Financial Express reports UTI Venture Funds has launched its second private equity fund: Ascent India Fund. This fund, with a size of Rs 700 crore or $150 million, will invest in companies focussed on outsourcing strength, both in services and manufacturing. The target industries include IT and convergence technologies, BPO, auto ancillaries, pharmaceutical and textiles.

The first private equity fund of UTI Venture Funds launched five years ago is a $40 million fund. The fund has a lock-in period of 10 years, which has so far given an annualised return of 38%. In the last five years, the fund has invested 70-80% of the total corpus in companies like Subex Systems, Moschip Semiconductors, Glenmark Laboratories, Divi’s Labs, Foursoft, Scandent Solutions and RevIT.

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Indian Express Newspapers (Bombay) Ltd.