Asia Health Fund (IFC-49320)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 30, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
INNOVEN CAPITAL SEA PTE. LTD.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 12, 2026

Disclosed by Bank Aug 21, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank's website, the proposed investment comprises an equity commitment by IFC, for its own account, of up to US$15 million as a Limited Partner in InnoVen Asia Healthcare Fund I LP, a closed-end healthcare-focused growth and venture debt fund managed by InnoVen Capital SEA Pte Ltd. The Fund will provide non-dilutive growth capital to high-growth healthcare companies across India, Southeast Asia, and China, with Chinese companies expected to use proceeds to support expansion into Southeast Asia and other emerging markets.                                                    

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Environmental Category: FI-2 - Limited 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Fund’s total size is estimated at US$200 million, financed through Limited Partner and Fund Manager commitments, with a hard cap of US$250 million. IFC’s proposed investment consists of an equity commitment of up to US$15 million as a Limited Partner. 

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

InnoVen Capital SEA Pte Ltd, established in Singapore in 2015, will serve as the General Partner and Fund Manager of InnoVen Asia Healthcare Fund I LP. InnoVen Capital’s institutional presence in Asia dates back to 2009 through its predecessor operations in India, making it one of the longest-established venture debt platforms in the region. InnoVen Capital SEA Pte Ltd.’s parent company, InnoVen Capital Pte Ltd, is owned through a 50/50 joint venture between Seviora Holdings Pte Ltd, a wholly owned investment platform of Temasek Holdings, and United Overseas Bank Limited, a Singapore-listed bank regulated by the Monetary Authority of Singapore. InnoVen Capital has deployed over US$1.5 billion across more than 400 companies and 650 transactions over its operating history, with a track record spanning India, China, Singapore, and Southeast Asia.       

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
InnoVen Capital Pte Ltd Parent Company Finance owns InnoVen Capital SEA Pte Ltd. Client Finance

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

InnoVen Capital

Project Team Leader: Yingxue Cao

Title: Managing Partner 

Email: yingxue@innovencapital.com 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works