Vision Global Investments, a management company set up as a three-way venture of Fursa Alternative Strategies, SREI Infrastructure Finance and Prima Donna Global Holdings, has launched a $1 billion (€628 million) Indian infrastructure fund.
The fund will be led by Sanjiv Gupta, formerly the chief executive officer of Coca-Cola South Asia based in India. Following his role at Coca-Cola, Gupta was a managing director for Indivision Capital, a Future Group-promoted consumer-centric private equity fund that invests in India.
All three founders of Vision Global are committing capital to the fund, but Debesh Nanda, a managing director at Vision Global and head of its Bahrain operations, declined to disclose details. Nanda is also a former director of financial strategy at Coca-Cola.
Nanda said that the Vision Global Infrastructure Fund is a “multi-sector and multi-stage fund” that will invest in everything from power, telecom and oil and gas to roads, ports, railways, airports and logistics.
News outlets in India have reported that the fund will be making investments of $25 to $75 million and is expected to yield an average 20 to 25 percent return per year.
The fund is expected to see a first close at $300 million by June this year, and is expected to close on $1 billion by the end of the year. Investors are being sought from the US, the Middle East, South East Asia and Japan.
The new company is expected to have a team of around 14 professionals based out of Mumbai and Delhi managing the infrastructure fund.
Prima Donna is a holding company set up by Indian management professionals based out of the Middle East, Singapore and India and headed by Gupta. SREI Infrastructure is a non-banking infrastructure financing institution in India whose core services include equipment finance, infrastructure project finance and renewable energy equipment finance. Fursa Alternative Strategies is a US-based hedge fund sponsor that also invests in public equity, fixed income and private equity globally.
The fund will join a large number of Indian infrastructure funds already in the market. In February, Kotak Investment Advisors launched a $1 billion fund for Indian infrastructure. The previous year, The Blackstone Group teamed up with Citigroup and India’s Infrastructure Development Finance Company to form a $5 billion Indian infrastructure fund, and London-listed 3i Group launched a $1 billion Indian infrastructure fund.
Global Asia Real Estate makes $44m 4th investment
Global Investment House, a UAE-based investment bank and asset management company, has invested $44 million (€28 million) in a development in the city of Liuzhou, in China, through its Shariah-compliant fund Global Asia Real Estate Fund. The investment is the fourth deal for the fund, which was closed in November 2007 with approximately $75 million of committed capital. The fund is focusing on India and China and has made three investments, two in China and one in India. The project, expected to be completed by the end of 2009, is being done in partnership with Singapore developer Unionmet. The firm says it expects the investment to deliver a 25 percent IRR.
MBD Group may sell Bangalore development to PE
MBD Group, a Delhi-based publishing house with significant property assets, is reportedly in talks to sell equity in its mixed-use development MBD Zephyr in Bangalore. Sonica Malhotra, executive director of the company, told the Wall Street Journal that the company was looking to offload between 26 percent and 49 percent equity in the retail portion of the 80,000 square foot development. She also said that the company had been approached by private equity funds, although she declined to release details. The development, which is scheduled to be completed by 2011, is slated to include luxury retail and entertainment spaces as well as a luxury hotel.
Trikona adds six to investment team
Trikona Capital has expanded its management team with the addition of six senior managers to focus on investments and deal closings for large scale real estate and infrastructure projects in India. The new additions to the Trikona team include: Ashesh Shah, global head of corporate development, investor relations and UK operations; Chris Rode, leading international strategy and partnerships; Pravin Rathod, leading capital markets and deal structuring; Sajid Malik, responsible for deal structuring and closing; Umesh Luthria, leading investments in Trikona’s hospitality platform; and Rahul Malik, a senior member of the overseas business development team in India. The recent hires bring Trikona’s team to approximately 50 professionals. Trikona also announced former Indian government housing development chairman, Dr. PS Rana, would head its real estate and infrastructure projects.
Red Fort to launch $800m follow-on India fund
Red Fort Capital is planning to launch a second offshore fund next month, Red Fort India Real Estate Fund II, to the tune of RS32 billion ($795 million; €516 million), according to local press reports. The vehicle, which follows Cayman Islands-based Red Fort India Real Estate Fund I, will invest in the Indian real estate market. Red Fort India Real Estate Fund II is expected to close in June. Predominant investors include individual and institutional investors and governments in Europe, the US and other countries, according to Red Fort Capital partner Subhash Bedi. The fund will invest in the residential, commercial, retail and hospitality sectors.
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