LGT – the private banking and asset management group owned by the Princely House of Liechtenstein – has acquired a majority stake in Indian impact investment fund Aspada.

The deal will see LGT integrate Aspada into its impact investing platform, Lighthouse as well as acquiring the management organisation of Aspada.

Aspada was launched in 2013 by the Soros Economic Development Fund. The firm has investments in agricultural supply chains, education, financial services, healthcare and products and services which aim to improve the lives of low-income groups.

“We believe that there is significant opportunity to harness breakthrough developments in technology to deliver scalable business solutions focusing on the economic advancement of underserved populations globally,” said Prince Max Nicholas Maria of Liechtenstein, chief executive officer of LGT (pictured).

“LGT is deeply committed to building LGT Lightstone as a large and relevant player in this cause. We are particularly excited to bring the Aspada team on board to help us build out the LGT Lightstone platform, and leverage the pioneering work of the Soros Economic Development Fund.”

Aspada manages the portfolio of the SONG Fund, an early stage venture capital firm backed by the Soros Economic Development Fund, Omidyar Network and Google.

“Aspada is a firm that has constantly innovated on impact strategies and investment structures and has thereby enabled the scaling of impact investing in India,” said Sean Hinton, CEO of Soros Economic Development Fund.

“The current transaction with LGT brings to fruition more than 10 years of work catalysing the sector in India. It proves that business can make a meaningful contribution to social progress in ways that attract commercial capital at scale.”