ICICI Bank's Emerging India Fund has made a first close of $50 million by mopping up funds from domestic investors. The fund, which is targeting a final close at $100 million, is being managed by the banks wholly owned subsidiary ICICI Investment Management Company Ltd. The fund, which was launched in June this year, is targeting deals in the below $10 million range.

ICICI Bank also has a private equity arm, ICICI Venture Funds Management Company Ltd, which typically invests upwards of $20 million in growth capital deals and buyouts.

"The Fund’s contributors are mainly domestic institutional and corporate investors. The Fund is targeting a final closure at $100 million rupee equivalent and the discussions are at various stages

with some of the other institutional investors," said ICICI Bank in a statement.

Emerging India Fund is a sector agnostic fund and will invest in areas like services, consumption, infrastructure development, etc. The fund will leverage ICICI Group’s strong network and experience in the SME space, said the statement.

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