IDFC Capital (Singapore) Pte. Ltd., the newly formed fund of private-equity funds unit of India's Infrastructure Development Finance Co, is raising a US$500 million Asia-focused fund, a person familiar with the situation said Thursday. The fund will be focused on mid-market, growth-focused private-equity funds in Asian emerging markets, particularly China and India, the person said. There will also be some allocation to other Asian emerging markets and Southeast Asia as well as an allocation to other emerging markets such as Sub-Saharan Africa. IDFC is expected to commit US$50 million to the fund, the person said. The fund's first closing is expected sometime later this year. […]