ICICI Venture Funds Management, the private equity arm of ICICI Bank, intends to raise $167-223 million for its second real estate fund, The Wall Street Journal reports. The India Advantage Fund Two will raise capital from domestic banks and high-networth individuals. The new vehicle will focus on residential real-estate projects of mid-sized developers in top-tier cities. ICICI Venture previously raised $550 million for its first realty fund in 2005.
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