Aavishkaar to raise $150 million fund for Africa investments
Mumbai: Impact investment firm Aavishkaar Venture Management Services (AVMS) plans to raise up to $150 million to invest in Africa, said a senior executive.
“We are looking to raise between $100 million and $150 million for the African fund. We will start the fund-raising around the middle of 2017 and we expect to close it in 2018,” said Vineet Rai, founder of Intellecap-Aavishkaar group.
AVMS is part of the Intellecap-Aavishkaar group, which includes other entities such as Intellecap, which offers investment banking, consulting and other services for the impact investment space; Intellecash, which provides working capital and business loans to small and medium enterprises; Intelligrow, a venture debt provider; and Arohan, a microfinance lender. Rai founded the group in 2001.
The Africa fund will be the second overseas-focused fund from the impact investor. It will also be AVMS’s seventh fund. Aavishkaar is currently raising a $75 million Frontier Fund, which will invest in South and South-East Asia, its first overseas geography fund.
The firm has so far invested around $4.5 million outside India, across three investments, Rai said.