ICICI infra fund targeting $200m first close in May

The India-focused debut infrastructure vehicle sponsored by the private equity arm of ICICI Bank is nearing its first close with commitments from Indian and Asian limited partners and strong interest from European and Canadian investors.

The India Infrastructure Advantage Fund (IIAF), the first infrastructure fund sponsored by ICICI Venture, the independently managed private equity arm of India’s ICICI bank, is nearing its first close.
 
The India-focused vehicle has already raised about two-thirds of the $200 million it intends to collect before reaching a first close in May and may even end up holding a first close at more than that amount, a source close to the fund told Infrastructure Investor.
 
The first close will be held with commitments mostly from Indian and Asian limited partners (LPs). The source said the fund is attracting strong interest from European and Canadian LPs, which are still conducting due diligence on the vehicle. 
 
IIAF is targeting a final close of $750 million – with a hard cap of $1 billion – and will invest in late greenfield and brownfield projects in India across transportation, energy and other infrastructure sectors.
 
It will have an 8-year lifecycle and is being led by Mohit Batra and Partha Dey – who, like most of the fund’s team, have been working together for the last 10 years – and Mannikan Sangameswaran, the former head of Babcock & Brown India. All of the team members have strong experience in financing and investing in Indian infrastructure, the source said.
 
Global Private Equity is acting as placement agent for IIAF.