A91 Partners has closed its second fund at $525 million. The venture capital fund has backed companies like Digit Insurance, cosmetics brand Sugar, software platform Exotel funding hugely on firms in technology, consumer and financial services. A91’s Fund-II is nearly 50 per cent higher than its first one, keeping with the momentum risk investors have made on the bull run in the private and public markets.

“They have also boarded a few new endowment funds with 90 per cent coming as dollar commitments. The rest of the capital will be domestic,” said a source. A91 will be focusing on cutting cheques of at least $30 million but may look to fund more technology firms. “As more enterprises become technology-backed, the fund is likely to make bigger allocation there.,” a source familiar with the fund’s workings said.