CapitaLand Investment, based in Singapore, announced on Aug 10 the launch of a new fund for business park development in India, which is expected to add approximately S$700 million ($520 million) to its funds under management.

The new CapitaLand India Growth Fund 2 will invest in Grade A business parks in prime locations across India's gateway cities, according to the real estate investment manager.

In addition, the company announced that it had received S$263 million in funding from a global institution in exchange for a 50% stake in the fund's first closing.

As of March 31, CapitaLand's total funds under management stood at S$89 billion, with a target of S$100 billion by fiscal year 2024.