New Star India to replicate Tata Pure Equity fund

New Star's imminent India fund is modelled on a local product that has produced annual growth of more...

New Star’s imminent India fund is modelled on a local product that has produced annual growth of more than 50% over the last five years. The group is looking to raise around £50m in the fund’s first year, with management outsourced to locally-based Tata Asset Management. The Luxembourg-domiciled New Star Indian Equity will follow the same strategy as Tata’s Pure Equity offering, which has provided an average 52.6% per annum over the last five years. TAM fund manager Bhupinder Sethi, who runs four of the group’s other offshore funds but not Pure Equity, said the vehicle will benefit fro...