IFMR Investment Managers raises $15 million debt fund targeting microfinance firms
Chennai-based IFMR Investment Managers, a wholly owned subsidiary of IFMR Capital, is raising a Rs 100 crore (around $ 15 million) debt fund to invest in the microfinance businesses.
The fund, known as IFMR FImpact Medium Term Microfinance Fund, would primarily invest in debt and also have a small allocation for preference shares issued by microfinance firms, Mint quoted Kshama Fernandes, chief executive of IFMR Capital, as saying.
The category II alternative investment fund (AIF) was registered in February with its first close on 10 June. It plans to provide investment management services in asset classes that impact the financially excluded.
Fernandes could not be reached immediately for comments.
The fund would have a tenure of three-and-a-half years and would look for investment gaps in the capital structure of microfinance institutions. Its focus on microfinance institutions is a departure from the multi-asset second fund it had raised in the past.