Northern Arc Investments Managers (NAIM), an impact-focused debt fund manager and a subsidiary of Chennai-based Northern Arc Capital, today announced that Belgian Investment Company for Developing Countries (BIO) has invested ₹65 crore in the Northern Arc Impact India Fund (NAIIF), which is NAIM’s eighth fund.
In a statement, NAIM said the investment from BIO will be used to support and address the funding gaps for impact enterprises.
NAIIF is a SEBI-registered category II alternative investment fund with a total corpus of ₹700 crore raised from marquee investors, including domestic and international development financial institutions, global impact firms such as Blue Earth Capital and US-based Calvert Impact Capital. NAIM said due to overwhelming response, the fund exercised the green-shoe option of an additional ₹350 crore.
The debt fund manager said it has already deployed 100 per cent of its commitments across 30 investments in impact-focused themes such as financial inclusion, agritech, and climate tech.
BIO provides long-term financing to enterprises, financial institutions, and private infrastructure projects, as well as grants for feasibility studies and technical assistance programmes. Earlier this year, BIO, along with Swiss impact investor ‘responsAbility’, <repeat: responsAbility> provided $10 million in multi-currency debt funding to Candi to finance new solar projects in South Africa and India.