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ICICI Venture, the private equity arm of ICICI Bank, is planning three fund offerings as part of its plans to raise its assets under management to $10 billion by 2010 from $2 billion now. It plans to come out with a $2-billion real estate fund, a diversified equity fund valued at around $1 billion and another $500-million mezzanine fund. Among these, the real estate fund will be one of the largest in the country. Besides these plans, an entry into new asset classes such as hedge funds is also on the cards. ICICI Venture, which has built its portfolio across segments such as pharmaceuticals, media, information technology and logistics, wants to take a greater exposure in infrastructure in this fiscal. It is also looking at the prospect of setting up a hedge fund. Sources said that at a recent presentation before analysts, such a possibility was hinted upon. […]
Pragnya, an India-focused private equity firm, is planning to raise $150 million to invest in Indian and Sri Lankan realty projects. It has already invested $40 million in realty projects in India and Sri Lanka. “We will be investing an additional $110 million in Indian realty projects in this calendar year,” said Mr Subba R Dukkipati, managing partner of Pragnya. This will take the company’s total investment to $150 million by this year. He said the company had already invested in L&T Tech Park coming up in Kochi, Kerala. The first phase of the Rs 1,200 crore-project will be inaugurated soon, he added. Pragnya is also participating in a recently announced project announced by L&T South City Projects Ltd (L&T SCPL) in Chennai. The company will have 24.5 per cent stake in the project. The project is spread over 100 acres and will be developed in four phases. It will be completed over the next five years. […]
ICICI Ventures, one of the largest private-equity funds in the country, is going big in healthcare by investing $250 million through I-Ven Medicare, a special vehicle focusing on healthcare business. I-Ven is close to tying up with a strategic US-based healthcare financial investor, where the latter will bring in $80million, all to invest in the booming healthcare sector in the country. I-Ven Medicare, which is the lead vehicle for all ICICI Venture’s investments in the healthcare sector, has already lined up investments of Rs 450 crore for upcoming hospitals and healthcare facilities in Delhi, Maharashtra and West Bengal. It will also invest in two other healthcare facilities in Karnataka and Tamil Nadu shortly. Next in line will be another Rs 550 crore, which will be invested for building up facilities in seven other healthcare platforms in other parts of India. […]
Motilal Oswal Group, Friday, announced the closure of fund raising process for their recently floated India Business Excellence Fund (IBEF). The total proceeds realized were USD 125 million, 25% higher than the initial target of USD 100 million. IBEF`s caters to the fund requirements of small and medium enterprises ranging from USD 3-10 million. The fund focuses on PIPE deals (private investment in public equity), pre-IPO transactions and opportunities where the liquidity event is 3-5 years ahead on the horizon. Since inception in January 2007, the fund has invested in 4 different businesses such as plastics (Time Technoplast), power equipment (IMP Powers), reverse logistics and warranty management (RT Outsourcing Services), and ITES (Effort BPO). […]
ICICI Venture, the largest domestic private equity fund in the country, has roped in a foreign strategic healthcare investor in its endeavour to become a healthcare investment major in the country. The strategic partner would invest $80 million in IVEN Medicare, the fully-owned subsidiary of ICICI Ventures, to form a special purpose vehicle. “We currently have $80 million in IVEN from ICICI India Advantage Fund Series II and would raise another $90 million through debt. The new entity would have a capital base of $250 million, to start with,” said Alluri Srinivas Rao, director, Investments, ICICI Ventures. Rao said that a formal announcement regarding the tie-up would be made by the end of this month. The new company would acquire majority stakes in key regional hospitals. It will use its large balance sheet and size to buy equipment, help the hospitals raise money and hire doctors. […]
US-based Clear Investments and government-owned Power Finance Corp (PFC) have joined hands to float a $1-billion private equity fund for the Indian power sector. Their plan is to increase the size of the fund to $10 billion by 2012 with the sector entering the boom phase in the country. PFC, which was appointed as the advisory to the investments, has evinced interest in picking up 20% stake in the power fund. PFC has submitted a letter of intent (LoI) to invest $200 million, according to Deepak Kavadia, managing director of the parent company Clear Trade. The fund, which has an advisory board in India, will invest $250 million to pick up stake in Indian power companies through pre-public offering by March 2008, said Mr Kavadia. […]
Nasscom and ICICI Knowledge Park have come together to launch a fund aimed at providing seed capital to start-up ventures creating intellectual property. The Nasscom-ICICI Knowledge Park Innovation Fund (NIIF) will have a corpus of about Rs 100 crore and will operate as an independent entity managed by a professional team. Tata Consultancy Services (TCS), ICICI Knowledge Park and Bharti Airtel are the anchor investors. The fund is expected to be operational by April this year and will attract the first round of investment from another 8-10 institutional investors, outgoing Nasscom president Kiran Karnik said. The plans for follow-on rounds are to attract another Rs 150 crore – Rs 200 crore. […]
Red Fort Capital, an international private equity firm, has launched its first domestic fund of $250 million (Rs 1000 crore) targeting deals in the real estate space. The fund will focus on land and realty projects worth over Rs 5000 crore in the next one year. The investment will be made in under-valued land for residential, commercial, IT, retail and hospitality projects, focusing on redevelopment projects in Mumbai and affordable housing and land in key urban centres. Subhash Bedi, director, Red Fort Capital Advisors said, “The launch of the domestic fund is in line with our expansion plans for India. We will invest in attractive locations and markets which demonstrate high underlying employment and income growth. We are putting our own capital along with that of investors, in this exciting new venture. The fund will focus more on land banking and land acquisition, which is the key to high investment returns in the real estate sector.” Last year, the company had committed investments to a number of land and real estate projects worth over Rs 7,500 crore, partnering with the Bangalore-based Prestige Group and Indu Projects in Hyderabad. […]
The PE flood is in full spate. If the last year set a record of sorts at $17 billion of inflows, then this year might reset all the records once more. CVC International, the private equity arm of Citigroup, which invested more than a billion dollars in the country in 2007, is planning to up the ante. “We should be able to invest at least $1.8 billion in 2008,” says CVC International MD Ajay Relan, who also heads India operations. PE conjures up images of ruthless leveraged buyouts that are giving to rise to regulatory concerns worldwide. “The reality is that Indian PE is totally different, said PR Srinivasan, who has just been made MD at CVCI. “The LBO approach works in the West where business growth rates are marginal and private equity returns come from financial engineering and restructuring (restructuring is another word for “job losses”). “In India PE is about growth and job creation. When we invested in Suzlon four years ago, the business employed 950. Today, the company employs more than 10,000 in India and 12,000 worldwide,” said Srinivasan. […]
Lazard, a global financial advisory and asset management firm with $140 billion under management, is set to raise a $300 million India focused private equity fund. Lazard becomes the latest to join the India story, which during 2007 witnessed private equity investments in the range of $18 billion. While Lazard India management offered not to comment on this development, industry sources indicate that the fund is expected to be in place by middle of this year. “There will be an anchor investment from Lazard and the India PE team will start road-shows by as early as February. We expect the fund to be in the range of $250-$300 million,” sources in the company said. […]
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