The proposed ICICI Venture infra fund, which aims to invest in assets such as roads, ports, airports and seaports and infrastructure companies, has secured investment commitments of up to $270 million (Rs 1,685 crore) from major companies like LIC.
For the ICICI´s debut infrastructure fund Temasek, Life Insurance Corporation and General Insurance Corporation have evinced interest to invest. It signals the return of investors´ faith in the growth potential of the sector at a time when the economic slump has dented the ability of private equity funds to raise money.
As per the sources, the country´s largest home-grown private equity fund has received commitments to the tune of $150 million (Rs 936 crore) from domestic investors and another $120 million (Rs 749 crore) from international inve-¡stors, including sovereign and pension funds. The Singapore government owned Temasek, an investment company, is said to have committed $100 million to the new fund, which aims to raise $500 million (Rs 3,121 crore) as corpus.
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