New Delhi, Jan. 8 -- Global impact investor Creation Investments Capital Management has marked the final close of Impact Credit Fund II, raising over $46 million (Rs 413 crore) in total commitments.
Legacy and new investors, including pension funds, private credit fund-of-funds, foundations, and family offices, participated as limited partners, the firm said in a press note.
Notably, the Chicago-headquartered firm had closed its maiden credit fund with commitments of around $25 million.
With the final close of Credit Fund II, Creation Investments' total private credit assets under management have crossed $70 million.
The fund focuses on providing senior, secured loan facilities to investment-grade rated institutions that are exclusively focused on underserved populations in emerging markets. Overall, Creation Investments manages $1.7 billion in private equity and credit assets.
So far, Credit Fund II has invested in eight companies in India: Dvara KGFS, SAVE, Varashakti Housing Finance, Amrit Malwa Capital, Sindhuja Microcredit, Branch International, Midland Microfin, and Kanakadurga Finance. These portfolio companies provide responsible access to credit for micro and small businesses, affordable housing, electric vehicles, and smallholder agriculture in peri-urban and rural India. Creation Investments said that all its financial inclusion investments carry investment-grade credit ratings.
Founded in 2007, Creation Investments has offices in Bengaluru, Dallas, and Mexico City. It focuses on providing financial products to the unbanked and underbanked in emerging markets. As of September 30, it had $1.7 billion in assets under management.
Apart from private credit, the firm also operates a private equity and impact investing vertical. Its equity investments include Fusion Finance, Progcap, and Oxyzo.
Published by HT Digital Content Services with permission from VC Circle.