ICICI Bank’s private equity arm to raise $500 million: Report

ICICI Venture Funds Management Co, the private equity arm of ICICI Bank, is reportedly planning to raise $500 million for its fourth fund. Separately, the fund announced its first closure of $190 million on April 20.

The sector-agnostic fund - India Advantage Fund Series 4 (IAF4) - would typically invest about $25-50 million in Indian companies.

ICICI Bank is India's largest private sector bank. The Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms.