India's largest mutual fund UTI Asset Management Company (AMC) is launching a $200-300 million offshore infrastructure fund. The fund is being launched through UTI AMC subsidiary UTI International, U K Sinha, CMD of UTI AMC, said. UTI AMC has decided to have Singapore as the domicile for its second offshore infrastructure fund to take advantage of the recent India-Singapore double taxation avoidance treaty. Further, the presence of several global funds in Singapore would also help in roping in investors to the fund.The launch of its second offshore infrastructure fund is coinciding with expected closure of its first infrastructure fund in the coming months. UTI AMC's first offshore infrastructure fund returned 35% CAGR (compounded annual growth rate) in dollar terms since its inception in late 1999.UTI International would start roadshow for UTI Shinsei fund in Japan later this year. The Japan-specific private equity fund has a projected corpus of $200 million, Sinha said.Elaborating the overseas plan of UTI MF, Sinha said that it is in an advanced stage to form a joint venture asset management company in Thailand. "A government bank as well as a private sector bank have evinced interest to set up AMC with us in Thailand. We are evaluating the potential there," he said. UTI is closely looking at some emerging markets for starting AMC operations."We have not yet decided on any other countries but are definitely looking for opportunities," Sinha said. UTI MF is keen to enter outsourcing sector through acquisition of an IT company, Sinha added.
