Ambit Asset Management: Ambit, Daiwa raise Rs 1,500 crore from Japanese investors
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Mumbai: Ambit Asset Management, in partnership with Japan's Daiwa Asset Management, raised ₹1,500 crore from Japanese retail investors through its GIFT City vehicle. Ambit which had earlier sold its alternative investment fund (AIF) business to Edelweiss in 2016, is now looking to double up on this space. "While many overseas funds have been consistently selling Indian equities over the past four months, Japanese retail investors are investing into the Indian stock market," said Ashok Wadhwa, Group CEO, Ambit. The new Japan-domiciled fund, Ambit India Ascention Fund, is an open-ended alternative investment fund with a 20-year horizon and the first small-cap fund for Japanese retail investors. The fund has a greenshoe option of another ₹500 crore which will be raised by March 31. In 2023, Japan's Daiwa Securities Group acquired a 23% stake in Ambit, the holding company. The Japanese firm subsequently picked up stake in Am...