ICICI VENTURE Fund Management Pvt Ltd, the private equity arm of India’s second largest bank, ICICI Bank, will raise as much as three billion dollars for an infrastructure and a real estate fund, reports Bloomberg. ICICI Venture will start the roadshows next week for a $1.5 billion fund, and may also look at raising a real estate fund of equal amount, ICICI Venture CEO Renuka Ramnath has been quoted as saying by Bloomberg. The proposed real estate fund will invest in residential and commercial projects in a dozen cities including New Delhi and Mumbai. Most of the funds will be raised from investors in the US, Europe, Japan, Canada and the Middle East. In September last year, Ramnath told Mint newspaper that it would raise $7.5 billion over three years for a variety of funds like real estate, hedge and mezzanine funds, besides a general PE fund. By the end of 2010, the firm plans to have over $10 billion capital under management.   more »