LIC Housing Finance announces Rs 500-cr VC fund

Life Insurance Corporation (LIC) housing finance subsidiary LICHFL released Rs 500 crore Venture Capital (VC) fund to finance realty and micro infrastructure projects.

LIC Housing Finance (LICHFL) and LIC, sponsors of the fund, each have shared Rs 50 crore and remaining amount Rs 100 crore have been raised in the external investors to launch the fund.

LIC fund named LICHFL Urban Development Fund to be managed by LICHFL’s dedicated subordinate LICHFL Asset Management Company and its aim to increase the remaining Rs 300 crore in the coming nine months. Half amount will be invested in mid-income housing projects, remaining will be dedicated to income yielding micro-infrastructure projects.

According to reports, LICHFL chief executive VK Sharma says company has been investing in different realty focused funds previously also and the decision to enter the dispute by themselves is provoked by the handsome returns which have been deferred in the past. LICHFL AMC is guarantying a return of 12%, LICHFL AMC to be targeting institutional investors, high net worth individuals to increase the balance amount.

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