IFC proposes commitment to India Alternatives fund
The International Finance Corporation (IFC) plans to invest $10 million in the second fund raised by India Alternatives, a division of IIFL Wealth Management. The vehicle has an overall target of $70 million.
According to a disclosure, IFC will also contribute $500,000 for co-investments in certain companies alongside the fund. This will be done under the We-Fi investment program, a scheme that seeks to support female-led businesses in developing countries.
Established in 2010, India Alternatives pursues growth capital investment opportunities in small to mid-cap companies. IIFL Wealth Management, a listed unit of local financial services conglomerate India Infoline (IIFL) Group, bought a majority stake in the firm in 2014. It also made an LP commitment to India Alternatives' debut fund, which closed at INR2.3 billion ($38 million).
According to VCCircle, the firm achieved a first close on Fund II in 2018, having raised INR2.5 billion from domestic LPs. In 2019, the fund invested in Brinton Pharmaceuticals, National Securities Depository Limited (NSDL) and clothing brand Enamor. The latter is also a Fund I investment.
Among other India-focused GPs, IFC has also supported fundraises by Quadria Capital, Quona Capital and A91 Partners in recent years. It also invests directly in Indian companies. The portfolio includes Future Lifestyle Fashions, L&T Finance and 1mg, an Indian online healthcare services operator.
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