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New Delhi, Aug 3 Kotak Mahindra Asset Management on Friday said that it expects to raise $200 million from its three-year close-ended ‘Global Emerging Market Fund.’ “There has been good response so far. If it crosses $200 million, we will seek regulatory approval for retaining the excess. If we don’t get it, we will go in for proportionate allotment,” Mr Alroy Lobo, Chief Strategist, Global Head Equities Asset Management of Kotak Mahindra, told newspersons.

As per current guidelines, a fund house cannot invest more than $200 million overseas. For the mutual fund industry, the cap on overseas investments is currently pegged at $4 billion.

Kotak’s Global Emerging Market Fund will invest in Luxembourg-domiciled T Rowe Price Global Emerging Markets Equity Fund – SICAV. It has been benchmarked against the MSCI Emerging Market Index and the new fund offer closes on August 24.

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Kotak Mutual looks to raise $200 m from new fund

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