ICICI Venture, the private equity arm of lender ICICI Bank, plans to launch a $500 million fund by July to invest in infrastructure projects, its chief executive said.

"We have started putting together the team in place and we will probably approach the market very soon," Vishakha Mulye told Reuters in an interview. "We will probably look at launching at end of June or first week of July."

ICICI Venture plans to tap domestic as well as international investors for the infrastructure fund, which will have an overallotment option of another $500 million, she said.

ICICI Venture, one of India's largest private equity firms with about $2 billion in assets, also plans to launch a $100 million fund in India with an option to raise another $100 million for investing in real estate companies, she said.

The fund will be launched in the next couple of months, and will invest in residential projects, she said.

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