LICHF likely to finalise partner for its VC fund by August

Mortgage loans lender, LIC Housing Finance (LICHF), is likely to finalise a partner for its real estate venture capital fund by end this month, a top company official said.

LICHF is launching a Rs 500 crore real estate venture capital fund and has been scouting for a domestic partner.

The fund is slated to be launched by end-September.

“The Board Committee on the venture capital fund is likely to decide the final partner by the end of this month,” LIC Housing Finance’s Director and Chief Executive, R R Nair, told PTI here.

LICHF, which is a 100 per cent subsidiary of life insurance major, LIC, has already short-listed five entities for its venture capital fund.

“We have already short-listed five domestic partners,” Mr. Nair said.

LIC Housing Finance has set-up a stand-alone company for the fund, he said.

LIC Housing Finance’s parent company and country’s largest life insurer, Life Insurance Corporation of India (LIC), would also be one of the partners, he said.

“LIC group will be the majority stakeholder in this venture capital fund. The partner should have at least a 20 per cent holding in it but that would be decided by the Board,” Mr. Nair said.