The Hindu Business Line : IL&FS Investment plans private equity fund of $1 b

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Mumbai Feb. 2 IL&FS Investment Managers Ltd (IIML), the private equity investment management arm IL&FS, has proposed to set up a private equity fund of up to $1 billion to invest in infrastructure assets in West Asia and North African regions.

The fund will be set up in partnership with Abu Dhabi Investment Company (ADIC), promoted by the Government of Abu Dhabi.

A company press release said ADIC and IL&FS are likely to commit around $50 million to the proposed new fund.

In addition to its capital contribution to the fund, ADIC will provide its financial expertise towards the syndication and placement of funds and also apply its regional presence towards the promotion and attraction of premium investment opportunities, the release added.

The investment manager of the fund would be a 50:50 joint venture to be set up by IIML and ADIC.

The agreement was signed between Mr Shahzaad Dalal, Vice-Chairman & Managing Director, IIML, and Mr Jasem Saeed Al-Zaabi, Chief Executive Officer and board member, ADIC.

The region has witnessed significant economic growth in the range of 5-9 per cent over the last few years, which has facilitated the region to open up its infrastructure sector for private participation, including privatisation of the State-controlled assets, thus presenting large number of investment opportunities for private equity players.

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IL&FS Investment plans private equity fund of $1 b