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AltAssets is the private equity news and research service from Almeida Capital
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PRINT THIS PAGE Macquarie, SBI launch $2bn India infrastructure fund16/04/2008. Source: AltAssets. 
Macquarie Capital Group and State Bank of India (SBI) are to raise a new $2bn fund targeting direct infrastructure investment opportunities in India. The International Finance Corporation, as one of the fund's cornerstone investors, will also have a stake in the proposed fund management company.
Macquarie, SBI and the IFC together plan to contribute a total $450m to the fund. They want to raise further capital from domestic and international institutional investors.
The fund will provide equity and equity-like capital for investments in traditional infrastructure, including roads, ports, airports and power. It will also look at investment opportunities in infrastructure-related assets and businesses, according to a statement.
Nick van Gelder, head of Macquarie Capital Funds in Asia, said, 'Teaming Macquarie and its global experience with SBI in its home market, where its reputation and credentials are beyond compare, will create a powerful partnership in India.'
Macquarie and SBI have already identified a number of investment opportunities, according to van Gelder.
Another major infrastructure fund for India has just been raised by 3i Group. 3i closed its 3i India Infrastructure Fund on $1.2bn.
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