‘‘We still believe in this industry and back fund managers who will deliver and contribute to sustainability,” says Garg. Of course, it has become more choosy — since 2010, it has backed fund managers who have delivered, invested in slightly larger funds, and moved away from sector funds. ‘‘Global investors will not give a third and fourth chance. It's time we get it right,” warns Garg.
IFC'S PE FUNDS PORTFOLIO IN INDIA
GENERAL FUNDS: $381.5 million
Everstone III, Plenty Fund I, Gaja II, Avigo Fund III, Samara Capital, Peepul Capital Fund II, IDG Ventures III, India BEF II, Banyan Tree II, India 2020 II, GEF South Asia, Avigo Fund II, Aavishkaar MSME, Ventureast India, Ambit Pragma II, Stellaris I, Zephyr India III, Ambit Pragma I, Zephyr India II, Aloe 2, ISC-Pi Ventures, Forum Synergies, Infuse Capital
IndoSpace III, Lighthouse III, Faering II
SECTOR-SPECIFIC FUNDS: $287.7 million
India Infra Fund, Macq-SBI Int F, Quadria Capital, India Agri Fund, Lok Capital II, Kaizen, AavishkaarMFI II, APIDC Biotech, Lok Fund, Aavishkaar MFI I