In October 2022, the Indian Angel Network (IAN) unveiled its second fund, known as the "IAN Alpha Fund," boasting a corpus of ₹1,000 crore. This figure marked a substantial increase, more than doubling the size of its initial fund, which had closed in 2019 at ₹375 crore.

Recently, the Indian Angel Network Alpha Fund welcomed Priyank Garg as its managing partner. In a conversation with CNBC-TV18, Garg expressed a preference for channeling the Alpha Fund into sectors such as clean tech, health tech, biotech, agritech, edutech, fintech, manufacturing 4.0, and deep tech.

The Alpha Fund has a target corpus of ₹650 crore, with the possibility of a Rs 350 crore green shoe option. Garg pointed out that nearly 40-45% of the corpus has already been subscribed, and they anticipate the first close to happen shortly.

Garg stressed that their initial investment target ranges from ₹7 crore to ₹25 crore. Additionally, the company may consider making follow-on investments in deserving companies as part of its strategy.

Watch the accompanying video for the entire conversation.