GIFT City Investment: Funds for NRIs and Residents
GIFT City investment: a curated list of USD funds in India’s IFSC, with each fund’s minimum and who can invest.
Request a call backSee the funds
- Minimum investment
- USD 75,000 (PMS) · USD 150,000 (AIF)
- Regulated by
- IFSCA
- Who can invest
- NRIs: all funds · Residents: global funds through LRS
30+ managers. One evaluation standard.
GIFT City funds open for investment
Sign in with your email to see each fund's documents. Minimums and eligibility can change and are subject to each fund’s current offering documents. Confirm the current terms before investing.
List updated
Global (outbound) funds: NRIs and resident Indians (through LRS)
Funds that invest outside India, in US dollars. NRIs can invest, and so can resident Indians through the Liberalised Remittance Scheme (LRS).
| Fund | Fund house | Type | Strategy | Minimum | Documents |
|---|---|---|---|---|---|
| 360 ONE New Perspective FundRead our reviewFeeder into Capital Group's New Perspective Fund, a global equity fund. | 360 ONE | AIF Cat III | Global equity | USD 150,000 | Fund documents |
| Altus Quant Algorithmic Strategies FundMarket-neutral quant fund. Weekly NAV, no lock-in. | Altus Fund Management IFSC | AIF Cat III | Quant algorithmic | USD 150,000 | Fund documents |
| Ashoka WhiteOak Global Emerging Markets ex IndiaRead our reviewEmerging-market equities outside India, via a master fund. 24-month lock-in. | Ashoka WhiteOak | AIF Cat III | Emerging markets ex India | USD 150,000USD 25,000 for accredited investors | Fund documents |
| Phillip International Pioneer PortfolioRead our reviewGlobal equity portfolio built mainly with ETFs. Benchmark: S&P Global BMI. | Phillip Capital | GIFT City PMS | Global equity | USD 75,000 | Fund documents |
| Parag Parikh Global Investing StrategyRead our reviewResident Indians onlyDiscretionary PMS investing mainly in US and European stocks. | PPFAS | GIFT City PMS | Global equity | USD 75,000 | Fund documents |
| TCG Nozomi Global Multi Strategy FundRead our reviewInvests across three TCG global quant funds. Monthly dealing. | TIW Capital Group | AIF Cat III | Global quant multi-strategy | USD 150,000USD 50,000 for accredited investors or the SIP class | Fund documents |
India-focused (inbound) funds: non-residents only
Funds that invest in India, in US dollars, for investors who live outside India. Resident Indians cannot invest in these funds.
| Fund | Fund house | Type | Strategy | Minimum | Documents |
|---|---|---|---|---|---|
| ABSL India Flexicap Fund (IFSC)Read our reviewFeeder into Aditya Birla Sun Life Flexi Cap Fund. Benchmark: Nifty 500 TRI. | Aditya Birla Sun Life AMC Ltd. | AIF Cat III | Flexi-cap Indian equity | USD 150,000 | Fund documents |
| Alchemy India Long Term FundRead our reviewLong-only Indian equity, 20–40 stocks. Moved from Mauritius to GIFT City in 2023. | Alchemy Capital | AIF Cat III | Long-only Indian equity | USD 150,000 | Fund documents |
| Bandhan India Government Securities Fund (IFSC)Read our reviewFeeder into Bandhan Government Securities Fund – Investment Plan. | Bandhan AMC | AIF Cat III | Indian government securities | USD 150,000 | Fund documents |
| Bandhan India Large and Mid-cap Fund (IFSC)Read our reviewFeeder into Bandhan Large & Mid Cap Fund. | Bandhan AMC | AIF Cat III | Large and mid-cap Indian equity | USD 150,000 | Fund documents |
| Bandhan India Small Cap Fund (IFSC)Read our reviewFeeder into Bandhan Small Cap Fund. | Bandhan AMC | AIF Cat III | Small-cap Indian equity | USD 150,000 | Fund documents |
| India Amritkaal FundRead our reviewOffshore version of Carnelian’s Bharat Amritkaal Fund. Flexi-cap, 25–30 stocks. | Carnelian | AIF Cat III | Flexi-cap Indian equity | USD 150,000 | Fund documents |
| HDFC India Balanced Advantage FundFeeder into HDFC Balanced Advantage Fund (65–100% equity, rest debt). | HDFC | AIF Cat III | Dynamic equity and debt | USD 150,000 | Fund documents |
| HDFC India Diversified Equity FOFFeeder into HDFC Diversified Equity All Cap Active FOF (HDFC equity funds). | HDFC | AIF Cat III | Multi-cap Indian equity | USD 150,000 | Fund documents |
| HDFC India Flexi Cap FundFeeder into HDFC Flexi Cap Fund. | HDFC | AIF Cat III | Flexi-cap Indian equity | USD 150,000 | Fund documents |
| HDFC India Mid-Cap Opportunities FundFeeder into HDFC Mid Cap Fund. | HDFC | AIF Cat III | Mid-cap Indian equity | USD 150,000 | Fund documents |
| HDFC India NIFTY 50 FundFeeder into HDFC Nifty 50 ETF (NIFTY 50 index). | HDFC | AIF Cat III | Nifty 50 index | USD 150,000 | Fund documents |
| HDFC India Small Cap FundFeeder into HDFC Small Cap Fund. | HDFC | AIF Cat III | Small-cap Indian equity | USD 150,000 | Fund documents |
| ICICI Prudential Smart Navigator Fund (IFSC)Read our reviewHolds about 7–10 Indian mutual funds and ETFs across fund houses. | ICICI Prudential | AIF Cat III | Indian mutual funds, multi-fund | USD 150,000 | Fund documents |
| Motilal Oswal Founder’s StrategyRead our reviewFlexi-cap Indian equity in founder-led companies (min. 26% founder holding). | Motilal Oswal | AIF Cat III | Founder-led Indian equity | USD 150,000USD 50,000 for accredited investors | Fund documents |
| Motilal Oswal Gift City India Equity Fund of FundsRead our reviewFeeder into Motilal Oswal Large & Midcap Fund (about 35 stocks). | Motilal Oswal | AIF Cat III | Large and midcap fund of funds | USD 150,000 | Fund documents |
| Neo Infrastructure Income Opportunities Fund II (GIFT City route)Read our reviewFeeder into Neo’s SEBI Category II infrastructure AIF: roads and solar. 7-year term. | Neo Asset Management | AIF Cat II | Infrastructure income | USD 150,000 | Fund documents |
| Nippon India ETF Nifty 50 BeES GIFTRead our reviewFeeder into Nippon India ETF Nifty 50 BeES (Nifty 50 index). | Nippon India | AIF Cat III | Nifty 50 index | USD 150,000 | Fund documents |
| Nippon India Large Cap Fund GIFTRead our reviewFeeder into Nippon India Large Cap Fund. Benchmark: BSE 100 TRI. | Nippon India | AIF Cat III | Large-cap Indian equity | USD 150,000 | Fund documents |
| Nippon India SHARP Equity FundRead our reviewLong-short Indian equity: long listed stocks, can short and hedge. | Nippon India | AIF Cat III | Long-short Indian equity | USD 150,000 | Fund documents |
| Phillip India Billion Opportunities FundRead our reviewLong-only flexi-cap Indian equity, up to 30 stocks. Benchmark: BSE 500. | Phillip Capital | AIF Cat III | Flexi-cap Indian equity | USD 150,000USD 50,000 for accredited investors | Fund documents |
| Renaissance India Growth Fund I LPRead our reviewUS investors only; feeder to the GIFT City fundFor US investors; invests in Renaissance India Growth Fund (GIFT City). | Renaissance | AIF Cat III | Flexi-cap Indian equity | USD 250,000 | Fund documents |
| Renaissance India Growth Fund – GIFT CityRead our reviewLong-only flexi-cap Indian equity, 30–35 stocks. | Renaissance | AIF Cat III | Flexi-cap Indian equity | USD 150,000 | Fund documents |
| The Wealth Company IFSC FoFHolds Indian mutual funds and ETFs. Not open to US or Canada investors. | The Wealth Company | AIF Cat III | Indian mutual funds (FoF) | USD 150,000 | Fund documents |
| The Wealth Company IFSC Trust IIClose-ended feeder into Bharat Value Fund Series IV (pre-IPO companies). 5.5-year term. | The Wealth Company | AIF Cat II | Pre-IPO (feeder) | USD 150,000 | Fund documents |
No fund matches your search.
Investments are subject to market risk; read the scheme documents. Information as of 12 November 2026.
What is GIFT City investment?
GIFT City investment means putting US dollars into funds regulated by the International Financial Services Centres Authority (IFSCA) at India’s International Financial Services Centre in GIFT City, Gujarat. NRIs can invest in India-focused (inbound) and global (outbound) funds. Resident Indians can invest only in global funds, through the Liberalised Remittance Scheme (LRS), up to USD 250,000 per person per financial year, across all LRS remittances. GIFT City PMS starts at USD 75,000 and GIFT City AIFs at USD 150,000, with lower minimums for accredited investors at some funds.
Gujarat International Finance Tec-City (GIFT City) is India’s first operational International Financial Services Centre (IFSC). It is a regulated, foreign-currency route for eligible NRIs and, for global funds, resident Indians investing under LRS. The International Financial Services Centres Authority (IFSCA) regulates the funds, banks and exchanges in GIFT City under one framework.
Here is what GIFT City funds offer NRIs and foreign investors. Depending on the fund, GIFT City lets you invest in:
- Indian equities & debt instruments
- AIFs, mutual funds, ETFs
- Offshore products
…in foreign currency. Each fund sets its own currency; the minimums in our list above are in US dollars.
The GIFT City funds in our list include:
- Global portfolio management services (PMS)
- Category III AIFs: listed Indian equity, long-short equity, emerging markets outside India and quant multi-strategy
- Category II AIFs: infrastructure and a pre-IPO feeder fund
- Funds of funds investing in Indian mutual funds
Kalviro Ventures distributes curated GIFT City funds investing in Indian equities, global markets and alternatives. Our team explains each fund and helps with the paperwork.
New to GIFT City? Read our GIFT City investment guide for NRIs, or compare the GIFT City funds list.
Who can invest in GIFT City funds
Eligibility depends on where the fund invests:
- Global (outbound) funds: open to NRIs and to resident Indians. Residents invest through the Liberalised Remittance Scheme (LRS), up to USD 250,000 per person per financial year, across all LRS remittances.
- India-focused (inbound) funds: for non-residents only, not resident Indians.
The two lists above follow this rule. Each fund’s documents set its final eligibility, including any countries it does not accept.
Global (outbound) and India-focused (inbound) funds compared
| Global (outbound) funds | India-focused (inbound) funds | |
|---|---|---|
| Invests in | Markets outside India | Indian markets |
| Who can invest | NRIs and resident Indians | Non-residents, including NRIs |
| How resident Indians invest | Through LRS, up to USD 250,000 per person per financial year, across all LRS remittances | Not open to resident Indians |
| Currency | Usually US dollars; each fund sets its own | Usually US dollars; each fund sets its own |
| Usual minimum | USD 150,000 (AIF); USD 75,000 (PMS) | USD 150,000 |
Sources: RBI Liberalised Remittance Scheme; each fund’s offering documents. Information as of 4 November 2026.
How to invest in GIFT City with our team
- Check eligibility. Pick funds open to you from the two lists above.
- Complete KYC with the fund manager: identity, address and tax-residence documents.
- Sign the fund documents: the private placement memorandum and contribution agreement for an AIF, or the PMS agreement for a PMS.
- Send US dollars. NRIs remit from an overseas bank account or a foreign-currency account with a bank unit in GIFT City. Residents remit under LRS. Your bank may collect tax at source (TCS) at 20% on LRS remittances above ₹10 lakh in a financial year. Subject to applicable law, you may claim it as a credit against your final income-tax liability. Confirm the current rate and treatment with your bank and tax professional.
Our team walks you through each step. We explain how each fund works: its strategy, lock-in, fees, minimum and who can invest. You decide after reading the fund documents. We coordinate with the fund house on KYC, the fund documents and the subscription, and follow up until the fund house confirms processing. After you invest, we share each fund’s factsheets and updates as the fund house releases them, and answer administrative or document-related questions.
GIFT City funds: minimum investment, liquidity, tax and risks
GIFT City minimum investment
GIFT City AIFs usually start at USD 150,000. GIFT City PMS starts at USD 75,000.
Accredited investors: some funds accept lower amounts, from USD 50,000 at most funds that offer it and USD 25,000 at one fund in our list. Each fund’s minimum is in the list above.
Liquidity and lock-in
Liquidity varies by fund. Open-ended funds allow redemptions on set dealing days; close-ended funds and some strategies have lock-in periods or fixed terms. Check each fund’s redemption terms, notice period and any exit load in its documents.
How GIFT City funds are taxed
GIFT City investment for NRI investors has its own tax rules, and the benefit depends on what the fund holds and where you live. We set out how each fund is taxed at fund level, as its documents describe, and suggest investors confirm their own position with a tax professional. Our GIFT City tax myths guide explains what is and is not exempt.
GIFT City risks
All investments carry market volatility, regulatory, and operational risks. As GIFT City is a relatively new financial hub, conduct thorough due diligence and seek professional advice before committing capital.
Frequently asked questions
What is GIFT City and why is it important for NRI investors?
GIFT City is India’s first integrated International Financial Services Centre (IFSC) in Gujarat. It allows NRIs and foreign investors to transact in foreign currencies and access Indian and international markets under the IFSCA regulatory framework.
Who can invest in GIFT City funds?
It depends on where the fund invests. India-focused (inbound) GIFT City funds are for non-residents, including NRIs. Global (outbound) GIFT City funds are open to NRIs and resident Indians; residents invest through the Liberalised Remittance Scheme (LRS), up to USD 250,000 per person per financial year, across all LRS remittances.
Can resident Indians invest in GIFT City funds?
Yes, in global (outbound) funds, through the Liberalised Remittance Scheme (LRS), up to USD 250,000 per person per financial year, across all LRS remittances. India-focused (inbound) GIFT City funds are not open to resident Indians.
How are GIFT City investments taxed for NRIs?
Tax depends on the fund’s structure and where you live. Each fund’s documents set out how the fund is taxed; confirm your own position with a tax professional. Our GIFT City tax myths guide explains what is and is not exempt.
What types of investments are available through GIFT City?
Mutual funds, alternative investment funds (AIFs), portfolio management services (PMS), ETFs and select offshore funds – covering equity, debt, private equity, infrastructure and multi-asset strategies under IFSCA oversight.
How does Kalviro Ventures support GIFT City investors?
We explain each fund, coordinate KYC and the fund documents with the fund house, and share fund updates after you invest. We are a distributor, not the fund manager.
Looking to invest in GIFT City funds?
Share your details and our team will call you to go through each fund’s eligibility, minimum and documents.