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UK private equity firm to set up specialist SME lender in India

U.K.-based private equity firm Actis LLP will set up a nonbanking financial firm that will lend to small and medium-sized enterprises in India.

Actis plans to fund the company, Profectus Capital, with up to US$220 million of equity capital over a five-year period, according to a May 29 statement.

Profectus Capital will be led by K.V. Srinivasan, formerly CEO of Reliance Commercial Finance.