The Hindu Business Line : India-focussed PE funds swell

New Delhi, Sept. 14 The amount of money being raised abroad by India-focussed private equity funds is moving into the big league, with a slew of billion-dollar funds on the anvil.

While ChrysCapital’s new $1.25 billion cross-sector India fund set the trend for the move into the big league, other emerging proposals including a $1 billion fund floated by the 3i Group, a $1 billion Actis fund and a likely $1 billion IL&FS Investment Managers-Standard Chartered Private Equity India-focused infrastructure fund have ramped up the scale of fund-raising from the modest million-dollar funds typically seen earlier, according to industry sources. ICICI Bank is now planning to set up a $2 billion infrastructure fund to scale up the action further.

ChrysCapital’s latest India-focussed fund, which had an original target size of $1 billion, was significantly oversubscribed. The $1.25 billion fund, which closed in July to emerge as India’s largest fund, has 75 global investors as its limited partners.

The 3i Group has now launched a $1 billion India infrastructure fund which will invest in sectors such as power, ports, airports and road projects. Meanwhile, UK-based private equity major Actis Advisors is targeting a $1 billion India-fund, according to industry sources. ICICI Bank’s proposed $2 billion infrastructure fund would scale up the fund mobilisation effort further.

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