ASK Indian Entrepreneur Fund receives UCITS authorisation, aims raising USD500m from global investors

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Dec 08, 2022, 09:57 ET

India's largest domestic discretionary Portfolio Management Service, "PMS" * now available under the UCITS Platform

SINGAPORE, Dec. 8, 2022 /PRNewswire/ -- ASK Capital, part of ASK Group ("ASK") - one of India's leading asset and wealth management companies, announced that they've received authorisation from the Central Bank of Ireland for their first UCITS vehicle – ASK Indian Entrepreneur Fund. The UCITS vehicle will be modeled on ASK's flagship PMS, ASK Indian Entrepreneur Portfolio ("IEP") which has a strong track record of over a decade, since inception.

UCITS, or Undertakings for Collective Investment in Transferable Securities, is a regulatory framework of the European Commission that creates a harmonised regime throughout Europe for the management and sale of funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements. Given the intense regulatory process to have a fund approved as UCITS compliant by a regulator, the UCITS label serves as a stamp of quality and reliability for overseas investors.

ASK is using the UCITS vehicle to bring the IEP strategy to a wider international investor base and aims to raise US$ 500 mn over the next 3 years for this fund.

IEP is one of the most consistent alpha-generating strategies since its launch in 2010. It invests in companies led by Indian entrepreneurs with adequate skin in the game, high standards of governance, vision, execution, capital allocation, and capital distribution skills. The underlying ASK IEP Fund has a CAGR of 18% ** since inception whereas its benchmark, BSE 500 CAGR is 10.7%.

Speaking on the occasion, Sunil Rohokale, MD & CEO, ASK Group, said, "India's economy and equity markets are outperforming most of their global peers. The case for stand-alone India allocation has never been stronger and global investors are eager to access India's growth story with the right asset managers. India's demographic dividend, manufacturing prowess and advanced digital infrastructure offer a compelling investment opportunity to long-term global investors. ASK is well positioned as an India specialist manager with a consistent track record of alpha generation and this UCITS fund will make it easier for overseas investors, especially European investors, to invest in India."

Sameer Dev, CEO, ASK Capital, further added, "ASK's Ireland domiciled UCITS Fund provides global investors with a familiar, tax efficient, and convenient access to the high growth Indian equity markets. With UCTIS approval in place, we hope to reach out to institutional investors, endowments, pension funds, family offices, and investors via private banks across Europe, Middle East, Latin America, and parts of Asia. The ASK India Entrepreneur Fund offers such global investors an opportunity to participate in the India story by investing in some of the fastest growing and well-run companies, through an actively managed investment strategy."

* (Source: SEBI website, AuM as on 31 Oct 2022)

** The returns of ASK IEP as mentioned above are computed as per SEBI prescribed guidelines and are net of fees and expenses and are for standard portfolio. The returns of individual investor may vary as per the timing of their investments.

About ASK Capital | ASK Capital Management Pte. Ltd. ("ASKCM" or "ASK Capital") has been present in Singapore since 2011 and holds a capital markets services license issued by the Monetary Authority of Singapore to provide fund management services for Accredited and Institutional Investors. It provides a range of India-focussed investment solutions to institutional and private investors. In April 2016, ASKCM successfully raised US$82mn from global investors for its first India-focussed real estate fund, India Real Estate Special Opportunities Fund (IRESOF) and in July 2017, ASKCM launched its first open-ended, India-focussed public equities fund, ASK India Opportunities Fund 1 (AIOF1) for global investors.

About ASK | ASK is a leading player in the asset & wealth management business and primarily caters to the HNI and UHNI market with over three decades of presence. ASK has been a true believer in the Indian growth story and over the years has grown hand-in-hand with its clients in India and across the globe. ASK is represented in India through its three key businesses: Portfolio Management Services & Alternative Investment Funds – ASK Investment Managers Ltd.; Real Estate Private Equity – ASK Property Fund; and Wealth Advisory and Multi-Family Office Service – ASK Private Wealth. It has over 20 offices and branches across India, Dubai, and Singapore. It caters to multiple asset classes and investors (such as HNI, institutional, family office, pension funds, funds of funds and sovereign wealth funds) across Asia, the Middle East, Africa, and Europe. ASK group manages assets over Rs. 79,000 cr/ US$ 9.5 bn as on 31^st October 2022.