Govt backed pro-climate SME fund Neev II set to raise Rs 2000 cr by June 23

Bengaluru, Jan 3 (KNN) Climate and sustainability-focused SME fund, Neev II which is backed by government is expected to complete its final fundraising of about Rs 2,000 crore in the next six months, reported Mint. 

“We are targeting between Rs 1,750 and Rs 2,000 crore to be closed in the next six months…through June. That’s where we will likely end Neev II,” said Akshay Panth, chief investment of Neev Funds in an interview.

He informed that they have deployed about a quarter of the fund already.

So far it has raised Rs 1,000 crore which is half of its target set during its launch in May 2021.

In March, VCCircle reported that the fund had received commitments of around Rs 1,500 crore to invest in climate action, sustainability, and social impact businesses.

Neev II (SVL-SME fund) is in early-stage of discussions with multilateral and a couple of institutional investors.

So far, its commitments have come from global and domestic investors, including the European Investment Bank (EIB), Japan’s International Cooperation Agency (JICA), Foreign, Commonwealth and Development Office (FCDO); Small Industries Development Bank of India (SIDBI), SRI Fund and the State Bank of India.  (KNN Bureau)