ASK Group aims to raise $500 million in 3 years to invest in Indian companies

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Asset and wealth manager ASK Capital on Thursday said it is targeting to raise USD 500 million from global investors to take high-return bets on enterprises promoted by Indian entrepreneurs over the next three years.

The company said it has received authorisation from the Central Bank of Ireland for its first UCITS (Undertakings for Collective Investment in Transferable Securities) vehicle, which creates a harmonised regime throughout Europe for the management and sale of funds.

The UCITS vehicle will be modelled on ASK's flagship PMS (portfolio management services), ASK Indian Entrepreneur Portfolio (IEP), which has a strong track record of over a decade, as per an official statement.

It said IEP, which invests in companies led by Indian entrepreneurs with adequate skin in the game, high standards of governance, vision, execution, capital allocation, and capital distribution skills, has generated returns of over 18 per cent on a compounded basis since its 2010 launch as against a 10.7 per cent rise on the BSE500.

"The case for standalone India allocation has never been stronger and global investors are eager to access India's growth story with the right asset managers," ASK Group's managing director and chief executive Sunil Rohokale said.

ASK Capital's chief executive Sameer Dev said the Ireland-domiciled UCITS fund provides global investors with a familiar, tax-efficient, and convenient access to the high growth Indian equity markets.

"We hope to reach out to institutional investors, endowments, pension funds, family offices, and investors via private banks across Europe, Middle East, Latin America and parts of Asia," he added.