Incofin plans $80-m fund for India

Belgium-based Incofin Investment Management, which holds equity in India’s top microfinance companies, is now planning a $80-million fund exclusively for investing in India. This firm is also planning to spread its investments into food and agricultural sectors. The fund is seeking a majority of contribution from overseas investors. “India Progress Fund will be our first country-focused fund,” Incofin’s partner and co-head for Asia investments Aditya Bhandari told ET. He said Incofin’s all other funds were global with 15-20% allocation targeting investments in India. At present, the global social impact investor holds equity shares in India’s ninth largest microfinance company, Fusion Microfinance.