Life Insurance Corp. (LIC) is launching a $108 million venture capital fund, Indian Express reports. The state-owned LIC is sponsoring one of the proposed infrastructure debt funds and entering the venture capital business to diversify operations.

The venture capital fund, to be headed by Arun Goel, will invest in urban real estate and infrastructure, adds RTT News. Though LIC will be the sole investor in the beginning, the fund will be opened to banks, financial institutions or even high net worth individuals later.

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