Asset and wealth management company, ASK Investment Managers Ltd Thursday said it is launching a $200 million (Rs 1,500 crore) closed-ended, long-only category III alternative investment fund (AIF).
An alternative investment fund comprises pooled investment funds which invest in venture capital, private equity, hedge funds and managed futures. A category III AIF aims at short-term returns by employing complex trading strategies.
The term of the ‘ASK Golden Decade Fund’ will be 4 years and won’t have a lock-in period. It aims to attract investments from HNIs and UHNIs (ultra-high net worth individuals) for long-term and consistent wealth creation.
ASK Investment Managers – having assets under management (AUM) worth Rs 80,900 cr in India - is targeting to raise a total of Rs 1,500 crore with a green shoe option of Rs 750 crore through its fund, a statement by the company noted.
“The Indian economy is expected to emerge as the strongest growing large economy in the world. While growth would aid most businesses in the country, it would aid businesses experiencing strong multi-year tailwinds. The ‘Golden Decade Fund’ seeks to invest in businesses that are experiencing a favourable wave of value transfer,” Prateek Agrawal, business head & CIO, ASK Investment Managers said.
The fund will follow a buy-and-hold multi-cap strategy spanning across sectors like manufacturing, financials, consumer durables, IT, chemicals, pharma and telecom in both public and private sectors.
Sunil Rohokale, managing director and chief executive officer, ASK Group said, “The upcoming decade is likely to be a period of structural growth in India, led by the government’s focus on facilitating ease of doing business and partnering with private enterprises to create value over the long term.
Harnessing the power of newer technologies, reduction in the cost of capital for the start-up ecosystem, data & payment revolution, manufacturing & infrastructure-related changes will be the key parameters fuelling India’s economic growth,” Rohokale added.
ASK is represented in India through its key businesses - Portfolio Management Services and Alternative Investment Funds, real estate private equity and wealth advisory with multi-family office services.
