The closing date for the Oryx (India) Fund, the third Oryx fund to be launched, has been extended for a second time at the request of US institutions which have expressed a strong interest in the fund. The closing date was originally in mid-March, and is now 18 April (MEED 24:3:95).
The fund, which will invest in equities in small and medium-size Indian businesses, is aimed at Gulf investors. However, US institutions became interested mainly because of the involvement of the London-based Chescor, who will manage the fund and has extensive experience of the Indian market, the promoters say.
But, the promoters add that the fund is likely to fall short of its initial target figure of $100 million because of a lack of confidence about emerging markets among many investors.
The fund is being promoted by the UK firm Consulta and Oman’s Al Ahlia Portfolio Securities, who have worked together on two other Oryx funds. The first was launched last year and raised $50 million to invest in Omani equities.
In February, the Oryx International Growth Fund was closed, raising £19 million ($30 million), and will invest in European and UK equities. About 50 per cent of funds raised for the growth fund came from Gulf investors.