IFC eyes investment in Indian SME-focused fund
IFC is set to commit $15 million to Forum Synergies (India) PE Fund Managers’ new vehicle, India Knowledge-Manufacturing Fund I, which has targeted a $150 million raise.
According to DealCurry, the fund will seek investments in 8-10 unlisted small- and medium-sized enterprises (SMEs) in India, principally in the healthcare, IT, engineering and manufacturing and cleantech areas. Its investments will fall in the range of $3-$15 million.
The fund elected to target SMEs because of their potential for growth in the domestic market. "The downturn in late 1990s and early 2000s compelled the Indian SMEs to restructure and radically improve their competitiveness," Forum Synergies says on its website. "Today's SMEs stand at the cusp of explosive growth. They need business leadership and operating expertise to exploit this growth potential besides of course, global networks and capital."
Forum Synergies management team includes former executives at companies including GE, Tyco Electronics, Nike, 3M and Ernst and Young. Its team additionally includes managers based in Madrid from Axon Capital.
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