Setuka Partners LLP

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Cross sectional investment and advisory experience across socially conscious investors, fund managers, financial institutions, social enterprises and other development sector actors...

...cutting across agribusiness, financial inclusion, healthcare, education, clean energy.

Credentials

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Credentials

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Multilateral Agencies
Healthcare
Financial Institutions
Development Advisors
Agribusiness
Governments
Education
Renewables / Circular Economy

Illustrative list of cross-border direct debt / equity / grant / blended finance transactions closed and in progress.

  • $4.6mn direct loan for Be Well Hospitals (closed)
  • $5.5mn guaranteed loan for INI Farms (closed) o another $10mn debt and $15mn international equity mandate in progress
  • $5.5mn guaranteed loan for Waycool Foods (closed)
  • $10mn direct loan blended with a $371,000 Grant (DFC's first ever grant in India) to Milk Mantra (closed)
  • $20mn direct loan blended with a $700,000 Grant to Samunnati Financial Services (closed)
  • $20mn guaranteed loan for an commodity financing entity (committed)
  • $10mn guaranteed loan for an agri-focused financial institution (committed)
  • $10mn guaranteed loan for one of India's largest agritech platforms (committed)
  • $7mn guaranteed loan for India's largest in-home healthcare company (committed)
  • $1mn Grant for a Northeast India based healthcare company (committed)
  • $4mn Debt for one of India's largest skilling and staffing companies (Draft Term Sheet stage)
  • $7mn equity for an Indian agri-tech company (Draft Term Sheet stage)
  • $25mn Debt + Equity for one of the world's largest organic agri-produce processor (LOI stage)
  • $50mn direct loan + $1mn Grant for an Indian kidney care company (LOI stage)
  • $10mn guaranteed loan for one of India's fastest growing healthcare distribution platforms (LOI stage)
  • $5mn direct loan + $0.5mn Grant for an Egyptian agri-processor (LOI stage)
  • $5mn guaranteed loan for one of India's largest Eyecare companies (LOI stage)

Illustrative list of cross-border mandates from fund managers for their fund close.

  • Anchoring the outreach for securing international LP commitments for an agri-focused fund in Assam, India (Assam Agribusiness Investment Fund under a World Bank sponsored Assam Agribusiness and Rural Transformation Project) with the Govt of Assam as anchor LP. Setuka was recommended by the World Bank / IFC to the Govt of Assam for this exercise.
  • Supporting a pioneering India-based Venture Debt Fund ($100mn) in its outreach to international LPs with triple bottom line investment theses. This involves not only securing new relationships and managing the process up to LP commitments but a fundamental repositioning of the Fund entity for impact investors.
  • Running a name-specific exclusive mandate to secure LP commitments for:
  • 8th impact debt fund of an experienced Fund Manager in India
  • The third equity fund ($100mn) of an established Indian Fund Manager focused on Healthcare and Financial institutions investing.
  • An agri-focused impact equity fund focused on seed stage investments for an established asset manager
  • The second equity fund ($100mn) of a pioneering Indian Fund Manager focused on early stage investments in Healthcare, Agriculture and Education.
  • India's largest and most established Impact Asset Manager that has extensive investments in Agri, FIs, healthcare and other impact sectors
  • Three other mandates in the pipeline from established (and one new) fund managers

A SNAPSHOT OF OUR IMPACT INVESTMENT ADVISORY ENGAGEMENTS

Advising two Warehouse Receipt Financing companies in India raise $30mn in debt from International DFIs.
Currently working with a prominent Indian impact fund manager and its US and Europe based Limited Partners to structure a pooled investment vehicle for debt and equity investments in Indian social enterprises. This involves structuring the investment vehicle, identification of investment targets, mobilization of anchor and subsequent capital, development of governance structure and negotiating the commercial terms on behalf of the fund manager.
Advised one of the most prominent global SME investment fund managers in their application to the United States Department of Agriculture (USDA) for managing a fund for agribusiness social enterprise investments in Tunisia
Advised an impact investment fund manager on its mezzanine investments and performance improvement in agribusiness portfolio. Worked as part of the Technical Assistance support provided by the fund to its investee company to institute processes for scale and maximize value for exit.
Advising a DFI in the identification, evaluation and selection of a fund manager team to (a) deploy $20mn capital in impact oriented enterprises in Northeast India (b) leverage this anchor capital to attract more socially conscious capital providers as investors into the fund
Advising the fund managers of investors in one of India's largest exporters of perishable agri-produce on their exit. Active conversations with US and European investors to buyout the stake of Indian fund manager in this company.
Advised three social enterprises, two fintech companies focused on startups and MSMEs and a company in the social infrastructure sector in their ~$5mn debt raise from US-based investors. These investments addressed a core market failure in the inability of local financial institutions to invest in or lend to these highly impactful entities.
Advising two social enterprises (invested into by Impact Investment Funds) delivering commercially viable renewables based refrigerated transport & storage solutions for perishable products (including horticulture, pharmaceuticals, processed foods etc)
Advising three impact investing fund managers and an India-based startup incubator in raising capital from DFIs and Family Offices
Some of the transactions the firm is currently in the process of closing include, a $40mn guaranteed loans to 3 agribusinesses, a $50mn loan to a healthcare company, a $7mn loan to another in-home healthcare company, a $5mn loan and $5mn in equity for an Egyptian exporter of exotic vegetables working with smallholder farmers, ~$30mn financing for an organic agribusiness company operating across Uganda, Ethiopia, The Philippines and India.

A SNAPSHOT OF OUR DEVELOPMENT ADVISORY ENGAGEMENTS

Advised Nigerian government on developing the policy & regulatory framework for warehouse receipt based financing in agriculture. A key outcome of my work was the commencement of the concessioning of public warehouses for development under a PPP model.
Advised the Senegalese and Ethiopian private sector and government on developing the ecosystem for a Warehouse Receipts System (WRS) onboarding learnings from India. Starting with leading a study tour to meet with key stakeholders and observe their operations in India, I now closely work on WRS development with IFC across governments in West Africa.
Led Agribusiness Deep Dive exercises in The Gambia, Sudan, Egypt, Ethiopia, Lebanon, Jordan and Serbia to identify cross-WB/IFC imperatives including Warehouse Receipt Financing advisory and investment for the development of agriculture as a whole and select agribusiness value chains in particular. The exercise includes identification key public and private investment requirements and policy interventions required to drive such investments along with institutional capacity building imperatives. Each of these exercises involved

1. An in-depth assessment of the agriculture and agribusiness ecosystem, identification of key barriers to the development of efficient agribusiness value chains for enhanced competitiveness of the economy.

2. Identification of priority value chains for policy, investment and capacity building interventions based on economic and business analysis and in consultation with policy makers.

3. Deep dive into prioritized value chains to identify specific areas for improvement leading to the development of an investment and policy reform roadmap.
Guided the Liberian government on prioritization of seven agriculture value chains and made recommendations for the country's agriculture transformation agenda in the medium term and for the development of a ~$25mn World Bank project in the near term.
Agribusiness & investment specialist on a WB $160mn lending project in Rajasthan, India aimed at sustainably enhancing agricultural (and livestock) productivity and diversity in the arid state. Worked with state government officials closely in customizing implementation to enable maximization of private investments.
Led the final evaluation of a USDA-funded ($10mn) impact investment fund investing in SME agribusinesses operating in Bangladesh. Report appreciated by USDA and forms basis for refining further USDA grants to impact investing funds.
Developed a $25mn blended finance intervention for enhancing the impact of transport investments on agriculture in Rajasthan, India by identifying and providing structured financial solutions to fledgling entrepreneurs in rural areas. The structure proposed included utilization of public concessional financing to provide risk reduction to crowd in private agribusiness investments.
Led international trade corridor development study in South Asia (India's Northeast, including Assam, Mizoram and Tripura& Bangladesh) to facilitate policy and capacity building and catalyze investments in horticulture value chains to address market failures along the corridor. Extensive interactions were carried out with agribusiness SMEs across these states to gauge unmet financing needs and recommended mechanisms to address these.
Support to World Bank team working on capacity strengthening program of the railways organization in Tanzania to prepare state owned rail operating company for PPP/privatization
Strategic assessment of Indian Port Sector with a focus on impediments to PPP including last mile rail linkages
Designed a $150mn development program at ADB for catalyzing private-sector led cross-border agri value chains along a transport and economic corridor between Almaty, Kazakhstan and Bishkek, Kyrgyzstan.
Advised ADB in development of a $70mn & $100mn agribusiness development project in Nepal & Maharashtra (India), respectively. Retained as advisor to support in-house ADB teams in technical and relationship aspects for bringing these projects online.
Preparing key elements of a proposed ~$300mn Agriculture Transformation Project in West Africa with a focus on developing rice value chains for competitiveness in this region. Invited to speak by FAO at a conference in Tanzania to share results from this work and make specific recommendations on facilitating SMEs in rice milling.
Managing the selection process for the Fund Manager for a >$20mn patient capital fund seeded by a state government in Northeast India backed by a World Bank sovereign lending project
Influenced the WB's thinking on various occasions eg. preparation of a paper on imperatives (in the Transport sector) for the new Indian Prime Minister to be handed to him by the WB President as WB's view. Also, contributed to WB's view on India's economic outlook with regard to concerns & potential solutions for soft infrastructure issues in supply chain & logistics

South-South Exchanges

Led separate Study Tour delegation of ministers and private sector stakeholders from Senegal, Ethiopia and Cote d’Ivoire to India for onboarding learnings in agriculture finance from India.

Customizing lessons from Study Tour in implementation of Agrifinance reform in each of these countries.

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