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Our Bureau

New Delhi, Dec. 1 The ongoing global financial crunch notwithstanding, Actis Capital LLP on Monday has said that it has raised $2.9 billion for an emerging markets private equity fund, exceeding its original target of $2.5 billion.

The third in a series of emerging-markets funds, the latest fund will earmark at least $1 billion to India, $1 billion to Africa, $600 million to China and $330 million to Latin America, London-based Actis — a limited liability partnership firm in which the UK Government’s Department for International Development (DFID) has a 40 per cent stake — said in a statement.

The new fund is the first direct global fund raised by Actis and is one of the largest dedicated emerging markets private equity funds closed in 2008.

“We remain positive on the Indian growth story and will continue to build value for our partners and investors. We expect to invest approximately $1 billion in India over next three to four years,” Mr J.M. Trivedi, Partner and Actis head for South Asia. said.

The company will seek control in most of the acquisitions it makes, the statement said.

Part of the fund, raised from 100 international investors, has been committed to eight transactions, including a $149 million management buyout of personal care products company Paras in India. Other investments include the $700 million acquisition of Alstom South Africa Ltd’s electrical engineering business and the funding of a $50 million investment for a majority stake in a Chinese hotpot chain and a $48.5 million stake in an Egyptian fast-food chain.

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