IDFC Private Equity Co., India's largest infrastructure-focused private equity firm, plans to more than triple its assets for investments in roads, ports and power in the world's second-fastest-growing major economy. IDFC Private Equity will secure $700 million from overseas investors for a third fund soon, Luis Miranda, chief executive officer, said in an interview in Mumbai. He expects to raise another fund over the next three months for a combined $2 billion in assets. 3i Group Plc, Deutsche Bank AG and Morgan Stanley are increasing alternative investments in India, where private equity firms raised seven times more than for China in the first quarter. Miranda estimates between $15 billion and $20 billion is being raised as the government woos funds to build the airports and power stations needed to sustain economic growth. IDFC has made investments through two private equity funds, the India Development Fund and the IDFC Private Equity Fund II, that collectively manage $630 million. Miranda and his team have screened 900 proposals since starting IDFC's private equity arm in 2002, he said. The group has invested in just 25, he said.   more »