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Funds -- Divested Funds-- AISEF
AIG Indian Sectoral Equity Fund
Corpus : US$ 91 mn
Vintage : 1996
Focus : Growth Capital / Infrastructure
Status : Fully Divested
Number of Investments * : 6
No. of Divestments * : 6
Gross Return * : 29% p.a.
* Relating to the Investments managed by IIML. Gross Return in INR terms.

The US$ 91 mn AIG Indian Sectoral Equity Fund (AISEF) was sponsored by American International Group Inc (AIG) and IL&FS in 1996. AISEF was the first fund set up in India to induct long-term equity support for infrastructure projects. It was also the first fund to structure participation of international investors in a private equity / fund format. AISEF attracted marquee investors from the United States, Germany, Japan, and France as also a multilateral institution, two State Governments and brand name Indian corporates.

IIML undertook and managed 6 investments for the Fund, of which five investments were in the infrastructure sector (2 toll roads, 2 telecom service providers and 1 city natural gas distribution network). The sixth investment was in the then emerging consumer services space.

These investments managed by IIML represented first private equity funds in telecom, roads, gas distribution and retail.

All investments made by the Fund were realized in May 2007, making AISEF the first of the funds managed by IIML to complete its life cycle. Investments managed by IIML generated a gross return of 29% p.a. with a 3.8 multiple.

Key Transactions :