Anil Dhirubhai Ambani Group (ADAG) is hitting the private equity road braving the market turmoil. The group is promoting a $2-billion yet-to-be named fund as a standalone entity, and not as part of Reliance Capital, sources said. The group has put in place a fund team that is already chasing deals of at least $50-75 million in size. The general purpose fund has already raised over $500 million with Anil Ambani as anchor limited partner, sources added. Mr Ambani’s infusion is believed to have come from his personal holding companies - Batista and AAA. “The fund hopes to close a few transactions before achieving financial closure. It may have 4-5 LPs besides Mr Ambani himself who is not treating it as just a route for deploying his personal wealth,” a sources explained. In context, sectoral observers said Mr Ambani’s PE play may be different from his peer and Wipro Chairman Azim Premji who recently floated $1 billion PremjiInvest mainly pouring in his personal wealth.   more »

Trikona Capital Ltd., the leading fund management firm for institutional investment in infrastructure and real estate, today announced the expansion of its urban rejuvenation platform in Mumbai to continue to foster socially conscious development. The announcement supports Trikona's overall urban rejuvenation initiative to build 100 million square feet of saleable space over the next decade. Trikona has inked a new four-acre project in Bandra, the sought after residential area adjacent to Mumbai's central business district, to fund the refurbishment of middle-class homes and the development of luxury housing. The $40 million deal is a co-investment in the project with German fund manager SachsenFonds. In the past twelve months, Trikona has developed a strong strategic partnership with the fund manager and announced sales of assets to SachsenFonds totaling $170 million.   more »