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"We don't try to pick the top 20," says James Kennedy, T. Rowe's director of equities, which will "be good for a while, and then they blow up".
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A Cuban state tourism company will put up $7.5 million in equity, which will be matched by Leisure Canada.
It is carrying out its fundraising through a placing of 18.75 million shares, equal to 19 per cent of its current equity, which will be voted on by shareholders at an extraordinary meeting on 25 February.
Those who graduate the program will receive $80,000 in tranched funding in exchange for 8percentt of equity, which will be divided between those investors.
The new private equity firm, which will be based in Menlo Park, Calif., will focus on entertainment and media.
His departure was announced as part of a revamp that will see his buyouts division combined with the growth capital business to form one private equity operation, which will be run along regional lines.
Up to 20% of the cost of the home will be funded by a shared equity loan, which will be interest-free for the first five years.
The investment capital also includes $2 billion in new equity funding which will be used for growth while the transaction was structured so that Flipkart itself can still go public.
Unlike standard equity release schemes, which will be regulated by the FSA from October next year, home reversion schemes typically involve a homeowner selling all or part of their property at a discounted rate in return for either a cash lump sum or an income for life.
Korean investors will also take an equity interest in the project, which will be modeled on the South Korean utility sector.
Shareholders of each company will hold 50 percent of the equity in the new company, which will be listed on the New York Stock Exchange, Euronext Paris and included in the Standard & Poor's 500-stock index and the CAC 40 in Paris.
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