HDFC Rs3,240 crore investment in realty gets Govt. clearance
New Delhi: The cabinet committee on economic affairs (CCEA) has cleared foreign direct investment proposal of Rs3,240 crore by the Mauritius-registered, and HDFC-sponsored, Indian Offshore Real Estate Investment (IOREI) in HDFC's International Real Estate Fund.

The proposal, as it stands cleared, will see IOREI invest $720 million in the units issued by the HDFC International Real Estate Fund. HDFC, in turn, will contribute the balance amount of $30 million by subscribing domestically to the units of the international scheme (HDFC International Real Estate Fund).

The HDFC Property Fund, a venture capital fund registered with the Securities and Exchange Board of India, was set up last year and has launched two schemes — the HDFC India Real Estate Fund with a corpus of Rs1,000 crore and the HDFC IT Corridor Fund, with Rs464 crore.

The proposed HDFC International Real Estate Fund is its third scheme and aims to raise funds from international investors. Funds from international investors will be collected through IOREI and will be invested in units issued by the international scheme.
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Baring Asia targets mid-sized companies with PE Fund III
Mumbai: Baring Private Equity Asia Group has said that it has raised $490 million for its Baring Asia Private Equity Fund III, L.P.

Fund III will also be aimed at mid-sized companies in China, India, Singapore, Taiwan, Hong Kong and Japan that need equity for expansion or management buy-outs.

With the closing, Baring Asia's funds under advisory total over $1 billion in assets.

The fund received investment from institutional investors including Invesco, Deutsche Bank, Pantheon, SEDCO, Dow Employees' Pension Plan, Singapore's TIF Ventures, United Overseas Bank, Pennsylvania PSERS and the Kuwait Investment Office.
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