Bharti Enterprises and French insurance major AXA are set to launch a realty fund. They are in talks to finalize the details of the joint venture. Both companies are also on the verge of launching an asset management company to tap the mutual fund segment. Mutual fund joint venture is likely to be announced before the end of the current financial year. While AXA has 26% stake each in the two existing JVs, the French major will most certainly have a higher equity in both the asset management firm and the realty fund where up to 100% FDI is allowed. In the recent past, a spate of realty funds, domestic as well as foreign, has entered India. These include Goldmann Sachs’ $1-billion fund, the Ashok Piramal group promoted $250-million Peninsula Realty Fund, IL&FS Realty Fund and HDFC Realty Fund. Credit Suisse’s $1-billion India Realty Fund is awaiting regulatory clearances from RBI. Usually, funds invest directly in real estate companies and special project vehicles (SPVs).