Lok Capital Makes First Close Of Second Fund At $52 Million
Tuesday, October 26, 2010
Lok Capital, a venture capital firm focused on the bottom of the pyramid (BoP) market, has made a first close of $52 million for its second fund. CDC Group, the UK government-backed fund of funds, has joined in as the backer with a $10-million investment in Lok Capital II. The fund, which focuses on microfinance besides other BoP opportunities, is targeting $80 million.
CDC said, in a statement, that it is an anchor investor and its 10-year commitment is the largest from any investor in the fund. International Finance Corporation, the private investment arm of the World Bank, had said it plans to invest up to $15 million in the fund. The fund has also received commitments from European development finance bodies.