3i Vet Launches India-Focused Hedge Fund

Mar 5 2014 | 1:22pm ET

A longtime private-equity manager in Asia, disappointed in that industry’s returns in India, plans to try his hand at hedge funds.

Anil Ahuja, 3i Group’s former Asia head, has launched the IPEplus Fund 1 in Singapore. The new hedge fund invests in a wide array of asset classes, with a focus on Indian companies. It has returned 8.9% since its debut in October.

“There are a handful of people who have made money, but the Indian private-equity domain has not performed,” Ahuja told Bloomberg News. “The right tool kit for India has to be very different.”

IPEplus launched with US$10 million of Ahuja’s money. He hopes to raise US$100 million for the Bermuda-listed vehicle by the end of the year, with the first US$40 million by June. The fund charges 1% for management and 10% for performance above a hurdle.

Ahuja left 3i last February. Prior to joining that firm, he worked at JPMorgan Chase’s Asian private-equity unit.


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