ICICI Venture's infra fund to be buoyed by overseas investors
ICICI Venture has turned to overseas LPs to finance up to $750 million of its $1 billion infrastructure fund, according to reports, which is slated to go toward India’s roads, ports and airports once deployed.
ICICI is said to currently be raising funds, of which $100 million has already been garnered from domestic investors, ICICI Venture CEO Vishakha Mulye told media, adding that "we also propose to approach international markets for our fund raising." The vehicle is understood to be a JV with a second Indian fund.
ICICI Venture, which has more than $2 billion under management, largely focuses on buyouts, real estate and mezzanine financing in the areas of pharmaceuticals, IT, media, manufacturing, logistics and real estate. The planned fund is to be its first fully focused on Indian infrastructure investments. In June, the firm hired Manikkan Sangameswaran, former chief of Babcock & Brown Infrastructure's BBI.AX India unit, to head up its infrastructure business.
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