New Delhi, April 8 (IANS). Gujarat International Finance Tech-City (GIFT City) on Wednesday said its fund management ecosystem has grown 60 times in the last five years with capital commitments at $32 billion, from $0.5 billion in March 2020.
According to GIFT City, the number of fund management units (FMEs) in the international financial services sector has increased almost 25 times to 202, from 8 in March 2020.
During this period, GIFT City-based funds have raised $17.34 billion, of which about $17 billion has already been invested.
This shows that the ecosystem is attracting large commitments and enabling real investment activity on a large scale.
The number of fund schemes has increased to 313, reflecting sharp growth in product offerings and investment strategies. It was less than 10 earlier.
About 85 percent of the capital invested through GIFT City has been deployed in India, while the remaining 15 percent has been allocated to global investments.
GIFT City said the capital commitments have played a role as a gateway to bring global capital to India and provide investors access to international opportunities from a single location.
The growth of this ecosystem has been supported by the increasing participation of domestic and global fund managers across various asset classes, including private equity, venture capital and public markets strategies.
Aditya Birla Managing Director and CEO of Sun Life AMC Limited A. Balasubramanian said, “GIFT IFSC has provided a strong foundation for our company to launch niche investment solutions, serve global and NRI investors more effectively, and provide domestic investors access to overseas opportunities. We are committed to expanding the management of our overseas investment assets and enhancing our global investment capabilities.”
Vikas Khemani, Founder and CIO, Carnelian Asset Management & Advisors Pvt Ltd said, “Our foreign inbound fund operated from GIFT City is running smoothly. With a rapidly developing infrastructure and progressive regulatory environment, the institution continues to strengthen its position as a leading global financial centre.”
–IANS
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