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New Delhi, May 16, 2005 —
The International Finance Corporation, the private sector arm of the World Bank Group, will commit equity of up to $4 million to APIDC Biotechnology Fund, a private equity fund formed to invest in start-up and early stage life sciences businesses in India.
This is the first fund in India to focus exclusively on the life sciences sector and will seek early stage opportunities in areas such as health care, drug discovery, agriculture, dairy, environmental, and industrial applications throughout India.
The management team of APIDC Venture Capital is led by Mr. Sarath Naru (
sarathnaru@apidcvc.com)
General Partner, who is supported by six other members, including two general partners and two principals. The existing team combines strong technical, operational, and entrepreneurial experience both in India and the United States.
Ms. Haydee Celaya, IFC’s Private Equity and Funds Director, said, “The emergence of life sciences opportunities in India is supported by a growing healthcare industry and strong human capital. While several fund managers have identified life sciences as a promising new area in the country, few have the investment and technical knowledge to address early stage opportunities. Most current investment focuses on later stage, larger investments in the pharmaceutical sector. APIDC VCL is therefore a pioneer in the early stage life sciences sector in India."
“IFC has played a key role in mobilizing investors, structuring the project, and incorporating high environmental, social, ethical, and governance standards,” Mr. Naru acknowledged and hoped that “APIDC can continue to support development of this high growth, nascent industry in India.”
Mr. Iyad Malas, IFC’s South Asia Director, added, “We hope that several of the 20-25 companies that the Fund will seek to support will also want to partner with IFC for later stage funding.”
The mission of IFC (
www.ifc.org)
is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY04, IFC has committed more than $44 billion of its own funds and arranged $23 billion in syndications for 3,143 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY04 was $17.9 billion for its own account and $5.5 billion held for participants in loan syndications.
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