SBICAP Ventures, a subsidiary of India’s largest lender State Bank of India, has launched a Rs 1,000-crore ($120.5 million) Trilateral Development Cooperation (TDC) Fund.
The fund has been launched in partnership with India’s Ministry of External Affairs (MEA), with a corpus of Rs 700 crore and a greenshoe option of Rs 300 crore, per a release.
The TDC fund will route MEA’s capital commitments to eligible daughter funds, starting with its investment in the GIP Fund which is to be established as a partnership between the ministry and the UK government’s Foreign, Commonwealth and Development Office.
“The establishment of the TDC Fund bolsters India’s efforts towards strengthening bilateral engagements with other emerging markets as well as with countries keen on partnering with India to take impactful innovation to other markets,” said Dinesh Khara, Chairman of SBI.
The TDC Fund, through its investment in the GIP Fund, aims to scale up sustainable innovations from India to select developing countries, promoting their economic development.
In future, the MEA could potentially utilise the fund to contribute to other alternative investment funds (AIFs) established in partnership with other partner countries under the Trilateral Development Cooperation Framework.
SBICAP Ventures currently manages three AIFs including Neev Fund I, Neev Fund II, and SWAMIH Investment Fund I along with two funds-of-funds, namely, Self Reliant India Fund and UK India Development Cooperation Fund.
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