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Northern Arc Investments, a subsidiary of Northern Arc Capital, has set up its sixth debt fund, IFMR Fimpact Income Builder Fund. The fund’s base size is ₹150 crore with a greenshoe option to increase it up to ₹250 crore.
The fund will invest in sectors such as microfinance, small business loan finance, affordable housing finance, commercial vehicle finance, agri-business finance and corporate finance. It will make 8-10 investments with an average ticket size of ₹20 crore, in early- to mid-stage financial institutions and corporate entities. It will seek commitments from domestic investors such as private wealth investors and leading corporates. The final close of the fund is expected by the end of the first quarter of FY19.
It has so far raised ₹110 crore and made investments in four corporate finance and microfinance companies – LEAP India, Satya Microcap, Fusion Microfinance and Chaitanya India Fin Credit. The sixth fund is a short-term diversified debt with with a three-and-a-half years tenure.
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