UK India Development Cooperation Fund — SBICAP Ventures | Wisefolio

UK India Development Cooperation Fund

Investing for UK-India development cooperation

Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.

Overview

About

The UK India Development Cooperation Fund (UKIDCF) is a Category II AIF registered in January 2021 and managed by SBI Ventures Limited (SVL), formerly known as SBICAP Ventures Limited — a wholly owned subsidiary of State Bank of India (SBI) incorporated in 2005 (CIN: U67190MH2005PLC157240). UKIDCF is focused on achieving UK-India development cooperation objectives as identified in the UK-India 2030 Roadmap. It operates as a Fund of Funds (FoF) platform, investing substantially all of its assets in SEBI-registered Category I and Category II AIFs that promote sustainable economic development, help reduce poverty, and contribute to India's Sustainable Development Goals. The fund has accepted commitments from the UK Government (through FCDO — the Foreign, Commonwealth and Development Office) and SVL, and has a target size of up to GBP 500 million over a 25-year term. UKIDCF is sector-agnostic and focuses on themes where investments are being piloted and new business models are emerging — with a goal of creating a positive impact on the poor, the climate, sustainability, gender inclusion, and employment generation. SVL manages approximately INR 30,000 crore (US$3.5 billion) in AUM across funds including SWAMIH Investment Fund I, Neev Funds, SRI Fund, and TDC Fund.

Investment philosophy

UKIDCF follows a development finance and Fund of Funds philosophy, investing in portfolio entities (Category I and II AIFs) aligned with UK-India development cooperation priorities. The fund emphasises double bottom-line objectives — generating economic returns while delivering measurable development impact. Investment themes include climate and sustainability, financial inclusion, gender equity, job creation, and supporting underfunded sectors. SVL's broader investment philosophy is anchored in long-term value creation, institutional governance, and partnership with leading Indian and global development finance institutions.

Team18

Prem Prabhakar

Fund manager

Managing Director & CEO, SBI Ventures Limited (Investment Manager)

Prem Prabhakar joined as MD & CEO of SBI Ventures Limited in June 2024. A seasoned banker with over 25 years of experience, he brings expertise in banking operations, treasury, compliance, and risk management. Prior to SVL, he was General Manager at SBI, and previously served as Head of Central Treasury at SBI New York and Chief Dealer (Forex) at SBI Global Markets. He holds a postgraduate degree in Humanities and is a CAIIB.

Satish Kachhawa

Chief Operating Officer

Satish Kachhawa is the COO of SBI Ventures Limited, appointed in June 2024. He has 22+ years of banking experience including private equity, venture capital, corporate credit, and risk management. He was previously Deputy General Manager at SBI and Chief Dealer (private equity) at SBI Global Markets managing over US$1 billion. He holds an MBA in Finance from NMIMS and is a CFA charterholder.

Akshay Panth

CIO, Neev Funds and Head – Fund of Funds

Akshay Panth is the CIO of Neev Funds and Head of Fund of Funds (which includes UKIDCF) at SBI Ventures Limited. He has close to two decades of experience in private equity, principal investments, and advisory roles. Previously he worked with the India Infrastructure Fund (IDFC Alternatives), CapAleph Private Equity, GMR Infrastructure, and MAPE Advisory Group. He holds a bachelor's in Commerce and a PGDM/MBA.

Ankita Shrivastav

SEBI Contact

Ankita Shrivastav is the Company Secretary and Compliance Officer at SBI Ventures Limited and was listed as the SEBI contact person for UKIDCF at the time of registration. She is a qualified Company Secretary (CS) with a decade of experience handling Companies Act compliance, secretarial audit, and RBI regulations. She started her career at D.A. Kamat & Co., Mumbai, handling secretarial and regulatory compliance for listed, banking, and government companies.

Registration

SEBI registration

SEBI-registered

SEBI registration no.IN/AIF2/20-21/0849

RegisteredJan 2021 (5 years ago)

Valid untilPerpetual

Contact personAnkita Shrivastav

Address610, 6th Floor, Ansal Bhawan, Kasturba Gandhi Marg, Connaught Place, New Delhi, New Delhi, National Capital Territory Of Delhi, 110001

Investment manager

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Disclaimer

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