New Delhi: Domestic portfolio management services (PMS) provider ASK Investment Managers has launched a digital alternative investment fund (AIF) — ASK Emerging Opportunities Fund. The ASK Emerging Opportunities Fund is a Category-III long-only AIF and has a flexi-cap portfolio with a midcap bias.
Through this fund, high net-worth individuals (HNI) and ultra-high net-worth individuals (UHNI) can invest in Indian equities. The fund will particularly focus on beneficiaries in sectors like specialty chemicals, diagnostics, niche digital technologies, footwear, etc in keeping with the Centre’s Atmanirbhar Bharat initiative and PLI schemes.
Term of this scheme will be 7 years with 2 year-long lock-in period from the Final Closing. It aims to raise funds from HNI and UHNI investors aiming for long-term wealth creation. ASK Investment seeks to raise Rs 1,000 crore through this fund.
To register for investing in this fund, the investor needs to a CKYC compliant. The entire process of opening up accounts and documentation for this fund will be entirely online and ASK IM’s platform will accept digital signatures via the Aadhaar e-Sign platform. This platform is also integrated with a payment gateway.
ASK Group Managing Director and CEO Sunil Rohokale said investors are now looking to adopt digital modes of investment since they are not getting expected returns on investments made via traditional avenues.
“With traditional avenues of investing now giving single-digit returns, investors are looking to diversify their holdings and exploit opportunities from the pandemic-induced dislocations such as rapid adoption of digital modes of business, and a call for self-sufficiency and self-reliance. Many international companies are looking at a China plus One strategy and several Indian industries stand to benefit from this situation require capital infusion. As per recent SEBI data, AIFs saw commitments worth Rs 82,228 crore in FY21 from institutions, family offices and high net-worth individuals who are looking to invest in such opportunities,” Rohokale said in the official release.
(Inputs from BT)