ICICI Venture is planning to set up four new specialised funds, including a small-cap fund, a mezzanine fund, a hedge fund, and a fund of funds. The size of the small-cap fund will be around $500 million. It will begin with a corpus of $200-250 million, which will be hiked to that figure within the next nine months. ICICI Venture has also tied up with seven of its key investors in its private equity funds that will co-invest with them in acquisitions and buying of stakes in companies.
At present, ICICI Venture handles assets of over $2 billion, and is the largest equity fund operating from India. ICICI hopes to double assets under its control to over $4 billion by 2010. The existing assets include the $-810 India Advantage Fund 2, aimed at buyouts and growth capital for small as well as mid-size and large companies and a $-500 million real estate fund that is looking to join hands with developers for commercial as well as residential projects.
Buisness Standard
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