IFMR Investment Managers gets SEBI approval for first alternative investment fund
IFMR Investment Managers Private Limited has received approval from SEBI to launch IFMR FImpact Investment Fund, the first scheme under its social venture fund registered under Category 1 of SEBI (AlF) Regulations, 2012.
The fund will focus on providing long term debt funding to high-quality microfinance institutions (MFIs) aimed at deepening financial inclusion in India through investments in long term senior and subordinated debt instruments of such microfinance institutions.
IFMR FImpact Investment Fund is the first AIF in India to have a fund rating. It has been rated 'CARE AA (AIF)' by CARE Ratings, which denotes that the asset selection ability and asset management capability of the fund are good.
DR Dogra, managing director and chief executive of CARE Ratings, says: "We are happy to be associated with the first rating of an AIF. This fund to be launched by IFMR Investment Managers has the potential to show the way for the MFIs which are looking out for funding alternatives. Its success will be major milestone for all of us in the financial sector."
IFMR Investment Managers Private Limited has also obtained a fund management quality rating of 'AMC 2' from ICRA Limited. IFMR Investment Managers is the first alternative fund manager in India to obtain a fund management quality rating. According to ICRA, fund managers rated 'AMC2' are adjudged to provide high assurance on management quality.
Sucharita Mukherjee, vice chairperson of IFMR Trust and chairperson of IFMR Investments, says: "The SEBI approval is a significant step forward for our venture into asset management. This fund is the first in the series of funds that we plan to launch in financial inclusion. Our subsequent funds will focus on other retail asset classes such as affordable housing and small enterprise financing, furthering our group's mission of ensuring complete financial access to every individual and every enterprise."
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