Date:18/6/11,
Real Estate Fund,
Domestic Fund,
ICICI Venture Management Co Ltd, Private equity firm is raising INR 7.5 to 10 billion for its new domestic fund India Advantage Fund Real Estate Series 2, which is expected to close in the next 6-9 months. The first close of the fund will happen in the next two months, after which ICICI Venture may start investing from the fund.
"This fund will be used to invest in residential projects in the mid-income segment, with preference for brownfield projects," says Sanjeev Dasgupta, president, real estate at ICICI Venture. The PE firm will ideally invest in projects where land acquisition and zoning have been completed but will also scout for opportunities in late stage projects. It will invest mostly in the big metro cities of Delhi, Mumbai, Bangalore, Pune and Chennai.
"This fund will be used to invest in residential projects in the mid-income segment, with preference for brownfield projects," says Sanjeev Dasgupta, president, real estate at ICICI Venture. The PE firm will ideally invest in projects where land acquisition and zoning have been completed but will also scout for opportunities in late stage projects. It will invest mostly in the big metro cities of Delhi, Mumbai, Bangalore, Pune and Chennai.
ICICI Venture receives $562 million India Advantage Fund Real Estate Series 1 in 2006, which invess in both domestic and FDI projects through equity, quasi-equity and equity related instruments.
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