ICICI has launched its Infrastructure and Real Estate Fund through
which it aims to initially raise $100 million from the Gulf Co-operation
Council and African countries.
Elaborating the same Mr. Chetan Mehra, regional head, Private Banking
and NRI services (GCC and Africa), said that the fund is largely focused
on Middle Eastern investors and gives them the chance to be part of
India's growth story. The fund, which offers a drawdown and close-ended
option, will have a minimum investment level of $50,000 (Dh183,500)
and will be open to all nationalities.
The drawdown facility will provide investors with the option of staggered
investment by paying 50 per cent of investment amount upfront and the
balance within six months. Besides, it will allow investors to make
disciplined investments since it is a three-year, close-ended scheme,
with restricted liquidity after the first year.
The fund will be exclusively available for ICICI Bank Global Private
Clients on a private placement basis. Investment advisors to the fund
will be ICICI Bank's asset management arm in India, ICICI Prudential
Asset Management Company Limited, and it will be advised under the guidance
of Nilesh Shah, Chief Investment Officer, ICICI Prudential AMC.