About Neev Fund
Neev Fund is the outcome of a partnership between State Bank of India and UK’s Department for International Development (DFID). Neev fund is an Infrastructure private equity fund focussed on creating sustainable development.
Neev Fund has been established as a contributory trust in 2014, by its settlor (i.e. SBICAP Ventures Limited) and its trustee (i.e. SBICAP Trustee Company Limited) (“Trustee”). The Fund is registered with the Securities and Exchange Board of India (“SEBI”) as a Category I Alternative Investment Fund – Infrastructure Fund (“Category I Infra AIF”) under the provisions of the SEBI (Alternative Investment Fund) Regulations, 2012 (“AIF Regulations”) The sponsor and investment manager of the Fund is SBICAP Ventures Limited (“Client” or “Investment Manager”).
The Fund has raised capital commitments from State Bank of India (“SBI”), the Department of International Development and United Kingdom (“DFID”) as the contributors of the Fund and from SBICAP Ventures Limited as its Sponsor.
The primary objective of the Fund is to create sustainable development which will provide economic, social and/or environmental benefits to the poor in some of the poorest regions of India through market returns on capital investments by carrying out the activity of a Category I Infra AIF, as permissible under the AIF Regulations. The purpose of the Fund will be to raise resources to make available capital assistance to Portfolio Entities, so as to achieve long-term capital appreciation as permissible under the AIF Regulations.
The Fund’s mandate is to invest in eight low income/developing states in India (viz. Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odissa, Rajasthan, Uttar Pradesh and West Bengal) with a focus on infrastructure sub-sectors such as renewable energy (e.g. solar, wind, hydro, bio-mass energy, etc.), agricultural supply chain (e.g. warehouses, cold storages etc.), healthcare, education, urban infrastructure (e.g. water and sanitation, solid waste management etc.), and roads.
The Fund works on the principle of “double bottomline” proposing to raise resources to make available capital assistance to portfolio entities, so as to achieve long-term capital appreciation while promoting developmental objectives.