New York hedge fund giant Eton Park Capital Management is going around the world to buy a piece of a mutual fund. The US$10 billion hedge fund agreed to pay $127 million for a 5% stake in India’s largest mutual fund manager, Reliance Capital Asset Management.

The deal, which values Reliance at about US$2.5 billion, will inject capital into the firm as it prepares to launch an overseas fund targeting foreign institutional investors, the Financial Times reports.

For its part, Eton Park founder Eric Mindich said, “We share Reliance Capital’s excitement on the growth prospects of the industry.”

Reliance manages about US$20 billion in assets, up from just US$100 million six years ago. All told, assets under management in the Indian mutual fund industry have soared 60% since January.