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UKIDCF Overview
UK India Development Cooperation Fund is focused on achieving UK-India development cooperation objectives as identified in the UK-India 2030 Roadmap. The Fund aims to achieve its investment objectives by investing substantially all of its assets in SEBI registered Category I and Category II Alternative Investment Funds (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 Sustainable Development Goals.
The registration details of the fund are as follows:
Category of AIF: Category II
SEBI Registration No.: IN/AIF2/20-21/0849
Name of Fund Manager: SBI Ventures Limited (formerly known as SBICAP Ventures Limited)
Sectors Targeted
The Fund will be sector agnostic and is expected to invest in portfolio entities which invest in themes where investments are being piloted and new business models are emerging. These investments may include areas/ priorities agreed from time to time by the UK and Indian governments for development cooperation between the two countries and on shared themes internationally like climate and environment. This may include investments in climate, clean energy, startups, emerging technology sectors, innovation led businesses, urban infrastructure & services, green businesses and others.
Investors
The Fund has accepted commitments from the UK Government and SBI Ventures Limited (Formerly known as SBICAP Ventures Limited).
The Fund is also managed by SVL. It may accept commitments from other investors interested in capital investments for development purposes with a double bottom-line objective for economic development in the future.
Investment strategy
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