IFMR Trust, floated by the Institute of Financial Management and Research, is raising a Rs 600-crore private equity fund to invest in commercial enterprises of low-income households, especially in rural areas.The Network Enterprises Fund, which is the trust's private fund, will provide support across supply chain in sectors like handicraft, food processing, rural tourism among others, a top company official said."We will be raising Rs 600 crore for this fund of which Rs 50 crore has already been raised and Rs 30 crore deployed," Puneet Gupta, VP, IFMR Trust, said here on sidelines of a conference."We hope to raise the complete fund and fully deploy the proceeds by June 2009," trust president Bindu Ananth said.The trust is being mentored by ICICI Foundation while the advisory board comprises ICICI chairman N Vaghul, IFMR academic affairs dean R Chandrasekar and Bindu Ananth."IFMR Trust has invested Rs 30 crore in sectors such as handicrafts, consumer products, drinking water, education, financial services and vocational training," Ananth said.The Network Enterprises Fund will build channels which deliver financial and other services in rural areas.
