A private equity fund launched by Renuka Ramnath, the former chief of India's ICICI Venture, plans to raise $450-500 million through its assets management company, Multiples, media reports said. Multiples has already received financial commitments of $150-$200 million from some limited partners, the release said quoting chief executive officer of an unidentified private equity firm. The commitments are in the process of being formalized and the first tranche of the fund could be in place in less than two months, it said. [...]

The Anil Ambani Group targets to raise Rs 2,000 crore through a private equity fund nearly a year after it announced its plan to enter this space. The fund has a greenshoe option for an additional Rs 1,000 crore. Reliance Equity Advisors (REAL), a wholly-owned subsidiary of the group’s financial services arm Reliance Capital, has begun selling the fund privately to high net worth individuals (HNIs) and financial institutions (FIs). REAL CEO Ramesh Venkat told ET that the target was to raise money equally from HNIs and financial institutions, as opposed to the common practice of domestic PE players raising most of the fund in offshore markets. “Private equity in India has matured as an asset class over the past decade. However, participation of local HNIs is not very big in this sector. Our aim is to provide an opportunity to this investor class to participate,” he added. [...]