Trifecta Capital has successfully completed the first close of its fourth fund, raising nearly half of its targeted Rs 2,000 crore, which includes a Rs 500 crore greenshoe option. This milestone allows the firm to begin capital deployment in over 100 companies. Managing partner Rahul Khanna anticipates final closing within six to nine months. The firm has previously raised Rs 5,300 crore across its funds, investing in notable startups. Venture debt, a loan type for backed Series A+ startups, offers LPs returns of 15-20%. Domestic institutional capital remains limited, with 85% of funding coming from foreign investors.