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What is UKIDCF?
UK India Development Cooperation Fund (UKIDCF), is a Fund of Funds platform which has accepted commitments from the UK Government and SBI Cap Ventures Limited (SVL). The investment objective of the Fund will be to carry on the activity of a Category II AIF – fund of funds, as permissible under the AIF Regulations, for making portfolio investments focussed on achieving UK – India development cooperation objectives as identified in the UK India 2030 Roadmap. Subject to AIF Regulations and Applicable Law, the Fund shall seek to achieve its investment objectives by investing substantially all of its assets in permitted Portfolio Entities, i.e. Category I AIFs and Category II AIFs which seek to invest in, or are engaged in, sectors that promote sustainable economic development, help reduce poverty and contribute towards achievement of India’s SDGs.
Who are the investors in UKIDCF?
The Fund has accepted commitments from the UK government and SBICAP Ventures Limited (SVL). It may accept commitments from other investors interested in the capital investments for development purposes with a double bottom-line motive for economic development in future.
Please refer to https://www.ukidcf.com/investors-overview/ for details.
Who is the investment manager for UKIDCF?
The investment manager for UKIDCF is SBICAP Ventures Limited.
What is the tenure and size of UKIDCF?
The term of the Fund will be 25 years with a target fund size of upto GBP 500 million.
What is the investment strategy of UKIDCF?
UKIDCF will invest in various Investment Programmes aligned with development cooperation priorities between the United Kingdom and India.
The goal is to invest in Portfolio Entities consistent with the themes of these approved Investment Programmes. The Fund will focus on investments in Portfolio Entities, i.e. Category I AIFs and Category II AIFs that will lead to:
- A positive impact on the poor, the climate, sustainability and gender and inclusion;
- An increased flow of capital to underfunded job-creating sectors and enterprises in India and, subject to applicable law, expansion to other low-income countries;
- An increase in employment (including green jobs), improved access to goods and services to benefit the bottom of the pyramid (men, women, and people with disabilities);
- Mobilizing additional finance (including green finance) at the Portfolio Entity level and at the investee company level;
- Making enterprises viable and climate-resilient; lowering production and transaction costs, and protecting and rehabilitating the environment;
- Enabling market access for the portfolio;
- Assisting the Portfolio Entities in strengthening their ESG capability;
- Strengthening UK-India linkages by inter alia, encouraging investors including from the UK to enter or diversify their portfolio in the high-growth Indian market, scaling investee companies to the UK, technology transfers/strategic partnerships between Indian and UK firms or institutions, sharing knowledge, best practices and expertise from the UK to improve compliance with ESG Standards.
What are the steps involved in the investment process?
The detailed steps for investment process are highlighted in the “Investment Process” section of the UKIDCF website