Avendus Absolute Return Fund, the first Equity Long/Short (market neutral) Alternate Investment Fund (AIF) by Avendus Capital Public Markets Alternate Strategies LLP, crossed ₹1,000 crore of assets under management in four months of its launch.

Aims @ 15-20% returns

Avendus Capital’s first Category III AIF invests in Indian-listed equities and equity derivatives, targeting to generate absolute returns with lower volatility than the overall stock market. It aims to generate a gross absolute return of 15-20 per cent consistently.

Category III AIFs employ diverse or complex trading strategies and may use leveraging through investment in listed or unlisted derivatives. It includes various types of funds, including hedge funds.

Piyush Shah, Managing Director, Avendus Capital, said the fund has managed to produce absolute returns with less volatility, across a variety of market scenarios.

Vaibhav Sanghavi, Co-CEO and Fund Manager, Avendus Capital, said AIFs have the ability to offer products which challenge the traditional risk-return curve and the fund house looks forward to offer unique differentiated products that will help investors achieve their financial goals.

The minimum investment in the NFO, which closed in March, was ₹5 crore and it was targeted at high net worth individuals, ultra HNIs, corporate treasuries and family offices (domestic and overseas).

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