ASK Investment Managers Ltd. has launched digital onboarding for its Alternate Investment Fund (AIF), the first of its kind in the industry. The ASK Emerging Opportunities Fund, a close-ended Category-III, long-only AIF is a flexi-cap portfolio with a mid-cap bias and will invest in listed Indian equities. With the government’s focus on Atmanirbhar Bharat and PLI Schemes aimed at lowering dependence on imports and boosting exports, this fund aims to invest in beneficiaries of varied sectors such as speciality chemicals, footwear, diagnostics, niche digital technologies, among others.
The term of the scheme is seven years with two years of lock-in from the final closing and will target to raise investments from high net worth and ultra high net worth individuals, who are aiming for consistent wealth creation over long-term. The fund is targeting to raise Rs1,000 crore.
Another unique feature of the AIF is that this will be first of its kind in the nine-year-old AIF industry to have the entire process of opening accounts and documentation be entirely paperless and hassle-free. ASK IM’s platform is enabled for Digital Signatures using the Aadhaar e-Sign platform. It is also integrated with payment gateway making the entire process is seamless and integrated on a real-time basis with its backend systems thereby providing a seamless digital journey. The only pre-requisite being that the investor needs to be CKYC compliant.
Speaking at the launch, Sunil Rohokale, MD & CEO, ASK Group, said, “With traditional avenues of investing now giving single-digit returns, investors are looking to diversify their holdings and exploit opportunities from the pandemic-induced dislocations, such as rapid adoption of digital modes of business, and a call for self-sufficiency & self-reliance. Many international companies are looking at a China-plus One strategy and several Indian industries stand to benefit from this situation require capital infusion. As per recent Sebi data, AIFs saw commitments worth ₹82,228 crore in FY21 from Institutions, family offices and high net-worth individuals who are looking to invest in such opportunities.”
This article was first published on livemint.com.