The India Financial Inclusion Fund (IFIF), an equity fund that invests in companies that provide financial services to low-income clients, has, after its final closing, raised USD 90 million worth of capital in the last fifteen months, according to Mona Kachhwaha, the Director of Investments at Caspian Advisors Private Limited, the adviser to IFIF [1,2,3]. The fund will be used to invest in microfinance institutions (MFIs), companies that provide low-cost housing, and other “firms that enable the provision of financial services to the poor” such as “business correspondents to banks and technology companies in [the] sector” [1]. It includes commitments from companies such CDC Group, a “UK government-owned fund” that invests in funds intended for emerging markets [1,4,5,6]. MicroCapital reports on early IFIF fund-raising from CDC Group and other sources can be found in the bibliography [5,6].
By Christopher Maggio, Research Assistant
About: India Financial Inclusion Fund
Description
The India Financial Inclusion Fund (IFIF) is an offshore fund based in Mauritius that focuses on equity investments in microfinance institutions (MFIs) and other providers of financial services to the poor such as low-cost housing providers and technology companies in the microfinance industry. The fund is advised by Caspian Advisors Private Limited, an investment management company that specializes in microfinance investment funds. IFIF also provides technical advice and risk capital.
Microfinance Information Exchange (MIX) Profile:
http://www.mixmarket.org/funders/ifif
Organization’s Website
http://www.caspianadvisors.com/India%20Financial%20Inclusion%20Fund.html
Just the Facts
-Country of Incorporation: Mauritius
-Year Founded: 2008
-Fund Assets: USD 90 million (as of 23/Nov/09)
-Fund Assets Allocated to Microfinance and Microfinance-Related Investments (as of day/month/year): USD 30 million (as of 23/Nov/09)
-Area of Operation: India
-Participant(s)/Backer(s)/Investor(s): CDC Group, Global Microfinance Equity Fund, Switzerland’s Social Investment Services, responsAbility Netherlands Development Finance CompanyGray Ghost Microfinance Fund
-Instruments: Equity
-Fund Currency: INR
-Investment Horizon: 10 years
-Fund Manager: S. Viswanatha Prasad, Managing Director of Caspian Advisors Private Limited
Contact:
Registered Office
Caspian Advisors Private Limited
3rd Floor, 8-2-596/5/B/1,
Road No: 10, Banjara Hills
Hyderabad – 500034
Andhra Pradesh
India
Tel: +91 40 66460505 / 66297100
Fax: +91 40 66465884
Email: info@caspian.in
Gurgaon
Caspian Advisors Private Limited
Level 4, Augusta Point,
Sector 53, Golf Course Road,
Gurgaon – 122002
India
Tel: +91 124 4354021
Fax: +91 124 4354021
Additional Resources:
Caspian Advisors: http://www.caspianadvisors.com/aboutus.html
MICROCAPITAL STORY: Caspian Advisors-Managed India Financial Inclusion Fund (IFIF) Raises Additional $20m for Investment in Microfinance Institutions: https://www.microcapital.org/microcapital-story-caspian-advisors-managed-india-financial-inclusion-fund-ifif-raises-additional-20m-for-investment-in-microfinance-institutions/
MICROCAPITAL STORY: CDC Group Invests $30m in Microfinance Funds: India Financial Inclusion Fund and Catalyst Microfinance Investors: https://www.microcapital.org/microcapital-story-cdc-group-invests-30m-in-microfinance-funds-india-financial-inclusion-fund-and-catalyst-microfinance-investors/
Bibliography
[1] VCCircle article entitled ‘India Financial Inclusion Fund Raises $90M Kitty’: http://www.vccircle.com/500/news/india-financial-inclusion-fund-raises-90m-kitty
[2] IFIF: http://www.caspianadvisors.com/India%20Financial%20Inclusion%20Fund.html
[3] Caspian Advisors: http://www.caspianadvisors.com/
[4] CDC Group: http://www.cdcgroup.com/
[5] MICROCAPITAL STORY: Caspian Advisors-Managed India Financial Inclusion Fund (IFIF) Raises Additional $20m for Investment in Microfinance Institutions: https://www.microcapital.org/microcapital-story-caspian-advisors-managed-india-financial-inclusion-fund-ifif-raises-additional-20m-for-investment-in-microfinance-institutions/
[6] MICROCAPITAL STORY: CDC Group Invests $30m in Microfinance Funds: India Financial Inclusion Fund and Catalyst Microfinance Investors: https://www.microcapital.org/microcapital-story-cdc-group-invests-30m-in-microfinance-funds-india-financial-inclusion-fund-and-catalyst-microfinance-investors/
Source Article: VCCircle article entitled ‘India Financial Inclusion Fund Raises $90M Kitty’: http://www.vccircle.com/500/news/india-financial-inclusion-fund-raises-90m-kitty
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