Indian private equity company to launch special situations fund

Indian private equity group ICICI Venture is launching an Indian OEIC this July, aimed at UK investors.

The launch is part of its plan to expand into developed markets. The firm, a subsidiary of ICICI Bank, is poised to launch a special situations fund into the US market, and a similar product is planned for UK investors. The fund aimed for the US market is run in conjunction with alternative asset manager Apollo Global Management, and is headed up by Kalpesh Kikani, senior general manager of ICICI Bank. The portfolio will invest in distressed Indian assets, buying companies facing bankruptcy or in need of restructuring. The managers are understood to have seen a number of opport...