Mirae launches new SIF, eyes global equity via GIFT City

Mirae Asset Investment Managers India on Thursday launched ‘Platinum’, a new identity created to house its range of Specialized Investment Funds (SIFs), starting with an equity-focused fund.

This marks the fund house’s formal entry into the SIF segment, which blends the structural transparency of mutual funds with the strategic flexibility of Portfolio Management Services (PMS).

Structured under the Securities and Exchange Board of India’s (SEBI) SIF framework, these funds allow fund managers to pursue a wide array of strategies across equity, debt and hybrid categories. The minimum investment required in an SIF is Rs 10 lakh.

“Our core strength lies in equities. We are widely recognised for managing robust equity-oriented funds,” said Vaibhav Shah, Head - Products, Business Strategy & International Business, Mirae Asset Investment Managers (India). “Therefore, it makes strategic sense for us to begin our journey in SIFs with an equity-focused offering, followed by debt and hybrid products in subsequent phases.”

The company will soon file the offer document with the market regulator for its first SIF scheme.

Notably, other fund houses are also tapping into this space, with Edelweiss Mutual Fund recently announcing plans to launch a hybrid fund under the SIF vehicle.

Until now, SEBI has approved seven strategies under SIFs, spanning equity, debt and hybrid categories.

Global Exposure via GIFT City Route

Separately, Mirae Asset has launched the Mirae Asset Global Allocation Fund, a close-ended Category III Alternative Investment Fund (AIF) under the IFSC Authority's framework in GIFT City.

This fund will offer affluent resident Indian investors exposure to global equities, a segment largely constrained due to regulatory limits on overseas investments by mutual funds and AIFs, which are also subject to constraints.

“India accounts for only about 5 per cent of the global market capitalisation,” noted Shah. “95 per cent of investment opportunities lie outside our borders. With that in mind, we believe investors should have a core allocation to key global markets such as the US and China.”

The fund will allocate approximately 50 per cent of its corpus to US equities, with the rest diversified across China, other emerging markets and high-conviction themes such as artificial intelligence and semiconductors.

Available under the Liberalised Remittance Scheme (LRS), the fund will act as a feeder into three to four international funds. The minimum investment for Category III AIFs stands at $1.5 lakh (around Rs 1.3 crore), although accredited investors can participate with a lower ticket size of $10,000 (approximately Rs 8.5 lakh).

Retail investors not left behind

In a positive development for retail investors seeking overseas exposure, Mirae Asset is also working on launching an outbound fund under the LRS route in the coming months. This will enable broader participation in global equities, expanding access beyond just high-net-worth individuals (HNIs) and accredited investors.

Also read: Altiva SIF: Edelweiss enters SEBI's new fund space