Power Finance Corporation’s (PFC) PE fund, which is targeted at last mile energy requirements of power projects in India, is expected to bring into its fold large cross-border funds such as Cornell Capital Partners, Babson Capital Management, Sun Life Financial, AllianceBernstein and Cigna. Sources said US Power Production had helped set up meetings between the PFC top brass and representatives of various investment companies in Houston and New York City earlier this month. PFC will thus become the first PSU to launch a PE fund in the country. Confirming that the fund is being set up, PFC chairman VK Garg told ET that the target was to scale it up to $1 billion eventually. “We are targetting $1 billion because of the huge fund requirements of the power sector in India. After all, each ultra mega power project will cost around $4 billion,” Mr Garg said. […]