IL&FS Investment Managers Ltd, the only publicly traded private equity fund manager in India, is looking to raise a $1-billion infrastructure fund, according to a report in The Economic Times quoting sources. According to the report, the firm has attracted investments from South Korean and Japanese funds to invest in Indian companies which build power plants, logistic and set up waste management businesses. “The fund has got commitments from South Korean and Japanese pension funds and it is looking at closing the proposed infrastructure fund at a higher level,” said one of the sources. “IIML is establishing a $1-billion infrastructure fund to tap into two distinct opportunity sets,” Ramesh Bawa, chief executive, IL&FS Financial Services told the news paper. “One, a variety of reasons have led to excess leverage in the sector…there is, therefore, a need to recapitalise infrastructure developers to enable them to regain the investment appetite, specifically in sectors like power and roads. Secondly, the economy continues to offer significant growth opportunities, many of which have got a considerable push on account of a positive government action,” he added. In July last year it was reported that IL&FS Investment Managers was raising a $500 million infrastructure fund to invest in roads and energy projects. IL&FS Investment Managers has assets under management of $3.5 billion. The fund manager has made over 163 investments across 13 funds since it started operations in 1996. According to the news report, apart from the equity fund, IL&FS Investment Managers is also in the final stages of negotiations with the Islamic Development Bank‘s private investment arm ICD to raise a $1-billion debt fund to invest in Sub Saharan Africa. “We are collaborating with the Islamic Corporation for the Development of the Private Sector (ICD) for creating a $1-billion debt fund to invest in the capital starved region on Africa,” Bawa said. “Relationship with ICD helps us in building a de-risked and diversified portfolio spanning transportation, utilities and social sectors.”

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