The International Financial Services Centres Authority (IFSCA) is collaborating with a newly formed association of chief financial officers (CFOs) of Indian private equity and venture capital funds to encourage the establishment of new funds in Gujarat’s Gift City.
The association, which aims to accelerate the formation of PE/VC funds from Gift IFSC, stated that it would work closely with IFSCA to provide feedback on operational issues and solutions to make it easier for businesses to operate from Gift IFSC.
Several investment funds have been established at GIFT City in recent months, including Kotak Mahindra Group’s alternative asset arm, Kotak Investment Advisors (KIAL), which has its 13th real estate fund based in GIFT City.
The fund received a $500 million anchor investment from an Abu Dhabi Investment Authority wholly-owned subsidiary in December 2022. (ADIA). Gift City is also home to funds managed by Vivriti Asset Management, which is backed by LGT Lightstone, and ASK Group’s real estate investment arm.
GIFT City has seen the establishment of several investment funds in recent months, including Kotak Mahindra Group’s alternative asset arm, Kotak Investment Advisors (KIAL), which has its 13th real estate fund based there.
In December 2022, the fund received a $500 million anchor investment from an Abu Dhabi Investment Authority wholly-owned subsidiary (ADIA). Gift City is also home to Vivriti Asset Management funds, which are backed by LGT Lightstone and ASK Group’s real estate investment arm.
Tapan Ray, GIFT City’s managing director and group chief executive, spoke about SEZs (special economic zones) and the funds that operate within them.
The executive has promised support to create frictionless pathways for funds to operate and invest from GIFT IFSC, according to a press release from the PEVCCFOA (Private Equity and Venture Capital CFO Association).
PEVCCFOA aims to equip CFOs with the tools they need to fulfil their fiduciary responsibilities and add value to the ecosystem. It promotes knowledge sharing, regulatory dialogues, forums, and network formation in the private equity and venture capital investing sectors, according to the organisation.
