecosystem development; founder of India's first and largest angel investor network
Padmaja Ruparel co-founded IAN in 2006 and has personally mentored over 50 portfolio companies through growth, crisis, and exit. She has served on government advisory committees on startup policy (DPIIT, Startup India) and is one of the most influential voices in India's early-stage investment ecosystem. She chairs the fund's investment committee.
Fund Details
SEBI AIF Registration
IN/AIF1/15-16/0258
Fund Category
Category I AIF – Angel Fund (Reg 19A)
Max Investment per Company
₹10 Crore (SEBI Angel Fund norms)
Min. Angel Investor Body
20 accredited investors
Investment Period
3 years from first close
Management Fee
2.5% p.a. on committed capital
Hurdle Rate
Nil
Carried Interest
20% of gains
Fund Administrator
NSDL e-Governance Infrastructure
Trustee
IDBI Trusteeship Services
Tax Treatment
Pass-through under Sec 115UB
Interested in this fund?
Speak with our institutional advisory team for eligibility, documentation, and onboarding.