IFC Commits $30M To India Buyout Fund

Sep 25 2008 | 11:55am ET

The International Finance Corp. has committed as much as $30 million to a private equity fund investing in high-growth small- and medium-sized enterprises in India.

Avigo SME Fund III, a $300 million, eight-year closed-end fund, is a follow-on offering to Avigo SME Fund II, a $125 million fund managed by Avigo Capital Partners, a private equity group formed in 2004 by Achal Ghai.

“The manager has a track record of actively hand holding its portfolio companies in Avigo II, demonstrated by revenue and net profit growth of 52% and 88% respectively in FY2007,” according to the IFC. “The manager will retain this value adding investment philosophy in Avigo III, leading to more sustainable SMEs.”

The Fund has a target size of $300 million.


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