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 Singapore's CapitaLand Investment said on Thursday it had launched a new fund for business park development in India that is expected to add about S$700 million ($520 million) to its funds under management.

The real estate investment manager said its new CapitaLand India Growth Fund 2 would have a target fund size of S$525 million and invest in Grade A business parks in prime locations across gateway cities in India.

Additionally, the company said it had secured a S$263 million funding from a global institution for a 50% stake in the fund's first closing.

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

($1 = 1.3459 Singapore dollars)