SBICAP Ventures, the private equity arm of State Bank of India, has launched Trilateral Development Cooperation (TDC) Fund in partnership with the Ministry of External Affairs. The TDC Fund is a Category II SEBI registered, AIF established with a corpus of ₹700 crore and a green shoe option of ₹300 crore.

TDC Fund, a fund-of-fund, will route MEA’s capital commitments to eligible daughter funds, starting with its investment in the GIP Fund. The GIP Fund is to be established as a partnership between the MEA and the Foreign, Commonwealth and Development Office (FCDO), Government of UK under the India - UK Global Innovation Partnership (GIP). SVL has been appointed as the Investment Manager of the TDC Fund and shall facilitate the GIP program for MEA.

TDC Fund – through its investment in the GIP Fund – aims to foster, transfer, and scale up demonstrated and sustainable innovations from India to select developing countries, promoting their economic development, and accelerating Sustainable Development Goals. In future, the MEA could potentially utilise the TDC Fund to contribute to other AIFs, similar to the GIP Fund, established in partnership with other partner countries under the Trilateral Development Cooperation Framework.