IDFC Capital to spin out

The Singapore-based fund of funds manager has parted company with its Indian parent and will continue to fundraise under its new name, Serasi Capital.

IDFC Capital, the Singapore-based private equity fund of funds business of India’s IDFC Group, is to spin out and form an independent entity. The process is likely to complete in April, an industry source has told sister news site PE Asia.

The new business will be called Serasi Capital and will continue under the same management team in Singapore, and with the same emerging markets focus, the source said. It will be completely independent from IDFC.

Serasi Capital declined to comment and IDFC could not be reached for comment.

The Serasi team is led by Veronica John, who was formerly responsible for Asian funds investment at CDC Group, and before that led the Asian Development Bank’s private equity activities between 2002 and 2007. John launched IDFC Capital under the IDFC umbrella in February 2008. 

It held a first close in November 2009 on a $50 million commitment from IDFC and has since made commitments to at least two funds, including Singapore-based UOB Venture Management and Mumbai-based Ambit Pragma. 

Serasi is already in discussions with a number of potential investors, said the source, and expects to retain its focus on mid-market focused growth funds in emerging markets in Asia, Africa and Latin America, with a strong emphasis on ESG issues.