UTI Asset Management Company has set up a private equity fund worth $500 million in partnership with Germany's HSH Nordbank and Kuwait's Noor Financial Investment Company, the firm said on Thursday.

The fund will mainly tap offshore clients and invest in unlisted infrastructure firms engaged in sectors such as roads, ports, power, logistics, airports and energy among others, the company  said in a statement.

UTI AMC's PE fund is separate from UTI Venture Funds Ltd, which has now become an independent entity even though UTI AMC is the largest stakeholder in the firm.

ICICI Bank is also reportedly raising a $150-200 million fund, which is separate from ICICI Venture, mainly targeted at SMEs..

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