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Dubai-based Millennium Finance Corporation (MFC) is planning to raise three private equity funds aggregating to $600 million. The Sharia-compliant investment bank is also planning to open its office in India, reports Khaleej Times. The firm is raising three funds of $200 million each - a Clean Energy Fund, an Africa Fund and a Real Estate Fund.

MFC plans to close these funds by first half of 2009. For the cleantech fund, MFC plans to team up with Advanced Equities Inc., a Silicon Valley venture capital investment bank that specialises in

late-stage private equity finance for technology companies. MFC expects first close of this fund at $150 million in March 2009.

MFC also has two other funds - a Global Energy Fund  and a Telecoms, Media & Technology (TMT) Fund - both of who are targeting a close of $1 billion.

MFC has some investments in India. It has committed $100 million together with other highly reputable investment firms such as Temasek Holdings, Goldman Sachs, Macquarie, AIF Capital, Citigroup and India Equity Partners out of a total investment of $1bn into Bharti Infratel.

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