Business Daily from THE HINDU group of publications
Wednesday, Nov 15, 2006
ePaper
Business Daily from THE HINDU group of publications Wednesday, Nov 15, 2006 ePaper |
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Markets
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New Fund Offer Our Bureau
Mumbai , Nov 14 Crayon Capital, an asset management company, is set to launch its art fund `Crayon Capital Art Fund', worth Rs 40 crore. The fund has a minimum investment of Rs 10 lakh with a lock-in period of three years. This close-ended fund opens on November 15 and the first closure date is December 15. "The Crayon Capital Art Fund will be funded through private placement and by invitation. The fund aims at investing in a well-diversified portfolio of select works by leading Indian artists and providing investors with the opportunity to profit from leveraging the fund's pooled purchasing power,'' said Mr Gaurav Karan, Partner, Crayon Capital. According to company officials, `Crayon Capital Art Fund - Scheme 1' shall be a conservative fund looking at low risk and medium-to-high returns. The fund shall invest in a diversified portfolio of about 50 leading artists and emerging artists who have demonstrated a "history'' of investor interest in their work. `History' will be qualified as "artists who have consistently exhibited in leading museums and galleries around the world and have sold in leading auctions". Art critic and author, Ms Ella Datta, has been appointed as the advisor to the art fund. The fund will pursue a transparent buying strategy; it would send details of the artworks bought to its investors each quarter including the name of artist and the image, the size and medium of the work. Estimated net asset values will be declared quarterly and shall be based on market research comprising historical analyses, an average of experts' valuations, square inch prices and trend analysis, said Mr Karan
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