Hong Kong-based Olympus Capital Holdings Asia is raising a $250 million fund to invest in environmental sectors in China and India, according to Reuters.

Citing two sources "with direct knowledge of the plan," the news agency said Olympus Capital expects to launch the fund in a few months. It will be the private equity firm's first environmental fund, investing in sectors like renewable energy and environment protection.

The Private Equity and Investment Funds Department of International Finance Corp., an investment arm of the World Bank, has agreed to commit $25 million to the fund.

Olympus Capital, launched during the 1997-98 Asian financial crisis, has invested about $1.3 billion in 30 portfolio companies across Asia, particularly in China, India, Japan and South Korea.

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