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Dubai-headquartered private equity investment management firm Baer Capital Partners is launching a $250 million India-dedicated hedge fund by end of the year, reports Business Standard. It's likely to be called Beacon India Growth Fund. Baer Capital has also applied for foreign institutional investor (FII) registration, Alok Sama, President & Founder, Baer Capital Partners, informs BS. Market regulator SEBI had recently made a proposal to allow hedge funds to directly set up shop in India. Baer Capital's plan is in tandem with SEBI move.

The fund will be investing in public market companies, and will be a long-biased hedge fund with a focus on the mid-cap stocks across sectors.

In July, Sama had said that Baer Capital would roll out five funds - a private equity fund, an equity-oriented hedge fund, an open-ended equity fund, a special situation equity fund and an infrastructure-focused private equity fund. Capital raising for all the funds would be completed by 2008-end, Sama had told The Economic Times.

Baer Capital is co-founded by Michael B