Mumbai-based Equitree Capital Advisors, a SEBI-registered portfolio management service (PMS) with over $140 million in assets under management (AUM), has launched an offshore fund under the GIFT City framework, aimed at providing global investors access to India’s small-cap equities.
The newly introduced Equitree Emerging Opportunities Fund is designated as a Category III Alternative Investment Fund, compliant with the IFSCA (Fund Management) Regulations of 2025. This open-ended restricted scheme, which is non-retail and denominated in USD, plans to invest in listed small-cap companies in India through an offshore vehicle located within the International Financial Services Centres (IFSC). Targeting non-resident Indians (NRIs), foreign nationals, family offices, and institutional investors, the fund aims to raise $100 million over the next 12 to 18 months and is currently in advanced discussions with prospective investors, as per an official statement.
This fund builds upon Equitree’s existing PMS strategy, which has yielded a compound annual growth rate (CAGR) of 40% since April 2020, outperforming the Nifty Small Cap 100, which recorded a 29% CAGR, and the BSE 500 Total Return Index (TRI) at 22% during the same timeframe, net of fees (April 2026). The GIFT City vehicle will continue to adhere to the same research-driven, concentrated investment strategy, according to the release.
Published on April 22, 2026.
