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MFDs having NRIs and foreign national clients can explore AIFs offered by AMCs through the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City).
Currently, eight AMCs - Aditya Birla Sun Life, HDFC, DSP, IIFL, ITI, Kotak, Mirae and SBI offer their AIFs in IFSC. A few more AMCs like Nippon India and Sundaram will soon offer their AIFs.
These eight fund houses offer 20 AIFs with HDFC AMC offering a maximum of 8 schemes. Next is Kotak AMC with 5 AIFs in IFSC.
While eight schemes fall under Category II AIF i.e. private equity and private debt funds, 12 schemes are Category III AIFs like long short funds and long only funds.
Currently, the minimum investment amount in IFSC is USD 1.50 lakh (Rs.1.25 crore in today’s term).
Let us look at the schemes offered by AMCs at the GIFT City:
|
Fund house |
AIF scheme name |
AIF Category offered |
|
ABSL |
ABSL Global Emerging Market Equity Fund (IFSC) |
Cat-II |
|
ABSL Index Linked Fund (IFSC) |
Cat-III |
|
|
DSP |
DSP India Absolute Return Fund |
Cat-III |
|
DSP India IFSC Fund |
Cat-III |
|
|
HDFC |
HDFC Capital Fund of Funds- 3 |
Cat-II |
|
HDFC India Balanced Advantage Fund |
Cat-III |
|
|
HDFC India Equity Savings Fund |
Cat-III |
|
|
HDFC India Flexi Cap Fund |
Cat-III |
|
|
HDFC India Mid-Cap Opportunities Fund |
Cat-III |
|
|
HDFC India Nifty 50 Fund |
Cat-III |
|
|
HDFC India Small Cap Fund |
Cat-III |
|
|
IIFL |
IIFL India Opportunities Fund |
Cat-II |
|
ITI |
ITI Long-Short Equity Offshore Fund (IFSC) |
Cat-III |
|
Kotak |
Kotak Data Center Fund IFSC |
Cat-II |
|
Kotak India Commercial Real Estate Fund IFSC |
Cat-II |
|
|
Kotak Performing RE Credit Strategy Fund II IFSC |
Cat-II |
|
|
Kotak Real Estate Fund- X IFSC |
Cat-II |
|
|
Kotak Strategic Situations Fund - II IFSC |
Cat-II |
|
|
Mirae |
Mirae Asset India Equity Allocation Fund |
Cat-III |
|
SBI |
SBI Investment Opportunities Fund (IFSC) |
Cat-III |