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Ex-3i Asia Head Raising Hedge Fund as He Shuns Private Equity

Anil Ahuja, former Asia head of private-equity firm 3i Group Plc, is seeking to raise $100 million from institutional investors for an India-focused hedge fund, saying buyouts are difficult to achieve in the country.

IPEplus Fund 1, which invests in stocks, bonds and currencies, started in October with $10 million of Ahuja’s own capital, he said. Ahuja, who left the U.K.’s biggest publicly traded private-equity firm in February last year, is seeking to raise the money by the year-end, with the first $40 million by June, he said.