Venus Capital Management
has launched the first open-end India-focused technology fund.
The no-load fund $500,000 seed money, invests 70% of its assets in Indian technology companies traded on the Bombay Stock Exchange
and about 30% in US-listed technology companies with Indian founders. The company intends to invest 15% in private companies, which intend to go public soon. The fund will hold only about 25 stocks, according to portfolio manager Vik Mehrotra
The funds directors include John Gutfreund
, former chairman, Solomon Brothers
; Raj Singh
, founder of Cerent, StratumOne and Redwood Venture Partners
; and Atiq Raza
, former president of Advanced Micro Devices
The fund intends to capitalize on the growth of India as a technology services hub. Director Singh said, "In the next decade, technology, particularly software, will mean to India what oil means to the Gulf."
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