Tapping into AI and semiconductors, Mirae Asset’s $200M GIFT City fund opens global doors for Indian investors and ETFs with a high-growth, diversified edge.
Global investor Mirae Asset has introduced a new $200 million fund—Mirae Asset Global Allocation Fund IFSC—to enable Indian investors to access international markets and high-growth sectors such as artificial intelligence (AI) and semiconductors.
The fund will be managed through the firm’s branch at GIFT City and is regulated under the International Financial Services Centres Authority (IFSCA).
This close-ended scheme is classified as a Category III Alternative Investment Fund (AIF). It targets long-term capital growth by investing 90–100 per cent of its net asset value (NAV) in global exchange-traded funds (ETFS).
These ETFs track broad market indices and focus on innovative sectors, including AI and semiconductors.
The fund also has an additional green shoe option of another $200 million. It is open exclusively to accredited investors or those investing a minimum of $151,000. Participation is capped at 1000 investors, in line with IFSCA norms.
Mirae Asset sees the fund as a gateway for residents to diversify internationally through India’s Liberalised Remittance Scheme (LRS), which permits individuals to invest up to $250,000 per financial year.
Institutional investors and family offices may invest under the Overseas Portfolio Investment (OPI) framework, with a limit of up to 50% of their net worth.
Key features include global diversification to reduce single-country risk, focus on high-growth sectors, and a possible currency advantage due to the historical depreciation of the Indian rupee against the US dollar.
Vaibhav Shah, Head of Products, Strategy & International Business at Mirae Asset, stated that the fund allows investors to gain overseas exposure while leveraging Mirae’s global expertise. Subscription to the fund opened on 21 April.