Mumbai-based Equitree Capital Advisors, a SEBI-registered PMS managing over $140 million AUM, has launched an offshore fund under the GIFT City framework to offer global investors exposure to India's small-cap equities. According to reports from PTI, the firm announced the launch of the Equitree Emerging Opportunities Fund on Wednesday, April 22. The fund is structured as a Category III Alternative Investment Fund (AIF) registered under the IFSCA (Fund Management) Regulations, 2025, and operates as an open-ended restricted scheme (non-retail). The USD-denominated fund will invest in listed Indian small-cap companies through an IFSC-based offshore vehicle, providing USD-denominated access to listed Indian small-cap equities for global investors.
The fund targets NRIs, foreign nationals, family offices and institutions, with a planned raise of $100 million over 12-18 months and is currently in late-stage discussions with investors, as reported by PTI. The GIFT City vehicle will follow the same research-driven, concentrated investment approach that has been successful in Equitree's existing PMS strategy. As per PTI, the fund provides USD-denominated access to listed Indian small-cap equities through an IFSC-based offshore investment vehicle, targeting a USD 100 million fundraise over the next 12–18 months.
The fund extends Equitree's existing PMS strategy, which has delivered a 40 per cent CAGR since April 2020, versus 29 per cent for the Nifty Small Cap 100 and 22 per cent for the BSE 500 TRI over the same period (net of fees, April 2026), according to the official release. This performance significantly outpaces the benchmark indices, demonstrating the effectiveness of the firm's concentrated investment approach in small-cap equities. The Mumbai-based boutique investment manager's track record has been instrumental in building confidence among potential investors for the new GIFT City fund structure.
