India's LIC Housing Finance to raise $96m fund
LIC Housing Finance, the mortgage lender owned by Life Insurance Corp. of India, plans to enter the private equity market with an INR5 billion ($96.5 million) urban development fund. Half of its corpus will go toward equity and equity-related investments in companies developing industrial and IT parks, and special economic zones, with the remainder committed to mid-income affordable housing.
The fund, which will be managed by LIC Housing Finance's asset management unit, is expected to reach a close in 8-9 months, Reuters reported. As much as INR2 billion has been raised already, with LIC Housing...
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