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By 13 October, 2008

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Private equity firm ic2 Capital plans to raise $250 million in two tranches to invest in unlisted Indian firms in the hospitality, logistics, food and media sectors, senior officials said on Monday over telephone.

It would raise around $100 million by December and another $150 million by June, Chairman Sukhbinder Heer said.

"Our talks with our investors indicated they are long on the Indian mid-cap sector," he said when asked about the chances of raising the money in the current market conditions.

It would typically invest around $5-30 million in each firm and expect an annual return of 25-30 percent from its investments, Managing Director Anmol Nayyar said.

In the hospitality sector, it would look at investing in business hotels in the Tier-2 cities and towns instead of 5-star properties, he added.

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