Mumbai: US investment bank Thomas Weisel International is planning a $200 million private equity fund of funds for India. The company is also planning a rollout of its asset management business in India.

The fund of funds, which has already made two investments worth $25 million in IDFC and ilabs, is yet to close.

"We have already raised $100 million and hope to touch $200 million. Though infrastructure is not our core area of competence, we have put in money in IDFC," said Praveen Chakravarty, director, Thomas Weisel International India.

The fund has invested $15 million in IDFCs and $400 million fund and another $10 million in ilabs.

Thomas Weisel focuses on mid-cap companies in growth sectors, including technology, healthcare and alternative sources of energy. The India focus will also continue to be on these sectors, besides infrastructure.

The company proposes to set up a 100-per cent subsidiary for its asset management business in India. "Asset management will be the area that we will focus on, both public equities through mutual funds and private through the PE fund. We are also exploring investing in the Indian stock markets through the FII route," said Chakravarty.

The company currently offers institutional brokerage to its clients. While its PE business is operational, the company's mutual fund business is expected to be rolling by year-end.

The firm offers investment banking, institutional brokerage and equity research services internationally. Its subsidiary, Thomas Weisel Asset Management, includes three private equity investments funds and a distribution management service for private equity and venture capital funds.

The company's India office, which was set up in October 2005, is its first international office outside the US.