IL&FS To Raise $350mn For A Growth Fund
IL&FS Investment Managers will raise a new private fund of around $300-350mn in the last quarter of 2010.
The mid-market fund will be sector-agnostic and will target both domestic and foreign investors.
IIML is currently investing from its growth equity fund, TARA India Fund III, of which about 75% has been committed. IIML had raised $225mn (around Rs.1000 crore) in this fund setup in 2007. Eight investments worth $110 million have been made so far. There will be around 12 investments in this fund.
The firm has $2.8 billion under management through three business segments— $400 million for growth capital, $700 million for infrastructure and $1.6 billion for real estate.
Reference: Mint
There are many funds raising money currently, especially in the domestic market. ICICI Venture and SREI both announced infrastructure funds of $500mn each. ICICI Venture is also planning to launch a domestic real estate fund in the second half of 2010.
There is also competition from the new funds started by former heads of large PE firms.
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Editorial
India A Bright Spot For Otherwise Insolvent CalPERS
I heard that Calfornia Pension is going to default and I started wondering what could be India's contribution to that.
