Aavishkaar raises $95 million in first close of largest impact investment fund
Impact investing-focused Aavishkaar-Intellecap Group has achieved the first close of its latest impact investment fund Aavishkaar Bharat Fund at $95 million (Rs620 crore), group founder Vineet Rai said.
First close refers to the point when a fund can start investing from the money raised till then.
The firm intends to raise $200 million for the fund, which will make it the largest impact investment fund raised by a homegrown asset manager. Aavishkaar expects to achieve the final close of the fund in the next 12-18 months, said Rai.
Aavishkaar Bharat Fund is the firm’s sixth fund till date. The group has cumulatively raised around $200 million across its previous five funds.
The latest fund—its largest yet—is backed by institutional investors such as the UK’s development finance institution CDC, Small Industries Development Bank of India (Sidbi), National Bank for Agriculture and Rural Development (Nabard) and family offices such as that of Sunil Munjal of Hero Enterprise, said Rai.
Photo courtesy of GotCredit.