ASK Investment closes Rs 1,200 crore fund

Asset and wealth management company ASK Investment Managers on July 5 closed a new fund with a corpus of Rs 1,200 crore.

The company said the commitment for the golden decade fund comes from 1,000 investors and 87 percent of these investors are individual resident Indians, who mostly come from Mumbai and Delhi-NCR.

The long-only and close-ended category III Alternative Investment Fund (AIF) focuses on spaces where stronger growth may sustain for longer such as new private sector banks and speciality chemicals, the company said in a release.

To attract investments from HNIs (High Net Worth Individuals) and UHNIs (Ultra High Net Worth Individuals) for long term and consistent wealth creation, the company has limited the term of the scheme to four years without any restrictions of a lock-in period, it said.