Apollo, the US private equity group, is poised to launch India’s biggest-ever real estate fund after joining forces with SUN Group, a local investment company. It is understood that Apollo and SUN have together raised $630m of equity, which, with gearing, gives them $2bn of spending power in the Indian market. The launch is the latest in a string of new vehicles aimed at the real estate market in India and US, Middle Eastern and local funds are looking to take advantage of India’s fast-growing GDP and perceived lack of good quality infrastructure. SUN Group, owned mainly by the Khemka family, has a range of investments across India and the former USSR. The joint venture, SUN-Apollo India Real Estate Fund, has a remit to invest across the whole spectrum of residential and commercial property in the major Indian cities.