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MF News Mirae Asset to foray into AIF business

Mirae Asset to foray into AIF business

To start with, the company will launch its private debt funds.
Team Cafemutual Jan 11, 2018

Mirae Asset will soon expand its business verticals by launching alternative investment funds.  Swarup Mohanty, CEO, Mirae Asset has announced this at the press conference held today in Mumbai.

In fact, the company has hired a new team to establish this business vertical under Mirae Asset Investments.

To start with, the company will launch its private debt funds.  Private debt fund invest in bonds issued by unlisted companies having sound business model.

Mohanty said, “Mirae Asset is looking at launching alternative investment funds in 2018. In fact, we are going to apply with SEBI for an AIF (proposed in Q2 2018), which will invest in private debt across the credit opportunities spectrum, mostly focusing on higher grade projects or entities as well as undertake venture debt investments, which is an emerging opportunity given limited presence of venture debt providers in India.”

The company has said that they aim to collect 250 million dollar. The company will leverage its overseas presence and existing distribution network to raise this capital.

Mirae Asset Group is also scouting for private venture/equity investments in India and is setting up investment banking and broking business through Mirae Asset Capital Market India.

Of 40 odd AMCs, only a handful of them have launched AIFs. Currently, Indiabulls, Reliance, DSP Black Rock, Edelweiss, IIFL, IDFC, ICICI Prudential, UTI and HDFC are among the players who have ventured into the AIF space. A majority of them have launched category II AIFs, which are private equity funds, debt funds and fund of funds.

 

 

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