Wealth management company ASK Investment Managers Ltd on Thursday has launched a new fund to raise Rs 1,500 crore for investing in manufacturing, financial and other sectors.
The fund — ASK Golden Decade Fund — is a closed-ended, long-only, Category III alternative investment fund (AIF) that aims to take advantage of the structural opportunity that India's economy is witnessing in the form of the next golden decade, according to a press release on Thursday.
The fund will also focus on sectors such as consumer durables, IT, chemicals, pharma, and telecom. The term of the scheme will be four years without any lock-in period.
With an aim to attract investments from high net-worth individuals and ultra-high-net-worth individuals for long-term and consistent wealth creation, the fund is targeting to raise a total of Rs 1,500 crore, including a green-shoe option of Rs 750 crore.
"Harnessing the power of newer technologies, reduction in cost of capital for startup ecosystem, data and payment revolution, manufacturing and infrastructure related changes will be the key parameters fueling India's economic growth," Sunil Rohokale, MD and CEO at ASK Group said.
The fund seeks to invest in businesses which are experiencing favourable wave of value transfer on account of offshoring and China+1 and aid them to move away from unorganised to organised sectors, Prateek Agrawal, Business Head and CIO at ASK Investment Managers, said.
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