● The TDC Fund (Fund) to channelise MEA’s funds to the Global Innovation Development Fund (GIP Fund) under the Global Innovation Partnership between India and the United Kingdom. SBICAP Ventures Ltd. (SVL) will serve as the Investment Manager of the Fund
Gurgaon, 28 February 2024: SBICAP Ventures Limited, the private equity arm of State Bank of India, has launched Trilateral Development Cooperation (TDC) Fund in partnership with the Ministry of External Affairs (MEA), Government of India. The TDC Fund is a Category II SEBI registered, AIF established with a corpus of ₹700 crore and a green shoe option of ₹ 300 crore.
TDC Fund, a fund-of-fund, will route MEA’s capital commitments to eligible daughter funds, starting with its investment in the GIP Fund. The GIP Fund is to be established as a partnership between the MEA and the Foreign, Commonwealth and Development Office (FCDO), Government of UK under the India – UK Global Innovation Partnership (GIP). SVL has been appointed as the Investment Manager of the TDC Fund and shall facilitate the GIP program for MEA.
TDC Fund – through its investment in the GIP Fund – aims to foster, transfer, and scale up demonstrated and sustainable innovations from India to select developing countries, promoting their economic development, and accelerating Sustainable Development Goals. In future, the MEA could potentially utilise the TDC Fund to contribute to other AIFs, similar to the GIP Fund, established in partnership with other partner countries under the Trilateral Development Cooperation Framework.
Shri. Dinesh Khara, Chairman, SBI said, “The establishment of TDC Fund bolsters India’s efforts towards strengthening bilateral engagements with other emerging markets as well as with countries keen on partnering with India to take impactful innovation to other markets. The global outlook of the Fund blended with the need to support Indian innovation is expected to result in meeting tri-partisan objectives, commercial returns and sustainable development.”
Shri. Ashwini Kumar Tewari, MD, SBI, said that “We are proud to be the partner of choice for the Government of India across multiple fund initiatives. The TDC Fund will support innovative Indian enterprises and is another step in fulfilling SBI’s mandate. Through SVL, we aim to be the partner of choice for third party global institutional capital. We at SBICAP are very happy to see SVL take on market pioneering mandates and will continue to encourage the team to innovate across the spectrum.”
Shri. Piyush Srivastava, Joint Secretary (Europe West) MEA, said “MEA is delighted to be financing the TDC Fund which will lead to sustainable development internationally. We are committed to the growth and global progress of Indian enterprises. It is imperative that we scale innovative Indian models and take our learnings to emerging markets. We’re confident that with TDCF, India will further charter its global footprint.”
Shri. Suresh Kozhikote, MD & CEO, SVL, said that “As SVL, we are delighted to deepen our relationship with the Government of India as well as widen the outlook of SVL as a platform. SVL aims to be the preferred partner of choice for all investors across varied mandates. With TDC Fund, SVL is looking forward to playing our part in advancing India’s innovative prowess and lead compounding growth which impacts lives & livelihoods.”
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