The company will raise USD 400 million or Rs 2,400 crore fund raised for investments in Asia and Africa, and a portion of this (Rs 600 crore) would be for India, which is identified as a 'priority' market.
"Global investors are recognising India's active steps to welcome foreign investment, its entrepreneurial business community, and the extraordinary rise of so many people towards the middle class," its co-founder Jim Roth said.
The fund has already announced its maiden investment in the Chennai-based non banking financial company IFMR Capital, but did not disclose the amount invested.
The new fund will invest up to Rs 300 crore in a single company and will look at established businesses that deliver insurance, savings, pensions, investments, credit, remittances or payments, it said in a statement.
Investors in the newly raised USD 400 million fund include six of the world's leading insurers, three of the world's leading re-insurers, as well as major development financiers, pension funds and asset managers, it added.