Financial Daily from THE HINDU group of publications
Friday, Nov 18, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 18, 2005 |
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Markets
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Mutual Funds IL&FS closes Leverage India Fund at $153 m Our Bureau
Mumbai , Nov. 17 IL&FS Investment Managers Ltd (IIML) has announced the final close of its Leverage India Fund (LIF) at $153 million, as against an initial targeted close of $120 million. Sponsored by IL&FS, the fund was also co-sponsored by Punjab National Bank and Taib Bank, Bahrain. The fund has a unique structure designed to cater to the varying risk appetites of investors by providing priority on the cash flows of the fund. Accordingly, the fund offers preference units with a capped return and an attendant lower risk for investors choosing to maintain such a profile, and regular equity units with unlimited return for investors with a higher risk appetite. The ratio of preference to equity units in the fund is 40:60. The fund is focused on expansion related growth opportunities in sectors as diverse as infrastructure, life sciences, textiles and IT. With this closing, IIML now has over $400 million under active fund management.
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