Dubai, April 26 (PTI): The 200 million dollar Indian private equity fund, promoted by Gulf companies, has evoked good response from regional institutional and individual investors.

Khaleej Finance and Investment (KFI) and its regional partners said the Indian Private Equity Fund has attracted interest from many institutional and individual investors, both regionally and internationally.

The Indian Private Equity Fund was structured to allow KFI's investors' entrance in the Indian private equity market.

The fund is allocated to two main portfolios, 50 per cent real estate and development and 50 per cent private equity.

"The Sharia-compliant 200 million dollar fund offers investors in the GCC a unique opportunity to benefit from the dynamism of the Indian economy and the high growth levels it is maintaining," KFI Wealth Management Director Talal Kaiksow said in a statement.

KFI said, the minimum subscriptions of 250,000 dollars for individuals and 1 million dollars for institutions and it has a target Internal Rate of Return in excess of 25 per cent.

The fund will invest in the sugar, iron and steel, cement, pharmaceutical and biotech, information technology and telecommunications sectors.

KFI said India's largest private lender ICICI Bank would be its financing partner for the fund, while ICICI Securities - a subsidiary of ICICI Bank would be the private equity adviser and ICICI Home Finance Company - another ICICI Bank subsidiary - its real estate adviser.

The company's interest in India began as part of a study initiated by its research department, which looked into various global markets and conducted a comprehensive analysis of the Indian as well as other Asian markets.