Asset management firm IFMR Investment Managers Private Ltd plans to raise around Rs 100 crore for its debt fund IFMR FImpact Investment Fund, which is expected to be launched on June 25.
IFMR Investment Managers Private Limited is promoted by IFMR Trust, which is part of the Institute for Financial Management and Research (IFMR), a business school located in Chennai.
Sucharita Mukherjee, vice chairperson of IFMR Trust and chairperson of IFMR Investments said, "The fund is the first in the series of funds that we plan to launch under the financial inclusion. Our subsequent funds will focus on other retail asset classes such as affordable housing and small enterprise financing".
The fund will focus on providing long-term debt funding to microfinance institutions (MFIs), aimed at deepening financial inclusion in India through investments in long term senior and subordinated debt instruments of such microfinance institutions.
The fund raising programme would commence soon, said Bindu Ananth, president of IFMR Trust.
The fund would "make a big difference for the MFIs," she said, and added disbursements of the new fund would start in the next 2-3 months.
IFMR claims IFMR FImpact Investment Fund is the first AIF in India to have a fund rating. N Vaghul, former chairman of ICICI Bank Ltd is the chairman of Board of Governors of IFMR; Nachiket Mor is its chairman.