Reliance Nippon Life Asset Management Limited (RNAM) has received Japanese Government’s mandate to launch a fund of venture capital funds called ‘Indo Japan Emerging Technology & Innovation AIF’, said a company press release.
The fund would follow fund of fund (FoF) strategy i.e. raising money from Japanese investors to invest across Indian VCs focussing mainly on technology.
The FoF will invest in Indian tech start-ups including internet of things, artificial intelligence, machine learning, fintech, healthcare, consumer, education, robotics and automation, B2B software and so on.
The company expects that the FoF will stimulate the Japan-India partnership in digital area and expedite participations from Japan to Indian start-up ecosystem.
Reliance Nippon MF said that it is working with Japan’s Ministry of Economy, Trade and Industry (METI) to launch this fund.
Recently, Nippon Life Insurance signed an agreement with Reliance Capital, which is exiting the MF business.
