IFC proposes equity investment of $10 mn into India Alternatives' Fund

International Finance Corporation (IFC) has proposed an equity investment of up to $10 million into India Alternatives Private Equity Fund II (the Fund), which is targeting $70 million of commitments to pursue growth capital investments in small to mid-cap companies in India.

The fund has a total committed capital target of $ 70 million, of which IFC’s proposed investment is up to $ 10.5 million in equity, not to exceed 20 per cent of the aggregate commitments. The Fund is planning to pursue growth capital investments in small to mid-cap companies in India. The Fund is a scheme of the Trust based in India and will focus on equity investments in India.          

IFC as implementing entity of the Women Entrepreneurship Finance Initiative (We-Fi) will provide $0.5 million (the We-Fi co-investment).

The fund will be managed  by India Alternatives Investment Advisors Limited, an independent fund manager domiciled in India. It is led by Shivani Bhasin Sachdeva who has over 17 years of private equity experience.

Shivani Bhasin Sachdeva-led India Alternatives had made the first close of the fund in August 2018 after raising Rs 250 crore from domestic institutions within a year of its launch.

The PE firm had backed four firms from its first fund - Enamor, TransUnion CIBIL, Ideacount and Seclore. It exited Enamor last year when US-based buyout firm Advent International acquired the lingerie retailer.