Bellwether Microfinance Fund Private Limited


Last updated 13 May 2020, by Impactyield.

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Bellwether, launched in 2005, is an Indian on-shore equity and debt fund that invests in start-up and mid-sized Indian microfinance institutions.

Bellwether's objectives include to:

1. Accelerate capital flow to the microfinance sector through a wide range of advisory and facilitation services

2. Enable financially viable MFIs to scale up their operations and/or transform themselves in to responsible, regulated entities

3. Contribute significantly to an increased access to financial services of under-served groups across India irrespective of creed, caste, or gender

4. Deliver a competitive financial return along with a significant social return to its investors

Financial description

Bellwether's AUM is Rs 800 Mn (~USD 17 Mn). It is incorporated as a private limited company and is registered with the Reserve Bank of India as a Non-Banking Finance Company (NBFC). Bellwether provides equity and quasi equity capital to its portfolio companies.

18 years

of track record


the year funded

1,000,000,000 INR


Asset manager

Caspian Advisors Private Limited


Headquarters location:

Other funds managed by this asset manager: CASPIAN SME IMPACT FUND IVIndia Financial Inclusion Fund

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: Caspian Advisors Private Limited

Product track record: Fund has 18 years of track record

Target IRR: n.a.

Committed Capital: n.a.

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:

Style/Stage: , ,

Inception year: 2005

Vintage year: 2005

Target region: , , ,

Target close date: n.a.

Product term: 10 Years

Assets under management: 1,000,000,000 INR (Indian Rupee)

Investment size: Min: 10,000,000; Max: 120,000,000; Avg: 62,500,000

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 16

Fund investments to date exited or repaid: 3

Management fee: n.a.

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: Yes

Limited Partners / Investors: n.a.

Limited Partner / Investor Type: Development Finance Institution (DFI), Other Institutional Investors




Phone number: 66297100.00

If you wish to have your details removed from this database please email

Viswanatha Prasad S

Managing Director

Impact Performance


Impact thesis

Caspian has been working closely with Investees on pursuing and developing appropriate Social Reporting and Management practices within their respective institutions. Through its active engagement, Caspian continuously encourages socially and environmentally friendly practices, with particular focus on the promotion of, and commitment to, transparency and responsible reporting.
In addition, we also officially endorse the Smart Campaign – a global effort meant to unite microfinance leaders around a around a common goal of enhancing client protection.

Impact Management


Financial benchmark

Term Description:


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