Japanese venture capital firm SBI Holdings is teaming up with State Bank of India to form a $100 million fund, the first of three funds planned by India's largest lender. The fund will focus on investments in unlisted companies in India, SBI said in a statement to the Tokyo Stock Exchange. The two companies will jointly manage the fund.
SBI, a fund originally set up by Japanese Internet and telecom conglomerate Softbank Corp, managed a total of 203.3 billion yen ($1.76 billion) in assets as of March 31.