Bengaluru/ GIFT City: True Beacon, the Bangalore-based asset management company, today announced the launch of the first Category III Alternative Investment Fund (AIF) in Gujarat International Finance Tec (GIFT) City, a Special Economic Zone (SEZ) pioneered by Prime Minister Modi. The new Fund will cater to individual and institutional investors globally, and provide a seamless route to participate in the Indian capital markets.

True Beacon Global is built on client alignment through a zero standing-fee model, a conservative investment approach, together with liquidity and tech-enabled transparency. With an established client base for its onshore Fund, True Beacon is now opening up to global investors that are seeking exposure to the Indian capital markets and want to leverage the country’s immense growth potential.

True Beacon One, the company’s onshore flagship fund, was launched in September 2019 and returned an absolute performance of 47.2% in 2020, beating the NIFTY50, the index of the largest 50 companies in India, by 32.3%. Building on this track record, True Beacon Global aims to match the performance of its domestic counterpart and additionally provides a competitive, tax–efficient structure with zero tax on futures and options.

Manoj Das, the Additional Chief Secretary, Industries & Mines Department, Govt of Gujarat commented, “Gujarat is committed towards establishing GIFT City as a world-class investment centre for financial and technological companies.Gujarat plays a crucial role in attracting large FDI to India. Setting up of fund by True Beacon Global is testimony of GIFT City attracting global Funds.”

Mr. Tapan Ray, MD & Group CEO, GIFT City said, “Our focus is to provide the most efficient jurisdiction at par with other global financial centres. GIFT IFSC is a gateway for inbound and outbound investment in the country and has emerged as a preferred destination for setting up Fund business. Substantial international financial services business is taking place from GIFT IFSC. True Beacon Global’s launch is a welcome move in Fund business.”

Dipesh Shah, Head Development, International Financial Services Centres Authority (IFSCA), said “GIFT IFSC is fast emerging as a Fund Hub, we are seeing huge interest both from Indian and Global Institutions to set up Fund structures in IFSC, we welcome True Beacon Global to IFSC. It would be one of first few CAT III AIF to take advantage of the seamless structure that IFSC have sanctioned.”

Richard Pattle, Co-founder and CEO True Beacon, said “GIFT City provides an attractive avenue to invest into India. The establishment of True Beacon Global at GIFT City is an exciting new chapter for True Beacon. Undoubtedly, India is one of the most compelling investment destinations for ultra-high net worth individuals and institutional investors globally. We look forward to playing our part in attracting foreign capital to the country”.

Nikhil Kamath, Co-founder and CIO of True Beacon and Zerodha said “GIFT City is the natural gateway for foreign investors in the Indian markets, providing seamless, tax-efficient and client aligned wealth management for individual and institutional investors. The regulatory regime, coupled with high standards of governance, gives international investors a very high degree of confidence.”

True Beacon Global has partnered with Kotak Bank for its custodian services and with PWC as consultants.