HedgeCo.Net — Lightspeed is targeting $250 million for Lightspeed India Partners V, a new early-stage vehicle focused on AI companies across India and Southeast Asia, according to TechCrunch reporting on an investor letter dated September 24, 2026 and corroborating TechBuzz coverage. The target is half the size of the firm’s prior $500 million India fund raised in 2022.
TechCrunch reported that the letter said about 80% of the $250 million target was already committed. Lightspeed plans to begin investing from the new fund within roughly two months and designed an investment period of about two and a half years, while finishing deployments from the existing fund.
Starting with Partners V, Lightspeed is aligning its India fundraising cycle with its global funds for the first time, per the letter. A Lightspeed spokesperson declined to comment to TechCrunch.
For allocators mapping India AI venture supply, the hard marks are the $250 million Partners V target, TechCrunch’s ~80% committed read from the investor letter, early-stage AI India/SE Asia thesis, cycle alignment with global funds, and the ~2.5-year investment period. Do not treat the vehicle as fully closed or invent a final raise figure beyond the stated target and commitment progress.