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Stanchart IL&FS Asia Fund Has Second Close On $601 Million

By TEAM VCC

  • 26 Mar 2009

The Standard Chartered IL&FS Asia Infrastructure Growth Fund (SCI Asia) has completed the second close of its fund at $601 million, reports PEI Asia, quoting Andrew Yee, co-chief executive of the fund. In January 2009, the fund held its first close at $568 million. Since then, the fund added $33 million more and is calling it the second close. The firm is targeting a final close of $800 million by September.  

An email to Archana Hingorani, Executive Director, IIML, requesting for more information, has not elicited a response till the time of writing this report. 

SCI Asia is co-sponsored by Standard Chartered and IL&FS, an Indian infrastructure development and financial services company. They have committed $150 million each to the fund. Swiss fund of funds manager Partners Group is also an investor in the fund, besides six other institutional investors, according to PEI.

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This would be the first case of Indian fund managers raising a fund with a pan-Asia focus.

The fund made its maiden India deal last year by picking up a 5% stake in IL&FS Transportation Networks (ITNL) for Rs 130 crore, valuing the firm at Rs 2,600 crore ($520 million).

The Singapore-based fund invests in sectors like energy and power, telecom, transportation besides environmental and social infrastructure. In May 2008, the fund invested $82 million in China Water Holdings.

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The fund invests in China, India and Southeast Asia across traditional infrastructure sectors such as toll roads, power plants and power distribution. Its average deal size is between $50 and $100 million. It is open to co-investment opportunities.

SCI Asia has 15 investment professionals split evenly between Beijing, Mumbai and Singapore.

IL&FS is one of India's oldest private equity firms and has about $1.9 billion under management. IL&FS had also last year announced close of its real estate fund at $895 million, above its target.

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