By Inc42 Media

SUMMARY

The first fund will focus on Indian growth businesses benefiting from demographic shifts and sectoral reforms

The second fund aims to assist Indian HNIs in diversifying their portfolios and boosting risk-adjusted returns through a curated selection of top global companies

Unifi was established in 2001 as a specialised portfolio management company offering innovative investment strategies with superior risk-adjusted returns

Chennai-based VC firm Unifi Capital, through its subsidiary Unifi Investment Management LLP (UIML), has launched two new funds in International Financial Services Centre, located in GIFT City, Gujarat.

Unifi IM, a fully owned subsidiary of Unifi Capital, is independently governed in GIFT City, IFSCA. It caters to international investors in Indian equities and Indian investors in global equities. 

The first fund, the Rangoli India Fund, is an inbound Cat III AIF registered with SEBI as a Category 1 FPI. This growth-stage fund will target Indian companies benefiting from the rising middle class, formalisation of the informal sector and emerging national competencies, the company said in a statement.

The second fund, the G20 Portfolio, is an Outbound PMS still under development. This fund aims to bring 20 global businesses to Indian HNI investors, helping them diversify internationally and optimise their portfolio’s risk-adjusted returns.

Sarath Reddy, founder and CIO of Unifi Capital, said, “The establishment of Unifi IM is a strategic expansion of our international capabilities and prepares us for India’s growing integration with the global investment markets.”

He added that Unifi’s foreign and NRI investors can now directly invest in its concentrated Indian portfolios without routing through offshore jurisdictions. Similarly, its Indian investors can now directly invest in global markets through the same streamlined channel.

Krishna Prassad, CEO and principal officer of UIML, said, “SEBI’s recent decision allows 100% NRI investment for FPIs based in GIFT City and is a major milestone for such funds targeting the diaspora, who are natural investors in Indian markets Unifi’s deep research and Asset Management expertise, coupled with our commitment to lifetime client relationships, will help our clients confidently enter this new arena of developed market equities.” 

Unifi was established in 2001 as a specialised portfolio management company offering innovative investment strategies with superior risk-adjusted returns. The company offers a range of portfolio management services (PMS), alternative investment funds (AIF), and international investment opportunities.

The development comes at a time when the government has pulled all stops to ensure the GIFT City project is a success. 

In March, the centre and the Asian Development Bank (ADB) signed a $23 Mn loan agreement to promote fintech research and innovation at Gujarat International Finance Tec-City (GIFT City).

In January, the centre notified rules for the direct listing of Indian companies on GIFT City exchanges. Finance Minister Nirmala Sitharaman previously described the IFSC at GIFT City as a “gateway for global capital and financial services.” 

The finance hub offers a 10-year tax holiday for companies and zero taxes on fund transfers from overseas, boosting fund management activities in GIFT City.

Last year in December, the City boasted 95 local and global funds with commitments to the tune of $30 Bn and investments worth $2.93 Bn.  

Source: Inc42 Media