ICICI Venture, one of the largest private equity firms of India, last year raised a fund worth nearly $ 700 million. The fund was raised through real estate funds and other similar funds.
ICICI Venture (I-Ven) last year raised $ 700 million in forms of real estate funds and other funds. I-Ven successfully closed its second real estate fund- the India Advantage Fund Real Estate Series 2. The fund was successfully invested in to two projects one in NCR and the other in Mumbai. Both the investment amounts fall around Rs.100 Cr each.
The first investment in the National Capital Region (NCR) is a group housing project. The project is developed by Advance India Projects Ltd. ICICI Venture’s second investment is in a top-end luxury project which is being developed by Ahuja Developers. The project is being developed in Mumbai.
India Advantage Fund Real Estate Series 1, the first real estate fund of ICICI Venture, had been raised $ 550 million. The fund has been invested in to around 13 projects.
There was a steady increase in the real estate fund in 2012. Last year nearly $1 billion (Rs.5000 Cr) was raised through 14 funds. The amount is far ahead to the $ 900 million of 2011 (raised through 9 funds) and $200 million of 2010 (raised through 4 funds).
According to some close sources, I-Ven has commitment worth $275 million for its infrastructure development fund. The firm is believed to announce its closing soon. India Infrastructure Advantage Fund, worth $500-million, was launched in 2010. The fund was invested in many sub- sectors like as roads, railways, ports, airports, power and telecom besides social infrastructure development.
However, Vishakha Mulye, CEO of ICICI Venture Funds, refused to disclose the exact amount. He added that the firm is happy about the outcome and hopefully looks forward. He said that it was extremely tough to raise such a fund in India due to its weaker economic condition in the last year. The fund mainly aims to invest on distressed assets.