ASK Group to raise $500 mn to invest in Indian firms in 3 years

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.

PTIUpdated: Thursday, December 08, 2022, 10:27 PM IST
article-image

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.

(If you have a story in and around Mumbai, you have our ears, be a citizen journalist and send us your story here. )

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

ChatGPT will pull off Cyberattacks and phishing scams this year: Experts

ChatGPT will pull off Cyberattacks and phishing scams this year: Experts

Mukesh Ambani's Reliance Industries launches India's first hydrogen ICE truck with Ashok Leyland

Mukesh Ambani's Reliance Industries launches India's first hydrogen ICE truck with Ashok Leyland

What I can tell about my journey! A short interview with Bharat Prajapat, founder of Clickography

What I can tell about my journey! A short interview with Bharat Prajapat, founder of Clickography

Check out 8 benefits of getting travel insurance

Check out 8 benefits of getting travel insurance

Adani loses order for 7.5 million smart metres in Uttar Pradesh after Hindenburg fiasco

Adani loses order for 7.5 million smart metres in Uttar Pradesh after Hindenburg fiasco