The news: IDLC has introduced its long-anticipated IDLC Venture Capital Fund at a press conference held on Tuesday at the InterContinental Dhaka.
Details: The fund will be BDT 450 million in size. IDLC will contribute BDT 50 million and the remaining will be raised from individual and institutional sources.
Context: While IDLC is yet to close the fund, internal sources told FS that they are well on their way to raise the remaining BDT 400 million for the fund from individuals and institutions in the next couple of months. IDLC has an advantage of reputation in the market. The firm is known for its efficiency and reliability, which could help it in raising its first VC fund. However, several local VC Funds including BD Venture, who have been trying to raise capital, have made scant progress in the past.
Go Deeper: IDLC Venture Capital Fund