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Funds -- Active Funds -- LIF
Leverage India Fund
Corpus : US$ 153 mn
Vintage : 2004
Focus : Growth Capital
Status : Partly Divested
Number of Investments : 26
No. of Divestments :


* Including 3 partial divestments

Leverage India Fund, launched in 2004, is a US$ 153 million private equity fund. The fund, jointly sponsored by IL&FS and Punjab National Bank, attracted a host of Indian banks and Institutions as well as reputed Middle Eastern investors.

The Fund was uniquely structured to address the varying risk appetites of investors through acceptance of contributions in the form of two categories of investments, "E" Units and "P" Units. The P units have a priority for return of capital and annual base returns with a cap on the returns. The E units, on the other hand, have the potential to earn higher returns once the Fund repays the principal and capped return to the P unitholders.

The fund primarily focused on late stage funding for profitable, cash generating companies needing funds for expansion. Target companies are essentially those with a stable, consistent cash flow history and the potential to generate significant upside following the completion of expansion.

The fund has made investments of $155 million in 26 companies across sectors. Given the long-standing relationships developed by the IIML through the management of its past funds, over 51% of the deals were sourced through own network.

The fund has already undertaken 20 full divestments & 3 partial divestments using an even mix of exit strategies. Some key exits are

Godrej Beverages & Foods Strategic sale
Arch Pharma Labs Ltd Strategic sale to Strategic Investor
iMetrex Technologies Strategic sale to Strategic Investor
Tejas Networks
Manipal Acunova
Continental Warehousing
Trade Sale to Private Equity investors
Sasken Communication
ABG Shipyard
Hotel Leelaventures
Spicejet Limited
ibn 18 Broadcast Limited
JBF Industries
Gujarat Pipavav Port
Gayatri Projects
Exit through public markets

Key Transactions: