UNIFI Capital (P) Ltd has launched Insider Shadow Fund with a corpus of Rs 100 crore. This will be the Chennai-based fund management company's sixth fund, which has total assets under management (AUM) of around Rs 500 crore.
K Sarath Reddy, chairman, UNIFI Capital (P) Ltd said that the company made a soft launch in June and raised around Rs 75 crore from the existing customers and plans to raise another Rs 25 crore from new customers.
Commenting on the new fund, G Maran, vice president, UNIFI Capital (P) Ltd, said it would track the purchases made by insiders (promoters), senior management and their families as disclosed to stock exchanges and shadows them based on the investment merit.
The company is licenced in India and Mauritius to manage Indian, NRI and institutional clients from India and abroad. Of the total portfolio, 60 per cent of investment comes from domestic investors and 40 per cent from offshore, of which 50 per cent will be institutions and remaining NRIs, Reddy said. The company, which commenced operations in 2001, aims to increase its AUM to Rs 1,250 crore over the next three to four years.
The size of the fund is current around Rs 100 crore and is focused on mergers and acquisitions, open offers and buy backs. In the last eight years, the company was involved in 96 transactions, including with Cairn Energy. The other funds include Sector Trend Style, Special Opportunities, Delisting Fund, Realty and Related Fund.