SBI Ventures appointed to manage the govt’s Rs.20,000-Cr maritime fund

The government has selected SBI Ventures as the fund manager for the INR 20,000 crore Maritime Investment Fund. The appointment involves a mandate to oversee fundraising, management, and the investment portfolio. SBI Ventures was chosen following a bidding process in which a consortium of the Indian Infrastructure Finance Company and Climate Fund Managers was the only other participant.The Maritime Investment Fund is a component of the larger INR 25,000 crore Maritime Development Fund approved by the Union Cabinet. The fund will be registered as a Category I or Category II Alternative Investment Fund (AIF). The government will provide 49% of the corpus through equity support, while the remaining 51% will be raised from private and commercial investors, including sovereign wealth funds, institutional investors, and major port authorities.The fund manager intends to use a blended finance model to provide long-term, affordable capital for the maritime sector and may establish feeder funds in GIFT City to attract global capital.