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February 17, 2006
New fund of hedge funds launched by Permal
To tap the advantages offered by the recent economic growth in India, Permal Group has launched a fund of hedge funds. Permal is a unit of US-based investment company Legg Mason Inc.
The Indian economy has seen a substantial growth in the recent past. It is also expected that there would be further growth of up to 8 per cent by the end of this financial year.
To capitalize on this, the group has indicated that it would invest in 20 hedge funds. A range of strategies would be adopted, including long-short funds, long-biased, special situations and macro trading funds.
It has also been reported that a number of foreign investors have moved substantial funds into Indian equities and even the mutual funds have seen substantial growth. The Financial Express reports:
The Permal fund was launched with in-house money last month. The group expects to raise around $200 million for the fund. The minimum investment is $100,000.
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