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.
Presently, Renuka Ramnath is in the process of signing documents for her first commitment. Her primary targets are pension funds, fund-of-funds and a select group of high net worth individuals, and is looking at 50:50 domestic/international investments ratio.
Further, two large domestic commercial banks also are said to be close to committing a sum of $100 million to Ramnath's fund. According to sources, the fund will be sector agnostic and will aim at investing in high-growth high-margin businesses.
Source: RTT News