CLSA Capital Partners Invests US$24 Million In Indian Microfinance Firm
Hong Kong , April, 01 2010 -
CLSA Capital Partners said Thursday it took a minority stake in Equitas Micro Finance India Private Ltd., a microfinance institution in India, for US$24 milllion.
Equitas, a Chennai-based company established in 2007, provides microcredit to low-income households in India. It has a loan portfolio of about US$130 million and serves more than 900,000 customers, mostly in south India.
Equitas intends to use the capital to expand through new branches in other parts of the country, CLSA Capital Partners said in a statement.
CLSA made the investment in Equitas through one of its funds, Aria Investment Partners III, which raised US$333 million last month. This is the third investment by the fund and Aria's ninth investment in India.
CLSA Capital Partners is the alternative asset management arm of CLSA Asia-Pacific Markets. It has about US$2.6 billion in assets under management.