
IFC targets up to $1b for emerging markets fund-of-funds
International Finance Corporation (IFC) wants to raise a $750 million to $1 billion for an emerging markets-focused fund-of-funds with a final close pegged for the end of this year or early 2015.
According to a release, the so-called Global Emerging Markets Fund of Funds will be managed by IFC subsidiary Asset Management Company (AMC) and IFC will make an equity investment of $150 million. The fund will back 20-25 private equity and venture capital funds globally, and will deploy at least 80% of its capital in a diversified set of new funds alongside IFC.
The fund-of-funds will also take direct equity stakes in companies through co-investments alongside the GPs its backs. It will use up to 20% of its corpus for this purpose. An exact geographic breakup of the fund's capital deployment was not given.
Since 2000, IFC - which has over $6 billion in assets under management - has invested over $4 billion in more than 200 funds. AMC was set up in 2009 amd now has over $6 billion in assets under management.
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