India: SBICAP, Carlyle tie up to float $1.5b distress fund

Global private equity (PE) firm the Carlyle Group has signed an agreement with SBICAP Ventures Ltd, the investment banking subsidiary of the country’s largest lender State Bank of India Ltd (SBI), to float its maiden India-focused distressed asset fund that could raise up to $1.5 billion, said two people aware of the development requesting anonymity.