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Canara Bank plans 6th venture capital fund

Canara Bank is gearing up to launch its sixth venture capital fund with a targeted corpus of Rs 500 crore, similar to its fifth fund which is expected to be drawn down by September 2014. The bank manages the venture capital fund through a wholly-owned subsidiary Canbank Venture Capital Fund which was set up during late 1989. This company was actually looking at raising its sixth fund with a corpus of Rs 1,000 crore but this plan was shelved. This development comes at a time when the SMEs (small & medium enterprises) are finding it tough to raise resources in the marketplace and Canbank Venture, which looks at funding SMEs primarily in the manufacturing segment, may stand to gain.

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