Our Mandate - Overview

Setup in 2002, we are India's largest and most active private equity fund focused on growth equity opportunities around the infrastructure related development program in India. These are in the areas like Infrastructure Service Providers (Telecom, Airlines, Shipping, Transportation, Tourism, Clean Tech etc), Infrastructure Equipment Manufacturers (Turbines,  Boilers,  Cables, etc), Infrastructure Commodities (Coal mining, Oil & Gas, E&P, etc) and Infrastructure Enablers (EPC Contractors, Consultants, etc).

Private Equity Fund Characteristics

  • Expansion capital, no technology risk only execution risk taken
  • Significant minority / joint control
  • Aggregation play
  • Early investor in a sector
  • Lead investor in a company
  • Work to institutionalize companies
  • Negotiated deals vs. auction

Investment Criteria

  • Wider Infrastructure Ecosystem
  • Growth / Business Focus
  • Growth / Development risk (Control)
  • Valuation: Earnings Multiple
  • Target IRR > 20%

We manage a corpus of INR 57 billion (USD 1.3 billion) across 3 funds

  • India Development Fund, an INR 8.4 billion (USD 192 million) fund
  • IDFC Private Equity Fund II, an INR 19.9 billion (USD 440 million) fund
  • IDFC Private Equity Fund III, an INR 29.0 billion (USD 644 million) fund

We provide expansion capital and prefer to take significant minority / joint control in the investments we make.