UK financial services group Dawnay Day is planning to launch an Indian fund for Australian institutional investors.
Dawnay Day India Advisors (DDAV) developed the fund.
DDAV is a joint venture with Indian-based investor Alok Vajpeyi, a former Merrill Lynch Asset Management executive.
It will be marketed to Australian investors through Dawnay Day's Australian business, led by local investment managers Les Walden and Jonathan Ramsay.
"The fund is all set up and ready to go. We just have to get the final sign off from the regulator, the Securities and Exchange Board of India," Ramsay said.
The Dawnay Day India Opportunity Fund is aiming to raise between $50 million and $100 million of institutional money.
It will be opened to non-resident investors from around the world.
"We believe that local investors are becoming more opportunistic. India offers excellent diversification. This is because, unlike its peers in other emerging markets, the growth in the country is driven by domestic factors," Ramsay said.
