Artha Global Opportunities Fund, a Mauritius headquartered and SEBI-registered fund investing in distressed assets and special situations in India, said it has become the first Foreign Portfolio Investor (FPI) to move its domicile from Mauritius to GIFT City, Gandhinagar in response to PM Modi’s ambition to make GIFT city a world class international financial services centre (IFSC).

“Our Radiant Capital Global Opportunities Incorporated VCC Sub Fund 1, launched under the Variable Capital Company (VCC) structure in Mauritius in 2023, has become the first SEBI-registered Category I foreign portfolio investor specialising in distressed assets; to relocate to GIFT City,” said Sachin Sawrikar, Founder & Managing Partner, Artha Bharat Investment Managers IFSC LLP, in a press release. 

As part of the transfer of domicile, Radiant Capital Global Opportunities VCC Sub Fund 1 will merge into a newly established, IFSC-registered entity named the Artha Global Opportunities Fund. This special situations/distressed debt fund, is awaiting lenders’ No Objection Certificates (NOCs) to finalize the transition. The fund, with a planned lifespan of 7 years, invests in Security Receipts (SRs) issued by Asset Reconstruction Companies (ARCs) in India. Artha Bharat selects SRs representing non-performing loans that are backed by operational assets to ensure that the fund realises returns for investors within its fund life.

The fund is managed by Artha Bharat Investment Managers IFSC LLP, promoted by Sachin Sawrikar, a private equity industry veteran and former SBI Mutual Fund equity fund manager.