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Report: Baring Private Equity Asia to collect up to 15B rupees via credit fund

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Report: Baring Private Equity Asia to collect up to 15B rupees via credit fund

Baring Private Equity Asia plans to raise as much as 15.00 billion Indian rupees via a dedicated credit investment vehicle that will target local bonds offered by midsize Indian companies, The Economic Times of India reported Oct. 3, citing people with knowledge of the matter.

The Hong Kong-based asset manager has reportedly made an alternative investment fund application to the Securities Exchange Board of India, and it will look to attract the commitments from global asset managers, pension funds, insurers and wealthy investors.

The bonds, which will be backed by collateral, will be divided into two portions, namely core and an option to retain oversubscription, the publication said.

Baring Private Equity Asia did not immediately respond to S&P Global Market Intelligence's request for comment.

As of Oct. 4, US$1 was equivalent to 70.88 Indian rupees.