Regional: IND: VENTUREAST LIFE FUND III (VenturEast Fund)

Nonsovereign Project | 44945-034

Summary

VenturEast Fund Life III (the Fund) was launched on November 2010. The Fund invests in companies in sectors related to life sciences, including clean environment, health care, and sustainable agriculture, with proven technologies for application in India or that apply an existing business model from other markets that has yet to be proven or scaled up in the Indian context.

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Project Name IND: VENTUREAST LIFE FUND III (VenturEast Fund)
Project Number 44945-034
Borrower/Company VENTUREAST LIFE FUND III
KEYTONE VENTURES II
Country Regional
Location India
Approval Number 7334
Type or Modality of Assistance
7334 Investment Fund US$ 20.00 million Approved
Strategic Agendas
Drivers of Change
Sector / Subsector Agriculture, natural resources and rural development - Land-based natural resources management
Energy - Energy efficiency and conservation
Health - Health care finance
Gender Equity and Mainstreaming
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Portfolio Management Division, PSOD
Responsible ADB Officer Anshukant Taneja
Project Sponsor(s)
Description VenturEast Fund Life III (the Fund) was launched on November 2010. The Fund invests in companies in sectors related to life sciences, including clean environment, health care, and sustainable agriculture, with proven technologies for application in India or that apply an existing business model from other markets that has yet to be proven or scaled up in the Indian context.
Objectives and Scope The Fund leverages the fund manager's life sciences platform and global network of leading life science technology investors, and the management team's experience making venture-style investments in these sectors, to identify and invest in life sciences-driven clean environment, sustainable agriculture and health-care businesses in India.
Linkage to Country/Regional Strategy The investment in the Fund is aligned with ADB's Strategy 2020 and climate change priorities as well as the energy sector strategies of ADB and the developing member countries' targeted by the Fund.
Status of Development Objectives The Fund enabled the financing of early-stage businesses related to climate change mitigation and adaptation technologies, and environmental protection (climatech projects) in ADB's developing member countries (DMCs). The Fund's investment in climatech projects and the fund manager's ongoing management advice to investees increased access to finance and expertise in the sector. This led to accelerated innovation and diffusion of climate change technologies, which serves to make these climatech projects more competetive and affordable.
Safeguard Categories
Environment FI
Involuntary Resettlement FI
Indigenous Peoples FI
Summary of Environmental and Social Aspects
Environmental Aspects The Fund has established and implemented an appropriate environmental and social management system (ESMS) and ensure that its investee companies meet national laws and ADB requirements.
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance 15 Nov 2010
Due Diligence
Credit Committee Meeting 28 Mar 2011
Approval 20 May 2011
PDS Creation Date 08 Oct 2013
Last PDS Update 24 Sep 2014

Safeguard Documents

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Evaluation Documents

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