Baring Private Equity is to begin its first significant round of fundraising for 18 months after completing a management buyout from ING, the Dutch bank.

The Baring Iberia II fund is expected to initially raise €67m and the firm will embark on a fund for India. Plans to raise between $500m and $750m for a global private equity fund last October were shelved as the complex buyout process over ran by more than six months. The team had hoped to complete it by the end of last year.