IFC proposes to invest $100 mn in Hero Fincorp's secured debt
IFC proposes to invest $100 mn in Hero Fincorp's secured debt

The International Finance Corporation (IFC), part of the World Bank group is planning an equity investment up to $15 million in Seabright IV, L.P (the "Fund", operating as Prime Venture Partners).

The IFC also plans another $15 million as a co-investment envelope to invest alongside the Fund. The Fund will invest primarily in companies focused on India, according to IANS.

According to IFC, the Fund will focus primarily on seed to series-A stage investments in Indian technology-enabled companies.

The Fund plans to invest in Indian companies across healthcare, education, financial services, logistics, consumer internet and enterprise technology sectors.

The Fund will be managed by Yashas IV, LLC, Delaware, USA, whose Managing Member is Raj Mashruwala.

The Management Company is Azure91 Management LLC, a Delaware USA entity.

The sub-advisor to Azure91 Management LLC is Priven Advisors LLP, Bangalore, India established in 2015 by Sanjay Swamy, Shripati Acharya and Amit Somani (together the "Sub Advisory Partners"), which shall render non-binding advisory services to Azure91 Management LLC.

IFC proposes an equity investment of up to US$15 million in the Fund, not to exceed 20 percent of the Fund's total capital commitments.

Recent investments in India

Under IFC's distressed asset recovery programme in India, it recently partnered with JC Flowers to create the first dedicated platform in the country for mid-sized distressed assets, which account for $27 billion — more than a third — of corporate stressed assets.

IFC announced investment of $100 million in secured debt of Hero Fincorp Ltd belong to the Hero Group. The proposed investment will enable Hero Fincorp to expand is loan book across its business verticals.

It announced an equity investment up to $20 million into Faering Capital International Growth Fund III or Faering III. The investment is subject to a cap of 20 percent of the final fund size of Faering III, a mid-market private equity (PE) fund focused on growth equity transactions in India.

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