With foreign private equity firms charging into India, it was only a matter of time before homegrown funds formed. One of the firm's leading the charge is India's ICICI Bank Ltd., which is looking to raise not just one, but two funds expected to raise a combined $3 billion.
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Bloomberg is
reporting that:
ICICI Venture Fund Management Ltd. will tap investors for a $1.5 billion private equity fund starting next week, and may raise an equal amount for a real estate fund, Chief Executive Officer Renuka Ramnath said in an interview in Mumbai. The division currently manages about $2.5 billion in assets.
Private equity firms have been piling into India this year, investing seven-times as much there as they did in China in the first quarter, according to Bloomberg. And from the amount of new capital being raised for India-specific funds, that figure is likely to grow. In April, 3i plc closed a $1.2 billion India infrastructure Fund; and Helion Venture Partners closed its second vehicle with $210 million, little more than a year after its first vehicle closed with $140 million.
Additionally, Asia-Pacific-focused funds such as CVC Capital Partners' $4.1 billion vehicle; Baring Private Equity Asia's $1.52 billion fourth fund; as well as the $4 billion fund the Carlyle Group is currently marketing will all be looking for opportunities in neighboring China. - George White
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