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Soros Alumnus Launches India-Focused Hedge Fund
May 14 2014 | 10:45am ET
A Soros Fund Management alumnus has launched his own India-focused hedge fund.
Sam Gupta's Grand Trunk Capital launched the India Opportunity Fund with money from friends and family but has teamed with Morgan Creek Capital Management to raise up to $200 million for the new venture, a person with knowledge of the fund told FINalternatives. The long-biased fund will focus on the Indian banking (75%) and media (25%) sectors.
Gupta was co-founder of Quantum India Fund Management, a joint venture with Soros Fund Management that invested $2.5 billion in India between 2006 and 2009. Prior to that, he was co-portfolio manager of Passport Capital's Passport India Fund, which specialized in long-term investment in the Indian markets. Before that, he was a managing director at Wasserstein Ventures and a senior associate at Encompass Ventures.
Gupta sees huge opportunity in India, said the source, particularly on the eve of what looks to be an election victory for the pro-business Narendra Modi of the Bharatiya Janata Party. The world's largest democracy went to the polls from April 7 to May 12, with official results to be announced May 16.
The new fund, structured as an onshore Delaware-based limited partnership and an offshore Mauritius-based fund, carries fees of 1.75% and 20% (subject to a 7% hurdle), imposes a two-year lockup (quarterly thereafter) and requires a minimum investment of $1 million
http:// www.finalternatives.com/node/27034