Investment management firm Airavat Capital on Tuesday announced the launch of Airavat Global Technology Fund R (AGTF R) at GIFT City.
This will offer Indian HNIs and institutional investors the opportunity to leverage Indian technology ecosystem insight to capitalise on the growth potential of top listed technology companies worldwide, the statement said.
Airavat’s Global Tech Fund has garnered initial interest surpassing $40 million from a diverse range of investors including existing Airavat stakeholders, venture capital investors, technology founders/CTOs, and family offices.
With the upcoming launch of this fund, the firm seeks to expand this technology-focused investing practice onto a global canvas and envisions crossing $100 million in assets under management (AUM) over the next year.
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Trilegal acted as legal advisors and PWC as tax advisors to Airavat in setting up the funds. HDFC Bank is the designated depository participant and custodian to Airavat Capital India Fund and facilitated the relocation of the FPI to GIFT City.
While AGTF R caters to Indian pools of capital, Airavat Capital is also launching GTF NR (a sister fund of AGTF R) aimed at raising capital from investors in South-East Asia (SEA) and the Middle East (ME).
GTF NR has already seen strong interest from family offices and HNIs in the SEA and ME regions. The launch of GTF NR will further reinforce GIFT City’s status as an emerging international investing hub, paving the way for future investors to take advantage of the enabling regulations.
Airavat also recently redomiciled an FPI vehicle to India with the launch of Airavat Capital India Fund (ACIF) in GIFT city, becoming amongst the first fund managers to migrate under the recent regulatory framework for off-market transfer of securities.
ACIF pools capital from offshore investors to invest in India. Airavat has managed and advised India-focused funds for the last six years with a solid track record.
“With the launch and migration of our funds to GIFT City, we think we are at the beginning of a tectonic shift in the Indian investment landscape. We think the time is right to build a world-class global technology hedge fund that expresses India’s insight and knowledge advantage globally,” said Rohit Bhat and Suraj Subramaniam, Managing Partners, Airavat Capital.
MITCON Credentia is the trustee and Kfin Technologies is the fund administrator of Airavat’s funds in GIFT City.