India-based private equity fund manager BanyanTree Finance has raised US$100 million at first close for its second private equity fund, BanyanTree Growth Capital II. The fund, targeting US$175 million in total commitments, will invest in middle-market companies in manufacturing and niche industrial sectors. BanyanTree Growth Capital II received commitments from institutional investors across Asia, the United States and Europe, including US$25 million from International Finance Corporation (IFC).