Baring Private Equity Asia is looking to raise up to Rs 3,000 crore (about $405 million) for its third credit fund and has already secured half the amount from a large North American pension fund that is the anchor investor, people in the know told The Economic Times.
Private banks, pension funds and local wealthy family offices have also invested in the fund for now. The fund would invest in mid-sized firms, seeking 13-14% in returns for the investors.
Previously, Baring raised its second credit fund in 2018.
“Baring aims to complete the fundraising before the fiscal-end and it would be a sector-agnostic fund with a regular income for investors,” said one of the persons mentioned above. Baring had bought Religare Finance’s credit operations three years ago.