Motilal Oswal Asset Management Company Ltd (MOAMC) has launched an offshore hedge fund christened India Zen Fund through its Mauritius domiciled investment management company Motilal Oswal Asset Management (Mauritius) Pvt Ltd, according to a press release. It aims to raise $100 million by December 2015.
India Zen Fund, a long-only-bottoms-up approach equity fund, would specialise in investing in Indian mid-cap securities with a private equity style diligence approach, it said.
“Currently we are selectively looking only to raise the initial seed monies from certain large global asset allocators based out of US and Europe and are already in discussions with a few investor groups. The fund is targeted towards global institutional investors like pension funds, endowments, family offices that are looking for steady returns over a longer period of time,” said Ankit Bengani, head – international business, Motilal Oswal Asset Management Ltd.
The fund will invest in companies having a market capitalisation between $100 million and $3.5 billion and would seek to build a concentrated portfolio of maximum 20 stocks with a buy-and-hold strategy, the company said in the release.
MOAMC, the investment manager to Motilal Oswal Mutual Fund, was incorporated on November 14, 2008. It is a fully-owned subsidiary of Motilal Oswal Securities Ltd. Its total assets under management (AUM) are a little over $900 million across different products as on March 31, 2015.
(Edited by Joby Puthuparampil Johnson)