India's Aavishkaar reaches $45m first close on $75m fund
India-based impact investor Aavishkaar has reached a $45 million first close on its South and Southeast Asia-focused fund, which has a full target of $75 million.
The so-called Aavishkaar Frontier Fund is anchored by German development bank KFW, its subsidiary DEG, and Germany's Federal Ministry for Economic Cooperation and Development (BMZ). Other investors include France's Proparco, and Dutch development funds DGGF and FMO.
In a release, the firm said the fund is looking back 15-20 companies that are socially beneficial and commercially viable across Indonesia, Bangladesh, Sri Lanka and Pakistan. The fund will be led by E.N. Venkat and Sanchayan Chakraborty.
"This is an important step for Aavishkaar to take its investment and ecosystem building approach beyond India, to its neighbors," said Aavishkaar's Founder and CEO, Vineet Rai.
Aavishkaar has over $200 million under management across four funds. It has invested in 44 companies and has executed 13 full exits, and six partial exits. The firm raised $95 million for Aavishkaar India II in 2013.
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