Africa | September 26, 2019

Aavishkaar scores $37 million for expansion in Asia and Africa

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, September 26 – India-based impact investor Aavishkaar has more than $1 billion in assets under management and three open funds in India, Southeast Asia and Africa. But it’s eyeing a $7 billion global portfolio by about 2026.

To fuel Aavishkaar’s growth, Dutch development bank FMO stepped in as an equity investor, taking a 10% stake in the firm.

“We are in the third phase of our consolidation, where we have invited FMO to join as a shareholder in the group,” Aavishkaar’s Vineet Rai said.

Last year, the firm sold a 25% stake to TIAA’s asset management firm Nuveen.

Aavishkaar is actively fundraising for a $300 million Asia fund, a $150 million Africa fund, and its $200 million Bharat India fund, which makes growth stage investments.