Feb. 21, 2007 (China Knowledge) – Citigroup Inc. plans to raise US$3.5 billion for a fund to invest in companies in emerging markets such as India, China, Estonia and Chile, according to a Bloomberg report.

The report said that the fund, called Citigroup Venture Capital International Growth Partnership II LP, will receive US$1 billion of investment from Citigroup, with the rest to be raised from employees and clients.

According to the report, the fund manager will be Dipak Rastogi, 52, who heads CVC International in London. The fund will not put more than 15% of its capital toward one investment, or 40% in any one country or industry.