The approval allows Gaja Alternative Asset Management to act as the investment manager of the new fund.
The company disclosed the development to the stock exchanges on September 1.
According to the filing, the fund has been set up as part of Gaja Capital’s plans to expand its operations through new funds and other growth initiatives.
Gaja Capital India Fund V will have a tenure of 10 years from its initial closing. The tenure can be extended by two additional one-year periods, according to the disclosure.
The company did not disclose the fund’s target corpus, investment strategy, proposed investments or the timeline for its initial closing in the filing.
The approval is for a Category II AIF, a category that generally covers funds investing in areas such as private equity and debt and does not fall under Category I or III AIFs. Category II AIFs are not permitted to undertake leverage or borrowing other than to meet day-to-day operational requirements, subject to applicable regulations.Gaja Alternative Asset Management is the investment manager for the fund, while the fund itself will operate as a SEBI-registered Category II AIF.
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