IIFL fund leads $130 million investment in Northern Arc Capital

Mumbai: Northern Arc Capital (formerly IFMR Capital), a debt capital platform for financial institutions serving excluded individuals and businesses, on Tuesday said it had raised 910 crore ($130 million) from IIFL Special Opportunities Fund and Standard Chartered Private Equity (SCPE), the company said in a statement.

Affirma Capital, a newly formed, independent private equity firm to be managed by the team at SCPE, also participated in the round, the statement said.

As part of this transaction, early investors Dvara Trust, LeapFrog Investments and Accion will partially sell their stake in the company. Axis Capital, Credit Suisse and ICICI Securities acted as advisers to the transaction.

Established in 2008, Northern Arc connects non-banking financial companies (NBFCs) working among financially excluded households and businesses such as micro-financiers, affordable housing finance companies and small business financiers with investors in existing and emerging debt markets.

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