CAP VI India Investment Vehicle (IFC-51345)

Countries
  • India
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
Approved
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
Dec 23, 2025
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
CAP VI India Partners, L.P.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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)
$ 60.00 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 Dec 30, 2025

Disclosed by Bank Nov 20, 2025

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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 the Bank’s website, the proposed transaction is an equity investment of up to US$60 million, up to 20 percent of the Fund’s total commitments (including commitments to Carlyle Asia Partners VI, L.P. (“CAP VI”)), in CAP VI India Partners, L.P. (the “Fund”), a private equity fund targeting large-cap and upper mid-market companies in India across advanced manufacturing, financial services, medial and retail, healthcare, technology and business services, and consumer sectors. The Fund will pursue both buyouts and strategic growth equity, aiming to assemble a portfolio of 5–8 companies with investment sizes ranging from US$25–80 million per business.                                          

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.

The Fund is structured as a vehicle to co-invest alongside CAP VI, a pan-Asia buyout fund, in India-related investments. The Fund will target buyout and strategic growth equity investments in large-cap Indian companies. The target investment sectors include financial services, advanced manufacturing, consumer, media & retail, technology & business services, and healthcare. The India vehicle will invest in India related companies only.

Overall, the E&S risk of the proposed investment is medium, and the project is categorized as FI-2 according to IFC’s Policy on Environmental and Social Sustainability.

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

The proposed IFC equity commitment is up to US$60 million, not to exceed 20 percent of aggregate capital commitments in the Fund (including commitments to CAP VI).

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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.

The Fund is managed by an affiliate of the Carlyle Group and led by X.D. Yang, Gregory Zeluck, William Conway, Amit Jain, Sunil Kaul and Kapil Modi. The India team is led by Amit Jain and Sunil Kaul who are part of the Asia Investment Team, with oversight from the global investment committee. Carlyle’s robust local platform in Mumbai is supported by a team of over 20 professionals.


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.

CAP VI India Partners, L.P. managed by The Carlyle Group
Amit Jain
Managing Director and Head of Carlyle India Advisors
+852 9095 1337
investor.service@carlyle.com
Carlyle India Advisors Pvt Ltd, The Carlyle Group, 1001 Pennsylvania Ave NW, Washington, DC 20004
www.carlyle.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

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How it works