PE fund to raise about $500 mln - report

MUMBAI (Reuters) - A private equity fund launched by the former chief of ICICI Venture plans to raise about $500 million, the Economic Times newspaper reported on Monday.

Renuka Ramnath's firm, Multiples, has already received financial commitments of $150 million to $200 million from some partners, the paper said, citing the chief executive of an unidentified private equity firm.

The commitments are in the process of being formalised and the first tranche of the fund could be in place in less than two months, it said.

Ramnath could not be immediately reached for comment.

"She plans to raise a shade less than $500 million ... her primary targets are pension funds, fund-of-funds and a select group of high net-worth individuals and is looking at 50:50 domestic/international investments ratio," the paper quoted an unidentified private equity investor as saying.

Ramnath, who joined ICICI Venture in 2001, quit the company in April this year.