Established in 1989 as Creditcapital Venture Fund (India) and subsequently changed its name to IL & FS Venture Corporation with effect from April 23, 1997. It was set up as a joint venture by Creditcapital Finance Corporation (CFC) and Bank of India (BOI) with equity participation from Asian Development Bank, Manila (ADB); Commonwealth Development Corporation, London (CDC). Subsequently, the International finance Corporation, Washington (the World Bank group), subscribed to 12.5 lac equity shares, contributing Rs 137.5 lac. With this, the company had the unique previlege of having two multilateral and one bilateral financial institutions as its shareholders. It has a technical assistance collaboration with Lazard Ventures, one of the largest venture capital companies in the UK. It mainly provides equity support to new projects. Its main objective is to seek capital appreciation of its equity investments from the growth of its portfolio companies and, ultimately, by exercising a clearly defined divestment option. It went public in 1990, with 34 lac equity shares of Rs 10 each for cash at par aggregating Rs 3.4 cr. The issue was oversubscribed 12.09 times. It has also floated the first industry specific fund called the Information Technology Fund (ITF) with a corpus of Rs 10 cr. This privately placed fund has been subscribed to by Industrial Development Bank of India (IDBI), IFC, Washington, CVF, GIC, LIC, UTI and some other players of the information technology industry. The company restricts its investments to 40% of the promoters equity and to a maximum of Rs 1 cr in a single company, normally through equity participation and conditional loans. Besides, it has unveiled plans for two more funds, auto-ancillary fund (AAF) and a south-Asian regional apex (SARA) fund. The AAF is of Rs 15 cr and IFCR has given an in-principal approval for participation upto 25% of the corpus. With the automobile industry riding on the crest of a boom, this fund will provide satisfactory gains. The SARA fund is of Rs 100 cr with plans to part-finance its ambitious state venture capital funds (SVCFs) in ten states having tremendous potential for industrial growth. A new venture capital company named INVESO Pvt Capital Inc has been launched by the company during 2001.The total investment made by SARA Fund till March 2001 is 13, in companies across sectors include information technology,media,biotechnology,distribution and manufacturing.The Tamilnadu Infotech Fund has made 4 investments till date. During the year 2002, the name of the company has been changed to IL & FS Investment Managers Ltd.