ASIA watch

Bank forms venture unit, to raise $300M

One of the subsidiaries of the State Bank of India, the SBI Capital Markets Group, announced last week that it is forming a venture capital subsidiary called SBI Capital Ventures that will raise three separate $100 million funds.

The first fund will invest in small and medium-sized businesses in India while the second and third will focus on infrastructure and emerging companies. SBI is one of India’s largest investment banks; it managed about 25% of the public offerings in India in the past year. No LPs have been identified.

Gujarat plans new fund

Gujarat Venture Finance (GVFL), based in Ahmedabad, India, has announced a new venture fund of $25 million for small and medium-sized businesses. GVFL was founded as the Gujarat Industrial and Investment Co. in 1990 with funding from the World Bank and has raised five venture capital funds, with assets of $325 million. Of its 57 portfolio companies, 44 have achieved exits.

HiSoft raises hard cash

HiSoft Technology International has raised a Series B round for an undisclosed amount. The financing was led by Granite Global Ventures and included DFJ ePlanet Ventures, Mitsubishi UFJ Securities and Sumitomo Corp. Equity Asia Ltd. Loh Tiak Koon was named as the company’s new CEO and a member of the board. Loh replaces Li Yuan-Ming, chairman and CEO of HiSoft since the company’s founding in 1996.

AIG backs Alticast

Alticast, a Seoul, South Korea-based provider of DVB-MHP and OpenCable OCAP solutions, has raised $21 million in private equity funding from AIG Global Investment Group.

Affinity loves Aussie apparel shop

Hong Kong’s Affinity Equity Partners made a formal (and hostile) takeover bid of $430 million for Colorado Group, the fourth recent apparel buyout in Australia. Affinity had acquired about 14% of Colorado shares through the Australian Stock Exchange. No other bids have been announced for the group.