The first India-focused closed-ended AIF Fund (Category 2) was launched by Dubai-based wealth management advisory firm NAV Capital, which intends to raise Rs 500 crore in the initial round.

The Dubai Financial Services Authority (DFSA) oversees NAV Capital as a category 3A organization.

Small and medium-sized businesses (SMEs) with high growth potential prospects and companies in high-growth industries will be the main targets of the new fund's pre-IPO investment opportunities.

In the first round, NAV Capital intends to raise Rs 500 crore, which will be distributed over 18 months. According to a statement, the fund intends to invest at least 51% of its total corpus in unlisted businesses and up to 49% in listed ones.

According to NAV Capital, the fund will be sector-neutral and concentrate on businesses in the following areas: technology and innovation, consumer goods and retail, banking and financial services, chemicals and materials, and infrastructure and logistics. Vineet Arora says, "We see immense potential, with India aiming to become the third largest economy in the world with an estimated GDP of USD 8.4 trillion by 2030."

"We are dedicated to India, and more will come, even though this is our first offering to Indian residents. With a primary focus on pre-IPO opportunities and strategic growth capital, we seek to access small and medium-sized Indian businesses with significant growth potential," stated Vineet Arora, Managing Director of NAV Capital.

NAV Capital offers wealth management advisory services as well as an internal team that brokers a wide variety of structured products.