The India-dedicated fund is sponsored by two Europe based financial groups Principle and Europa. The sponsors have $1 billion under management coupled with $2 billion under fund administration services. PE IIF will be their first India fund while the sponsors have previously set up two infrastructure funds in Africa.
PE IIF is raising $1-billion in the long-term, while it is looking at making a first close of $300 million in the next few months. Pathak is bullish about the fund-raising process. “Many limited partners have already indicated their willingness to participate in our fund,” he told VCCircle.
The fund is targeting to invest in early-stage, greenfield infrastructure projects. “There is a crying need for such funds in equity-starved infrastructure projects,” he said.
The bureaucrat-turned-PE honcho is looking at leveraging his over two-decades of experience in the public and private sectors to maximise returns in early-stage infrastructure projects. The India team – he is currently in the process of recruiting – of the fund would be based in Mumbai and Delhi.