The Aavishkaar-Intellecap Group, a pioneer in impact investing and manager of a diversified financial services group focused on low-income markets in Asia and Africa, announced an investment of Rs 2.25 billion ($32 million) in its group holding firm by Nuveen, the investment management business of TIAA.
The investment will allow the group to consolidate holding in its subsidiary companies in the microfinance, SME lending and financial technology space and pursue its ambition to consolidate its presence in South East Asia and Africa significantly.
Nuveen offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $988 billion in assets on and operations in 16 countries as of September 30.
Vijay Advani, chief executive officer of Nuveen, said: “The Aavishkaar-Intellecap Group is an excellent fit within our impact investing approach, which, among other goals, focuses on ways to make basic services available for low-income and underserved people around the world while also providing return opportunities for our clients. Vineet Rai and his team have a terrific record of finding innovative solutions to help solve many of the key social and environmental issues of our day."