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India-centric hedge fund to launch

By   /   March 11, 2014  /   No Comments

India, the new hedge fund hub?

The former Asian specialist head of 3i Group PLC, the private equity firm, is setting in motion the wheels to open his own Indian-centric hedge fund.

Adding to his IPEplus Fund 1, Anil Ahuja is seeking institutional investors to raise a further $100 million starting capital to aid his hedge fund. The aim of the fund, he says, is to help investors looking for buyouts in India. Given the relative difficulty at the present moment, he is confident that the hedge fund sector will benefit from this new addition.

Ahuja aims to have $40 million raised by June 2014. His firm currently invests in bonds, stocks and currencies, and has been in operation since October 2013, with $10 million of Ahuja’s own capital contributing to the fund. Since it was established, it has had a successful run, with 8.9 percent returns and a target annual return rate of 14 percent of fees.

The IPEplus Fund 1 will manage assets such as options, futures, warrants, derivative instrument and convertible securities. The focus will be on companies related to Indian organisations listed on stock exchanges, but the fund itself will be listed in Bermuda.

India has seen its private equity sector falter in recent years, with exits being largely unsuccessful since the mid-2000s. However, interest has been shown by large private equity funds such as the Blackstone Group and KKR & Co, despite the fairly negative statistics, because of the country exponential growth in recent years; the average return of private equity funds investing in Indian companies was approximately half the return seen in 2004.

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