Corpus : US$ 25 mn Vintage : 1995 Focus : Venture Capital Status : Partly Divested		Amount Invested * : US$ 38 mn Number of Investments : 26 No. of Divestments : 21 Gross Return ** : 12% p.a.
* Funds from divestments were redeployed for fresh investments. ** Gross Return in US$ terms for fully divested investments.

South Asian Regional Apex Fund (SARA), launched in 1995, is a $25 million fund primarily focused on growth investments in small to medium-sized enterprises engaged in technology, manufacturing, media and retailing.

Contributors to the SARA Fund include multi lateral institutions like International Finance Corporation, Washington, Japan Bank for International Corporation, Asian Development Bank, and Indian institutions like ICICI, Industrial Development Bank of India, Small Industries Development Bank of India, Punjab & Sindh Bank etc.

While the Fund was originally conceived with a development orientation, and had a specific allocation for smaller developments in early stage companies, the portfolio was optimized and since mid-1998, SARA has invested across technology, media, distribution, biotechnology and telecommunications.

SARA is currently invested across 26 companies and is fully committed. The Fund has exited from 21 of its investments, generating a gross return of 12% for its contributors.

Key Transactions:

• Indiagames Limited
• Tejas Networks Limited
• Future Software
• Shopper Stop Limited