PGIM India AMC launches AIF, targets to collect Rs 1,000 cr in FY24

PGIM India Asset Management on Thursday announced the launch of category III Alternative Investment Fund (AIF), which aims to collect up to Rs 1,000 crore.

PGIM India AIF is planning to raise Rs 500 crore with an option to collect an additional Rs 500 crore through the greenshoe option this financial year (FY24), the company said in a statement.

"With the launch of the AIF, we have expanded our offering to more segments of investors especially in the higher wealth tiers, including family offices," Ajit Menon, CEO at PGIM India Asset Management, said.

The total industry size of the AIF sector in the country is about Rs 8.45 lakh crore in terms of commitments raised as of June 2023 and the category III AIF has industry assets under management of Rs 85,057 crore in terms of commitments raised during the same period.

"The endeavour is to create investment portfolios focussing on opportunities across segments that may command a faster growing profit pools triggered by the changing nature of the economy, while keeping an extremely tight discipline of buying the strong balance sheets, cash flows in business and focus on strong capital allocation ethics by the companies," Aniruddha Naha, CIO Alternates, PGIM India Asset Management Company, said.