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Funds -- Divested Funds-- IPDF
India Project Development Fund
Corpus : US$ 16 mn
Vintage : 2000
Focus : Infrastructure
Status : Fully Divested
Number of Investments : 7
No. of Divestments : 7
Gross Return * : 21% p.a.
* Gross Return in INR terms.

India Project Development Fund (IPDF) was established in the year 2000 as a unique fund to bear and profit from the pre-financial close risk in the development of large projects in the infrastructure sector, primarily in surface transport, ports, water and power infrastructure.

IPDF was the first private equity fund in India for project development funding covering
  • Project Design & Techno-Financial Feasibility
  • Environmental, Social & Market Studies
  • Establishing Contractual Framework
Given the relatively small investment requirements for project development activities, the Fund corpus was limited to US$ 16 million. Contributors to IPDF included the Life Insurance Corporation, General Insurance Corporation, Bank of Baroda, Central Bank of India and Larsen & Toubro.

Investments made by IPDF helped key infrastructure projects conclude project development activity and thereby achieve financial closure to be taken up for implementation. These projects covered the entire spectrum of infrastructure sub-sectors, many of them being the first of their respective sectors.

Water Supply Visakhapatnam Industrial Water Supply project
Power Generation Konaseema Gas Power project
Rail Transportation Pipavav Railway project
Port Rewas Port Development project
Special Economic Zone Mumbai Integrated SEZ project
Surface Transportation Ashoka Infrastructure

IPDF made seven investments and was fully divested November 2007, generating a gross realized IRR of 21% , validating the ability to deploy capital at the project development stage and laying the foundation for the future funds in the same genre.

Key Transactions :