ASK Private Wealth, the wealth management and advisory firm of ASK Asset & Wealth Management Group, launched the ASK Wealth Advisors (ASKWA) India Opportunities Fund for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs).

The fund, operating as an open-ended Category III Alternative Investment Fund from GIFT-IFSC Gujarat, aims to raise USD 100 million to be invested in Indian capital markets.

Usually, Category III AIFs invest in securities of listed and unlisted investee companies, derivatives, complex or structured products, or other AIF units and the minimum investment is usually Rs 1 crore. Category III AIFs can take leverage positions of up to twice the total fund corpus. Category III AIFs are not permitted to invest more than 10 per cent of their investable funds in any single investee company.

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Features of ASKWA India Opportunities Fund

Catering exclusively to NRIs and OCIs (excluding residents of the United States and Canada), the ASKWA India Opportunities Fund is structured as a Fund of Fund, focusing on India-specific investments. “The fund will invest in quality companies with scalable business models, solid management teams, and sustainable competitive advantages,” the fund house said.

Rajesh Saluja, CEO and MD of ASK Private Wealth, highlights the resilience of the Indian capital markets amidst global financial trends, which he says can cater to the diversification and investment goals of NRIs and OCIs.

Somnath Mukherjee, CIO & Senior Managing Partner, ASK Private Wealth, adds, “Till now, portfolio investments would typically get aggregated in international financial centres like Singapore, Hong Kong and Mauritius. With GIFT City offering a compelling and world-class proposition, ASKWA is proud to bring a multi-manager equity vehicle for offshore investors looking to invest in India. The structure enables investors to access multiple investing styles through multiple managers.”