IL&FS Infra Asset Management, an asset management company promoted by IL&FS Financial Services, has raised $120 million for its IL&FS Infrastructure Debt Fund. The fund is managed by Life Insurance Corp. of India and IL &FS Financial Services.
The debt fund, which launched in February 2013, held an initial close on Dec. 14, 2013. The firm is currently targeting a raise of $1 billion but has plans to increase its fundraising goal.
“Our initial fundraise is just the beginning — we eventually intend to scale up the asset under management to $5.0 billion through launch of various other schemes targeting fund raising from domestic and offshore long term investors,” Ravi Parthasarathy, chairman at the IL&FS Group,