SBI to launch several private equity funds
After launching an infrastructure fund in collaboration with Macquaire and IFC, State Bank of India is in the process of setting up 'several' other funds to cash in on the area, which is gaining importance as an alternate asset class.
"The bank is at an advanced stage in setting up a general purpose private equity fund jointly with sovereign entities in Oman. The Indian Government has designated the bank as the operationalising agency for a similar sovereign fund with Qatar. Several other funds are at various stages of formation," SBI said in its latest annual report.
SBI has already set up an infrastructure fund in association with Macquarie of Australia and IFC Washington primarily aimed at investing in India's infrastructure space.
"All necessary regulatory approvals have been received for operationalising the fund. Over USD one billion has been mobilised from large and well-known international investors including the sponsors," the bank said.
The Macquarie-SBI Infrastructure Fund would continue to raise capital during the year. Together with Indian domestic institutions, the total capital is projected to be between USD two billion to USD three billion.
