The Industrial Finance Corporation of Mauritius (Equity) Ltd (IFCME), previously known as SME Equity Fund Ltd (SEF) is a merger between the SME Partnership Fund Ltd and the NRF Equity Fund Ltd. On 1st March 2017, it changed its name to SME Equity Fund Ltd and on 8 April 2022 to The Industrial Finance Corporation of Mauritius (Equity) Ltd. SME Equity Fund remained as its trading/business name.

The SME Partnership Fund Ltd was launched by the Government of Mauritius in 2006, in collaboration with the State Investment Corporation, the Development Bank of Mauritius and other commercial banks. Its aim was to foster the creation, restructuring and consolidation of Small and Medium Enterprises (SME), in order to support SME entrepreneurship efforts.

It had an initial fund size of Rs 151m. Since the launch of the SME Partnership Fund Ltd in 2006, CAM has been actively involved in providing equity financing management services to a variety of enterprises. Over the years the SME Partnership Fund Ltd has serviced over 100 enterprises in Mauritius.

The NRF Equity Fund Ltd was set up in 2011 to provide an alternative source of financing to small and medium-sized companies operating in Mauritius.

Upon the merger of the two entities, the SME Partnership Fund Ltd remained as the surviving entity. It then changed its name to SME Equity Fund Ltd (SEF) on 1st March 2017 and on 8 April 2022 to The Industrial Finance Corporation of Mauritius (Equity) Ltd. SME Equity Fund remained as its trading/business name.