NEW DELHI: Mahindra group Chairman Anand Mahindra today joined the founders board of The Rise Fund, a USD 2 billion global investment fund managed by TPG Growth.
As a member of the founders board, Mahindra will grow The Rise Fund's presence in India and identify new investment opportunities for the USD 2 billion fund, a joint statement by Mahindra group and TPG said.
The Rise Fund sees a critical opportunity for impact investing in India, where 20 per cent of population lives below the poverty line but is the fastest growing major economy in the world, with outstanding educational institutions, thriving innovation, and rapid technological development, it added.
"India is the world's laboratory of social and economic development policies and has the robust potential for entrepreneurship and innovation that adequate capital can unlock," Mahindra said.
He said aim of working with The Rise Fund is to drive meaningful and measurable positive change across the country.
"Rise established India as a priority early on due to the unprecedented opportunities to build businesses that significantly benefit the country," said TPG Growth Founder and Managing Partner and CEO of The Rise Fund Bill McGlashan.
Mahindra's support and deep local knowledge will be essential to the growth of the fund and impact in the region, he added.
The Rise Fund made its first investment in India last year in Dodla Dairy, a fresh dairy product company. Its founders are Bill McGlashan, Bono, and Jeff Skoll.