US pension fund TIAA buys stake in social impact investor Aavishkaar-Intellecap
By Joseph Rai
Pension fund Teachers Insurance and Annuity Association of America (TIAA) has invested around $32 million (Rs 230 crore) for about 20% stake in social impact investor Aavishkaar-Intellecap Group.
As part of the deal, Nuveen, the investment management arm of TIAA, has invested in the holding firm of Aavishkaar-Intellecap Group. Nuveen has earlier come in as a limited partner in the funds of the social impact investment firm.
The social impact investment firm will use the investment to boost its stake in subsidiaries, founder Vineet Rai told The Economic Times.
Photo courtesy of GotCredit.