APG, Piramal look to raise second fund to invest in infra projects in India

Piramal and APG had each initially committed $375 million for investment under the JV

Dutch pension fund manager APG Asset Management and the Ajay Piramal-led Piramal Enterprises are looking to raise a second fund to invest in infrastructure projects in India, said sources.
 
The aim is to raise $500 million (nearly Rs 3,500 crore), they added. In 2014, the two entities announced a joint corpus of $750 million in the first round of fund raising and have invested most of that corpus, said the sources. “Since the first fund is getting over, they are looking for a second fund,” was the explanation.
 
An APG spokesperson declined to comment. A Piramal spokesperson said: