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India's only listed private equity firm, IL&FS Investment Managers Ltd (IIML), is expected to close a $400 million fund by October 2007, reports Business Standard. This will be the sixth fund of IIML. The first close is expected next month at $150 million, and the remaining by October.

This will be the largest growth capital fund from IIML, although it had last year raised a $525 million real estate fund from which it has already made 20-odd investments. The last time it had raised a general fund was its $153 million-Leverage India Fund in 2004. It has had 29 investments and five exits from this fund.

The roadshows for the $400 million fund began in September 2006, and according to BS report, it has got investors like Taib Bank of Bahrain and Punjab National Bank who had earlier invested in the Leverage India Fund of 2004.

The new fund is expected to focus on late-stage funding, pre-IPO and PIPE deals in sectors like infrastructure, life sciences, manufacturing, information technology, and consumer services.