Samana Global Business Solutions, a Kerala-based diversified business group, has tied up with IBMC UAE to float a feeder fund in Abu Dhabi.
The move aims to tap investors from GCC and other international markets for its proposed $560 million Alternative Investment Fund (AIF).
IBMC UAE will launch the fund in Abu Dhabi on Wednesday, at the concluding programme of IBMC’s 10-month long UAE-India Business Fest 2018 at the Emirates Palace, said Sabith Koramba, Group executive director, Samana Global Business Solutions.
The AIF, titled Samana Global Fund (SGF 2020) is in talks with sovereign funds, family offices and other large fund houses, besides HNIs (high net worth individuals) based out of GCC to investment in its AIF, Koramba told Arabian Business.
SGF 2020 is one of the first India-focused funds in the recent time which is targeting Abu Dhabi for its international fund raising plans. Indian or India-focused funds generally select Singapore, London or New York for tapping international investors
“Our fund will be a multi-layered and a multi-governed fund as it will be subjected to the rules of both Indian security market regulator SEBI (Securities Exchange Board of India) and that of Abu Dhabi as our partner in the Feeder Fund is registered with the authorities in Abu Dhabi,” he said, adding that it will be a fully a Shariat-compliant fund.
He said though they have not set any target, SGF 2020 is expected to raise more than half of the $560 million corpus through the Abu Dhabi feeder fund.
“Most of the investors in GCC are currently keen to invest in India rather than in Europe or elsewhere and they have been looking for the right tool to route their investments. Since our feeder fund will be fully Sharia-compliant, this will offer them the right tool for making their investments,” he said.
The fact that one of the UAE royal families is associated with IBMC UAE will provide additional comfort level to the investors from the Gulf region, he added.
Sheikh Khalid Bin Ahmed Al Hamed is the chairman of IBMC UAE.
The fund proposes to invest in seven industry verticals such as hospitality, healthcare, tech-enabled farming and horticulure, education, real estate and information technology.
Samana Business Solutions is the sponsor of the AIF, while IBMC Investment Managers & Advisors is the investment manager and Vistra ITCL is the trustee to the fund.
Samana group runs business ventures in many of the verticals such as hospitality, healthcare, real estate and IT.
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