March 12, 2010 / 8:09 AM / 10 years ago

MFI-focused Elevar Equity raises $70M fund

Elevar manages two other funds worth around $100 mn and invests in microfinance and other essential services.

Elevar Equity Advisors Pvt Ltd, a Bangalore-based private equity fund, has raised a $70-million fund, which will invest in microfinance and other essential services in India, Mexico, the Philippines and Peru. This is the third fund of Elevar.

Elevar, which currently manages two funds worth around $100 million, makes growth capital investments in emerging markets. Unitus Equity Fund is Elevar’s first microfinance focused fund, while Elevar Equity II (previously Unitus Equity Fund II) is the poverty focused fund of Elevar, said a press statement.

Elevar has already invested in several MFIs in India and its portfolio includes SKS Microfinance, Ujjivan Financial Services, Grama Vidiyal, Madura Microfinance and Swadhaar FinServe. Moksha Yug Access and Comat Technologies are the two non-financial investments of Elevar.

Chris Brookfield, managing director, Elevar, said, in the statement, “the fund extends our commitment to microfinance into other long term market based solutions to development challenges; solutions such as livelihood finance, low income housing finance, agricultural finance and information services.”

Private equity funds investing in MFIs are quite active in fund raising in recent times. Aavishkaar Goodwell, another microfinance focused fund, had recently announced its plan to raise $100 million for its second fund. Other MFI focused fund called India Financial Inclusion Fund (IFIF) has also closed its $90 million fund in November last year.

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