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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