ICICI arm plans $2 billion real estate fund: Report
Private equity firm ICICI Venture Funds Management Ltd is floating a $2 billion real estate fund next month, the Business Standard said on Tuesday.
The fund will have a tenure of 10 years and the money will be invested in projects within three years, it said, citing Renuka Ramnath, managing director and chief executive of ICICI Venture.
ICICI Venture, a subsidiary of ICICI Bank Ltd, manages assets of more than $2 billion and had raised a $550 million real estate fund earlier. It has a strategic long-term joint venture with Tishman Speyer Properties in India.
"We will be able to raise large sums of money leveraging the ICICI brand name," Ramnath told the paper.
The Carlyle Group, as well as the private equity funds of Morgan Stanley, Citigroup and others have rushed into the Indian property sector since rules on inbound investment in the construction industry were eased in 2005.
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