Mumbai: Financial services firm, India Infoline (IIFL) will launch the Resilient India Growth Fund, which mainly invest in Indian mutual funds and the company plans to raise $500 million for this purpose. According to Umang Papneja, President (Products) at IIFL, the company plans to raise the amount from institutions across Asia, West-Asia, Europe and the U.S., reports Reuters. Currently, overseas institutions are not allowed to invest in Indian-domiciled funds unless they have an FII license under Indian regulations. "We have already started the road shows and the first tranche of investments is expected to come in a couple of weeks. It's a global fund and we are targeting foreign institutions that do not have access to invest in Indian MFs," said Papneja. India Infoline recently got approval from capital market regulator Securities and Exchange Board of India (Sebi) and expects to start MF operations by the first quarter of the next financial year. The fund will invest in a diversified portfolio of Indian MFs across 8-10 asset managers. The investments could be in equity-related MFs and would be diversified by industry, sector and managers, Papneja added.