Mumbai:
US investment bank Thomas Weisel International is
planning a $200 million private equity fund of funds for
India. The company is also planning a rollout of its asset
management business in India.
The
fund of funds, which has already made two investments
worth $25 million in IDFC and ilabs, is yet to close.
"We have
already raised $100 million and hope to touch $200 million.
Though infrastructure is not our core area of competence,
we have put in money in IDFC," said Praveen Chakravarty,
director, Thomas Weisel International India.
The
fund has invested $15 million in IDFCs and $400 million
fund and another $10 million in ilabs.
Thomas
Weisel focuses on mid-cap companies in growth sectors,
including technology, healthcare and alternative sources
of energy. The India focus will also continue to be on
these sectors, besides infrastructure.
The
company proposes to set up a 100-per cent subsidiary for
its asset management business in India. "Asset management
will be the area that we will focus on, both public equities
through mutual funds and private through the PE fund.
We are also exploring investing in the Indian stock markets
through the FII route," said Chakravarty.
The
company currently offers institutional brokerage to its
clients. While its PE business is operational, the company's
mutual fund business is expected to be rolling by year-end.
The
firm offers investment banking, institutional brokerage
and equity research services internationally. Its subsidiary,
Thomas Weisel Asset Management, includes three private
equity investments funds and a distribution management
service for private equity and venture capital funds.
The
company's India office, which was set up in October 2005,
is its first international office outside the US.
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