Rana Talwar's Sabre plans $1bn India fund

Sabre Capital Worldwide Inc, which had earlier set up an India-specific $350 million private equity fund, today said it may launch a new $1 billion fund within a year.

The company has already raised $50 million of the $350 million fund. The second and final tranche of capital, which will include the entire balance amount, will be raised by February, Rana Talwar, chairman, Sabre, said here.

Christened Sabre Abraaj, the fund has already made an investment of $16-million in an unlisted mid-sized infrastructure company based in Hyderabad, he said on the sidelines of a FICCI Capital Markets Conference here.

"We would be looking at mid-level corporates and invest in the range of $15-50 million and in 9-12 months, we could also look at launching a $1-billion fund," he said.

About 50-60% of the investors in the fund are from the Middle-East, while the others hail from Europe, the US and East Asia, Talwar said.

Though there is a 10-year commitment for investments, "we hope to give returns within four years," Talwar said. The aim of the fund was to give at least two-three times returns to investors, he said.