Bangalore-based investment firm Elevar Equity Advisors Pvt. Ltd has raised its second fund of $70 million i.e. Rs320 crore to invest in growth-stage companies that cater to the poor in India, Mexico, the Philippines and Peru. The firm has so far focussed on MFIs and now has plans to expand its work to education, healthcare, home improvement and financial services firms. About 60-70% of this fund would be invested in India.

The anchors of the new fund are Legatum Group and Omidyar Network, which has quadrupled its commitment to Elevar in this fund from the earlier fund. Elevar’s first fund, Unitus Equity Fund, had a corpus of $24 million and was focused on MFIs.