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3i launches 3i India Infrastructure Fund with $1bn target22/08/2007. Source: AltAssets. 
 3i Group is establishing an India-focused infrastructure fund. 3i India Infrastructure Fund is the first fund being established within the framework of the strategic partnership agreement announced by 3i and the India Infrastructure Finance Company Limited in April.
The new fund has a target size of $1bn and will be an unlisted vehicle. 3i India Infrastructure Fund will invest primarily in power, ports, airports and road projects in early stage and mature infrastructure operations.
3i intends to invest a minimum of $250m in the fund. 3i Infrastructure, which is exclusively advised by 3i Investments, a subsidiary of 3i, proposes to invest $250m in the fund, subject to the approval of its shareholders. Other commitments will be sought from third-party investors.
3i infrastructure managing partner Michael Queen said, 'India offers tremendous growth opportunities for infrastructure investment. 3i, through its global network and within the framework of the strategic partnership with IIFCL, is optimally positioned to source attractive investment opportunities in the Indian infrastructure market and to
deliver value to its shareholders and investors in the fund.'
Philip Yea, 3i chief executive, added, 'Today's announcement is another very positive step in the development of our infrastructure business globally and also further accelerates our growth in Asia and India in particular.'
3i's Mumbai team, consisting of ten investment and advisory professionals, has invested a total of $325m in India since 2005 in sectors including real estate, media and automotives, and in the infrastructure sector, power and ports.
3i's infrastructure professionals work from offices based in Mumbai, Singapore, London, Frankfurt and New York.
The firm's track record in infrastructure includes investments in Anglian Water, a water supply and waste water company in England and Wales; and an interest in Infrastructure Investors, a UK equity fund investing in secondary PFI projects.
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