In the latest close of Lok Capital Growth Fund, our third equity fund, we are thrilled to be joining in partnership with a host of international and domestic limited partners.
We are particularly excited to note the completion of a unified structure for our third and current fund, Lok Capital Growth Fund. This structure allows seamless participation from both overseas and domestic investors.
A recent change in Indian regulations paved the way for such structures which will allow investments made from Lok Capital Growth Fund to be treated as domestic capital thereby reducing the regulatory hurdle going forward. Unlike the previous foreign fund structure which continues to dominate the Indian VC/PE landscape today, a unified structure eases the flow of funds to and from domestic investors.
The structure is first of its kind and we are very proud to welcome participation from several marquee Indian institutions in the most recent close of Lok Capital Growth Fund. We believe that bringing domestic investors on-board is a strong step toward catapulting our mission of financial and social inclusion in India.
A few of these new investors who have come on-board in 2017 are featured below.
"PG Impact Investments aims to improve the lives of underserved individuals around the world while delivering its investors market rate returns. We chose to partner with Lok in light of the strong commercial and value alignment between our organizations, as we pride ourselves on our rigorous, institutional investment processes, whilst remaining strongly committed to our social mission. We were impressed by the Lok team's demonstrated ability to deliver attractive returns while supporting innovative business models that touch the lives of individuals far down the income pyramid."
PG Impact Investments is a global investment management company aiming to make investments that benefit underserved individuals and generate market-rate returns. PGII is backed by Partners Group, a world leading private markets investment manager with USD 66bn AuM.
"Lok Capital, founded by Rajiv Lall, Donald Peck, Vishal Mehta and Venky Natarajan, is one of the most successful mid-market banking & financial services private equity firms in India with an impeccable track record of returning capital with attractive IRRs to investors across vintages and funds. Lok Capital has build a team of investment professionals with rich experience and knowledge about the industry, following a high engagement philosophy with the portfolio companies. We are very confident and comfortable with the team and their ability to execute the strategy successfully, we experienced it first-hand while investing in Dr. Mohans. We look forward to working together with the team at Lok Capital to continue their solid investment performance and build an even more larger private equity platform."
Evolvence Capital is a leading private alternative asset management firm focused on the Middle East, North Africa (MENA) and India. Both MENA and India offer attractive potential for returns, which can only be exploited through an unmatched understanding of their unique economic drivers, competitive hurdles, and cultural underpinnings. Evolvence India Fund II is the second independent hybrid private equity fund focused on investments in India. The fund, launched in 2014 is targeting a corpus of USD 300 million
"Lok's previous funds have generated a good return for LPs. The investees have the right balance between commerce and social responsibility. We have known the team for a long time and are happy to back them in their third fund."
HDFC (Housing Development Finance Company), the leader in Mortgages, has also transformed into India's leading Financial Services Conglomerate with presence in Banking, Asset Management, Life Insurance, General Insurance, Real Estate Venture Fund, Education Loans and Education. As households increasingly shift from traditional savings options such as bank deposits to mutual funds the growth rate in the asset management business will accelerate further.
