PGIM India Asset Management Company (AMC) on Thursday, October 5, announced the launch of the Alternative Investment Fund (AIF), a SEBI-registered Category III AIF. This will adopt PGIM India’s proprietary philosophy of ‘Growth at Reasonable Price’ (GARP) and will be defined through the Price/Earnings to Growth (PEG) model.
The
AIF will be helmed by Aniruddha Naha who has been appointed as the CIO – Alternates since April 2023, the AMC said.
Ajit Menon, CEO of
PGIM India Asset Management, said, “With the launch of AIF, we have expanded our offering to more segments of investors especially in the higher wealth tiers including family offices.”
Naha said the endeavour was to create investment portfolios focusing on opportunities across segments which may command faster-growing profit pools while keeping an extremely tight discipline of buying the strong balance sheets, and cashflows in business and focus on strong capital allocation ethics by the companies. "The outcome is high conviction portfolios representing broader, stronger and durable themes, agnostic of popular benchmarks," Naha said.
PGIM India AIF is planning to raise Rs 500 crore with an option to collect an additional Rs 500 crore through the green shoe option in this financial year.
The total industry size of the AIF sector in India is about Rs 8,44,926 crore in terms of commitments raised as of June 2023. The Category III AIF has an industry asset under management (AUM) of Rs 85,057 crore in terms of commitments raised during the same period.
