ICICI Venture Funds Management Company Ltd, the private equity arm of private sector lender ICICI Bank, plans to deploy its $400-million (approximately Rs1,880 crore) India Advantage Fund-III in the next three years, according to its managing director and chief executive officer Vishakha Mulye.
Launched in 2009, the sector-agnostic, equity-linked fund made its maiden investment of $27 million (Rs126 crore) in Chennai-based Star Health and Allied Insurance Company Limited in April this year.The new fund follows the $810-million India Advantage Fund-II, which was capped at $583 million. The company raised $245 million in the first round.
“We believe that India offers an opportunity in the next decade as its economy is bound to grow over 8 per cent by then. The growth will mainly continue to be driven by consumption-driven segments. And, clearly pharmaceutical, media, pharmaceutical and financial services look promising today,” she told media persons here on Thursday.
ICICI Venture, which has three practices — private equity, real estate and mezzanine, recently made its first debt investment of Rs20 crore in People Combine Group’s Oakridge International School in Hyderabad.
Stating that education was clearly an upcoming segment, Mulye said ICICI Venture’s
investments in this sector would probably start from now. “We are bullish on the education sector, particularly vocational, and we will definitely look at education very closely to invest in from the India Advantage Fund-III as well,” he added.
