Caspian Fund I: Bellwether Microfinance Fund
Established in 2005 as the first domestic equity fund dedicated to Microfinance, Bellwether (AUM ~USD 18mn) invested in the equity and debt of start up and early stage Microfinance Institutions in India and was a market builder. Some of the market leaders today were funded and supported by Bellwether in their seed and early stages.
Caspian Fund II: India Financial Inclusion Fund
IFIF (AUM ~USD 90 mn) was set up in 2008 and invested in high-growth, small to medium MFIs, affordable housing finance companies and other financial inclusion enablers. Three of our MFI investees have obtained small finance bank licences. The Fund was a pioneer investor in affordable housing investing early in two of today's market leaders. The Fund is currently in exit mode.
Caspian Fund III: Caspian Impact Investments
CII (Current AUM ~USD 45 mn/ Target USD 90 mn) is an onshore lender that provides debt to social impact enterprises across multiple sectors including Financial Inclusion, Food & Agriculture, Clean Energy, Healthcare and Affordable Housing.