Global Environment Fund (GEF), a U.S.-based private equity firm, has raised INR7 billion (US$124 million) for a fund targeting small and medium enterprises in India. The GEF South Asia Fund plans to make three to four minority investments in India a year, with tickets ranging from US$3 million to US$15 million, and will also invest in Nepal, Sri Lanka and Bangladesh. The fund made its first investment in Bangalore-based Kalki Communication Technologies, partnering with International Finance Corporation to commit US$11.5 million.