Private Equity

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Sidbi tweaks FoF rules to enable faster drawdowns

Economic Times  

The Small Industries Development Bank of India (Sidbi) which manages the government’s 10,000-crore Fund of Funds for Startups (FFS) has modified its rules, allowing venture capital funds to access government-backed capital faster. Under the revised rules, eligible funds can now draw up to 25% of Sidbi’s commitment upfront for the first INR 300 crore raised or up to INR 75 crore. Previously, every drawdown was capped at a fixed percentage determined when Sidbi approved the fund.