UNIFI sets up Rs 100 cr Insider Shadow Fund

UNIFI Capital (P) Ltd has launched the Insider Shadow Fund with a corpus of Rs 100 crore. This will be company’s sixth fund. The Chennai-based fund management company has assets under management of around Rs 500 crore and is planning to increase it to Rs 1,250 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 is planning to raise another Rs 25 crore from the new customers.

The company is licensed 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 nd remaining NRIs, he added.

UIFI Capital, which commenced operations in 2001 with its first fund Alternate Opportunities. The size of the fund is current around Rs 100 crore and focussed on merger and acquisitions, open offer and buy back. In the last eight years the company was involved in 96 transactions, which include Cairn Energy.

The other funds include Sector Trend Style, Special Opportunities, Delisting Fund, Realty and Related Fund. The company has set a target of Rs 1,250 crore of AUM over the next 3-4 years, said Reddy.

On the new fund, G Maran, vice president, UNIFI Capital (P) Ltd said it would track the purchases made by insiders i.e. the promoters, senior management and their families as disclosed to stock exchanges and shadows them based on the investment merit.