Edelweiss Mutual Fund raises Rs 1,800 crore via new fund offer

Edelweiss Mutual Fund on July 25 said it has raised over Rs 1,800 crore through the successful conclusion of its new fund offer (NFO) for Edelweiss Business Cycle Fund, the AMC said in a company statement.

The new open-ended equity scheme was open for subscription between July 9 and July 23 of this year, the company statement said, adding that the NFO was closed with more than 90,000 applications.

Radhika Gupta, MD & CEO of Edelweiss Mutual Fund, said, “We are delighted by the overwhelming response to the Edelweiss Business Cycle Fund NFO, and we thank our distribution partners and investors for their trust and faith in the brand Edelweiss MF. This reaffirms our stakeholders' confidence in our 15-year track record of managing factor-based investing strategies and strengthening our position as one of the largest asset managers in this space.”

The fund is managed by Bhavesh Jain, co-head, factor investing and Bharat Lahoti, co-head, factor investing at Edelweiss MF, the statement added.