Aavishkaar-Intellecap Group announces capital participation by Nuveen, a TIAA company
Aavishkaar-Intellecap Group announces capital participation by Nuveen, a TIAA company, of INR 2.25 Billion (US $ 32 Million) at the Group, Nuveen CEO Vijay Advani to join the Board of Directors at the Group level
The Aavishkaar-Intellecap Group, a pioneer in impact investing and manager of a diversified financial services group focused on the low-income markets in Asia and Africa, announced an investment of INR 2.25 Billion (US $ 32 Million) in its Group Holding Company by Nuveen, the investment management business of TIAA. The investment will allow the Group to consolidate holding in its subsidiary companies in the microfinance, SME lending and financial technology space and pursue its ambition to consolidate its presence in South East Asia and Africa significantly.
Commenting on the investment Vijay Advani, Chief Executive Officer of Nuveen- A TIAA Company, said “The Aavishkaar-Intellecap Group is an excellent fit within our impact investing approach, which, among other goals, focuses on ways to make basic services available for low-income and underserved people around the world while also providing return opportunities for our clients. Vineet Rai and his team have a terrific record of finding innovative solutions to help solve many of the key social and environmental issues of our day. We look forward to growing our relationship with these world-class social entrepreneurs.”
On the capital raising, Vineet Rai, Founder, Aavishkaar –Intellecap Group says, “As the world chases ambitious Social Development Goals, Aavishkaar-Intellecap Group’s contribution as entrepreneurial ecosystem builders is seminal in unleashing the entrepreneurial energy toward core challenges that the world desires to address. Nuveen, shares our vision and we hope to benefit hugely from its experience as a premier global asset manager with a proven track record in Impact investing. We saw in them a trusted long-term partner that has the capital and patience to support our audacious journey of making impact by building businesses with and for the other 3 billion marginalized communities across the world. We consider this partnership strategic as we are fortunate to have Mr. Vijay Advani joining the Group Board along with this infusion”
The Aavishkaar-Intellecap Group has three lines of business, namely equity investments under Aavishkaar, Advisory Services under Intellecap and debt funding vehicles under Arohan, IntelleGrow and fintech platform Tribe.
Founded in 2002, the Aavishkaar-Intellecap Group has assets under management of over USD 800 million with over 4,000 team members spread across three continents serving a common vision to improve the lives of the Other billion people.
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $988 billion in assets under management as of 9/30/18 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com