Mumbai : THe Washington-based venture capital firm International Equity Partners, (IEP) and the Mumbai-based Indian Direct Equity Advisors Pvt. Ltd (IDEA) have launched the second India focussed venture capital fund, Etec Ventures Llc that will have a capital commitment of $25 million. GSC Partners, a global $3 billion private equity firm, leads Etec's group of investors and the fund would remain open for additional subscriptions through March 2001, a idea statement said here.   PTI.