Franklin Templeton Investments launches its second private equity fund in India.

Franklin Templeton Investments, the US-based financial holding firm, has widened its range of offerings in India with the launch of a new local-focused private equity fund. 

The Franklin India Banking & PSU Debt Fund is an open-ended scheme with a target corpus of Rs500 to 600 crore (around $83 million to $99.8 million). The company intends to raise this amount mainly through Indian high net worth individuals. 

This is the second India-focused fund that the firm has announced. In 2008, Franklin Templeton was able to generate as much as Rs500 crore after a positive response from HNWIs. The company is currently finalising the documents necessary to file the second fund. 

When completed, it will be advised by Darby Asia Investors in India and will offer income through a portfolio of debt and money market instruments consisting mostly of securities issues by banks and public sector undertakings, according to a statement.  

It is open for subscription from 2 April to 16 April 2014.