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July 3, 2000
Barings plans $100-mn India equity fund
The Netherlands-based Barings Private Equity Capital will float a $100-million private equity fund for India, a senior official said.
"We will be raising $100 million or more to invest in the Indian information technology, pharmaceuticals and consumer service sectors," Akhil Awasthi, vice-president of Barings Private Equity Capital said.
Barings will raise the funds by December from investors in the United States, Europe, the Middle East and Japan and will invest these for five years in Indian companies, Awasthi said.
Preliminary talks with potential investors had already begun in the United States, he said. "Investors in the United States usually expect a 25-30 per cent return in dollar terms from private equity funds," Awasthi said about the kind of returns that the fund would aim to achieve in India.
Barings already manages a $30-million private equity fund in India since 1997.
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