Original disclosure @ IFC website
Updated in EWS Jul 24, 2022
Disclosed by Bank Apr 13, 2022
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According to the IFC project page, the proposed project is an equity investment of up to US$25 million, not exceeding 20% of total commitments, in Creaegis Investment Fund-II (“CIF-II”), a trust established under the Indian Trusts Act 1882 and registered as a Category II Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI). The Fund is targeting US$500 million in commitments to invest in 10-15 companies in consumer, financial services, healthcare and technology sectors.
Project level outcomes are delivered through increasing access to equity and value creation for mid-cap companies in India. Creaegis is a first-time fund manager and will support value creation for digital companies by providing both capital and active management support, including digital transformation, mentorship, and building systems to institutionalize’ company operations.
Market creation is delivered by strengthening the competitiveness of the private equity (“PE”) market in India. The project supports a first-time local fund manager in the early growth stage PE market segment. Beyond the project, the success of the Fund will encourage other local fund managers to raise new or follow-on funds in the early growth stage PE market segment. In turn, this will attract domestic and international institutional investors, reducing the need for development finance institution (“DFI”) presence in the market for future fundraisings.
The Fund is seeking to raise US$500 million in aggregate capital commitments. IFC proposes an equity investment of up to US$25.25 million (capped at 20% of the aggregate capital commitments) in the Fund.
The Fund will be managed by Creaegis Advisors LLP (“Fund Manager” or “Creaegis”), a limited liability partnership, established under the provision of Limited Liability Partnership Act, 2008. The Fund’s sponsor is Creaegis Principals LLP, a limited liability partnership, established under the provisions of Limited Liability Partnership Act, 2008. The Fund will engage Creaegis to carry out investment management and administrative duties. The Fund Manager is led by Prakash Parthasarathy.
Creaegis Advisors LLP
Managing Partner and CIO
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