Elevar Equity Advisors Private Limited (Elevar), a Bangalore-based private equity fund, has raised a USD 70 million fund that will invest in microfinance and other services in India, Mexico, the Philippines and Peru. Elevar currently manages two other funds worth a total of USD 100 million, which make growth capital investments in emerging markets. Unitus Equity Fund was Elevar’s first microfinance-focused fund, which closed in 2007, and in May 2008 Elevar launched Elevar Equity II with investments of USD 20 million each from Legatum Ventures, a Dubai-based private equity fund that invests in social enterprises in the developing world, and Omidyar Network, a California-based philanthropic investment firm that invests in socially-oriented organizations. Through its existing funds Elevar has already invested in several microfinance institutions in India, and its portfolio includes SKS Microfinance, Ujjivan Financial Services, Grama Vidiyal, Madura Microfinance and Swadhaar FinServe.

Chris Brookfield, managing director of Elevar, said, “the fund extends our commitment to microfinance into other long-term, market-based solutions to development challenges; solutions such as livelihood finance, low-income housing finance, agricultural finance and information services.” 

By: Christine Chang, Research Associate

About Elevar Equity Advisors Private Limited:

Elevar is a Bangalore-based investment house focused on the underserved four billion at the base of the pyramid in developing countries. The organization makes equity capital available to entrepreneurs providing microfinance, financial and other services to customers in emerging markets. Elevar has total assets under management of USD 170 million.

Additional Resources:

VCcircle.com: MFI-Focused Elevar Equity Raises $70M Fund, March 11, 2010: http://www.vccircle.com/500/news/mfi-focused-elevar-equity-raises-70m-fund

MicroCapital Universe: Unitus Equity Fund: http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Unitus+Equity+Fund+I

MicroCapital Universe: Elevar Equity II: http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Elevar+Equity+II

MicroCapital Universe: Legatum Ventures: http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Legatum+Ventures

MicroCapital Universe: Omidyar Network: http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Omidyar+Network