Samana Global Business Solutions will launch its first-ever category II alternative investment fund in India, and is keen to mobilise about Rs 40 billion ($560 million) through its first scheme, the company said on Tuesday.
The fund called Samana Global Fund or SGF 2020 will focus on investing into seven major diversified business verticals including hospitality, healthcare, live farm, academy, land bank, retail and information technology, it said.
The SGF 2020 Fund also plans to set a feeder fund at Abu Dhabi Global Market (ADGM) for international mobilization plans for India projects, the company said in a statement.
"With India emerging as the fastest growing economy, there is huge growth potential in the areas of identified business verticals and the scheme 1 of SGF2020 getting launched today is expected to leverage this enormous potential," said O.M.A. Rasheed, chairman and managing director, Samana Global Business Group.
The fund will invest in equity and equity-related instruments of investee companies in the seven diversified business verticals.
The fund has received approvals from the Securities and Exchange Board of India (SEBI).
"This will be a good investment opportunity for domestic investors and up on setting the feeder fund at Abu Dhabi Global Markets, the doors of investment will be open for global investors as well," said Sajith Kumar PK, CEO & partner of IBMC Investment Managers and Advisors LLP.