TIW Capital Mauritius Fund Review: Investment Strategy, Returns, Fees & Investor Guide
The TIW Capital Mauritius Fund, formally TCG CB Incorporated VCC Sub Fund, is a Mauritius-domiciled US-dollar quantitative fund run by TIW Capital Group. It trades listed equities, ETFs and currencies through more than 35 proprietary strategies. The minimum is USD 100,000 for Class A and USD 500,000 for Class Q.
The record on Class A’s factsheet shows 13.41% a year, net of fees, since the strategy began in September 2021. Over the past year it returned 14.06%. TIW compares it with the MSCI World Index on volatility only: since strategy inception, 3.22% a year for the fund and 14.99% for the index. Until February 2025, the figures come from another TIW fund, TCG Global Income Fund Ltd, whose Capital Builder share class ran the same strategies.
Class Q aims for about 15% a year net, against about 12% for Class A. Its published record, 15.78% a year since January 2023, belongs to TIW’s discretionary portfolio management service on the same strategies, not to Class Q itself. All figures come from TIW Capital Group’s Class A and Class Q factsheets, with data as at 30 September 2026.
| Class A | Class Q | |
|---|---|---|
| Legal name and ISIN | TCG CB Incorporated VCC Sub Fund, Class A, MU0762S00023 | TCG CB Incorporated VCC Sub Fund, Class Q, MU0762S00122 |
| Domicile and regulator | Mauritius (variable capital company); FSC Mauritius | Mauritius (variable capital company); FSC Mauritius |
| Investment manager | TCG Global Investment Managers Ltd | TCG Global Investment Managers Ltd |
| What it trades | Equities, ETFs and currencies in the US and other developed markets | Equities, ETFs and currencies in the US and other developed markets |
| Return objective | About 12% a year, net, in US dollars | About 15% a year, net, in US dollars |
| Minimum | USD 100,000 | USD 500,000 |
| Management fee | 2.00% a year, charged monthly | 1.50% a year, charged monthly |
| Performance fee | 9% hurdle; 20% up to 18% with catch-up; 30% above 18% | 12.5% hurdle; 20% up to 20% with catch-up; one-third above 20% |
| Dealing | Monthly | Monthly, on the 12th calendar day |
| Redemption | Any time, with 30 calendar days’ notice | Any time, with 30 calendar days’ notice |
| Exit fee | 5% in year 1, 2.5% in year 2, nil from year 3 | Nil |
| Comparison index in the factsheet | MSCI World Index (volatility only) | MSCI World Index (volatility only) |
| Fund size | Not disclosed in the factsheets | Not disclosed in the factsheets |
Information as of 30 September 2026, as disclosed in TIW Capital Group’s Class A and Class Q factsheets. The offering documents govern the fund’s terms.
In plain words, you buy units in a Mauritius fund in US dollars at the monthly net asset value (NAV). You can ask for the money back in any month with 30 days’ notice. Class A charges an exit fee in the first two years of an investment; Class Q does not. The factsheets name the risks as market moves in listed securities, model risk, and needing the money within a year.
In this article8 sections
How the TIW Capital Mauritius Fund invests
TIW runs more than 35 proprietary quantitative strategies at once and moves money between them, according to the factsheets. They trade equities, ETFs and currencies in the US and other developed markets. TIW describes its risk controls as position sizing, limits and drawdown controls.
At 30 September 2026, both factsheets showed a 100% United States geographic allocation. Class A’s largest sector weights were technology at 35%, index products at 27% and consumer discretionary at 15%. Class Q held 58% in technology, 19% in index products and 14% in precious metals.
The ten most traded instruments listed for both classes include a South Korea index ETF, SPDR Gold Shares, a US Treasury ETF, Intel and Micron Technology. Weights move month to month: over the past 12 months, technology averaged 40% for Class A and 37% for Class Q.
TIW Capital Mauritius Fund returns to 30 September 2026
On TIW’s figures, both records show a gain in every calendar year and every quarter so far, net of fees. Other vehicles on the same strategies supply Class A’s record before March 2025 and all of Class Q’s, as the column headings show.
| Net of fees, in US dollars | Class A record (to February 2025: Capital Builder share class of TCG Global Income Fund) | TIW discretionary portfolio management record shown for Class Q (not Class Q itself) |
|---|---|---|
| 1 month | +1.28% | +1.57% |
| 3 months | +4.65% | +5.95% |
| 6 months | +7.06% | +9.10% |
| 1 year | +14.06% | +17.21% |
| Since strategy inception, a year | 13.41% (from September 2021) | 15.78% (from January 2023) |
| Since strategy inception, in total | +89.56% | +73.21% |
| Months with a gain | 89% | 96% |
| Largest monthly fall | -1.3% | -0.79% |
| Volatility since inception, a year (MSCI World Index) | 3.22% (14.99%) | 2.98% (11.97%) |
| Calendar year | Class A record | Class Q record |
|---|---|---|
| 2021 (from September) | +3.88% | Not shown |
| 2022 | +9.70% | Not shown |
| 2023 | +16.01% | +15.48% |
| 2024 | +16.00% | +14.61% |
| 2025 | +12.54% | +15.80% |
| 2026 (to September) | +9.84% | +13.01% |
Past performance as disclosed by TIW Capital Group in the Class A and Class Q factsheets (data as at 30 September 2026), net of fees, in US dollars. For Class A, September 2021 to February 2025 is the Capital Builder share class of TCG Global Income Fund Ltd. For Class Q, all figures are TIW’s discretionary portfolio management service (TCG QCAM). Past performance does not indicate future returns.
The factsheets give the MSCI World Index’s volatility but not its returns for the same periods. Class A’s own record as a class of this fund covers March 2025 to September 2026, 19 months. Class Q has no published record of its own.
TIW’s return objectives and what the fees take
TIW states an objective of about 12% a year net in US dollars for Class A and about 15% for Class Q. Its product notes say any target is indicative only and not guaranteed.
On the minimum and an unchanged NAV, the management fee comes to about USD 2,000 a year for Class A and USD 7,500 for Class Q. That is our arithmetic; TIW charges the fee monthly on NAV. The performance fee depends on the year’s return:
| Year’s return after the management fee | Class A performance fee (you keep) | Class Q performance fee (you keep) |
|---|---|---|
| 12% | 2.40% (9.60%) | Nil, below the 12.5% hurdle (12.00%) |
| 18% | 3.60% (14.40%) | 3.60% (14.40%) |
| 25% | 5.70% (19.30%) | 5.67% (19.33%) |
Our illustration, not the manager’s. It assumes one full year with no money added or withdrawn and a full catch-up, with the performance fee worked on the year’s return after the management fee. The offering documents set the actual method, including the calculation period and any high-water mark.
The hurdle means TIW takes no performance fee in a year when the return stays at or below 9% for Class A or 12.5% for Class Q. Above the hurdle, the catch-up gives TIW its full 20% share from an 11.25% return for Class A. For Class Q, that point is 15.625% (our arithmetic). That is why Class A’s fee at a 12% return is 2.40%, not 0.60%.
Dealing, redemption and exit fees
Both classes deal monthly at NAV and accept redemption requests at any time with 30 calendar days’ notice. TIW’s Capital Builder product note says the full amount goes in upfront, in a single tranche.
Class A charges an exit fee of 5% in year 1 and 2.5% in year 2, and nil from year 3. On USD 100,000, that is USD 5,000 or USD 2,500 (our illustration, on the amount redeemed). Class Q has no exit load.
The same note adds that if a partial redemption takes a holding below USD 100,000, the fund redeems all of it. The factsheets state that the fund is not suitable for investors who need the money within a year.
Who runs the TIW Capital Mauritius Fund
TCG Global Investment Managers Ltd, part of TIW Capital Group, is the investment manager. The group lists a presence in Dubai, London, Singapore, Bahrain, Mumbai, Mauritius, Africa and GIFT City.
Apex Fund and Corporate Services (Mauritius) Ltd is the administrator, BDO the auditor and Mauritius Commercial Bank the banker. The factsheets name the Financial Services Commission (FSC) Mauritius as regulator. Investors receive a monthly NAV report and statement of account. TIW Capital Group also has a GIFT City outbound fund.
Risks the factsheets name
The TIW Capital Mauritius Fund’s factsheets name three risks. The fund is primarily exposed to listed securities that move with markets. Quantitative models carry model risk, with no assurance that the strategies perform as expected in all market regimes. And the fund is not suitable for money needed within one year.
At 30 September 2026, both factsheets showed a 100% United States geographic allocation, and Class Q held 58% in technology. Returns are in US dollars, so their value in rupees also moves with the dollar-rupee rate. Other vehicles supply Class A’s record before March 2025 and all of Class Q’s, as set out above.
Questions investors ask about the TIW Capital Mauritius Fund
Is the TIW Capital Mauritius Fund open?
Both classes deal monthly; the factsheets give no closing date. Units are only for eligible investors under the offering documents.
What is the minimum?
USD 100,000 for Class A and USD 500,000 for Class Q.
Can NRIs and resident Indians invest?
The offering documents set who is eligible. Resident Indians can remit up to USD 250,000 a person each financial year under the Liberalised Remittance Scheme, within RBI’s overseas investment rules; we can take you through both.
How is the TIW Capital Mauritius Fund taxed?
The product note says investors pay tax under the rules of their own tax country. For FY 2026-27, a resident Indian generally pays tax in India on gains from foreign fund units and reports foreign holdings in the income-tax return; confirm with a tax professional. If you live abroad, ask a tax professional how your country treats fund units.
Can I exit early?
Yes, any month, on 30 calendar days’ notice; Class A’s exit fee applies in years 1 and 2.
Are the 12% and 15% returns assured?
No. TIW’s product notes say any target is indicative only and not guaranteed.
How do I invest in the TIW Capital Mauritius Fund?
The administrator runs a digital application and KYC; money goes in at the monthly NAV. The offering documents set the rules, and we can take you through them.
The TIW Capital Mauritius Fund offers a US-dollar quantitative strategy with monthly dealing, from USD 100,000 (Class A) or USD 500,000 (Class Q). Class A’s exit fee ends after two years. The published records come partly (Class A) or wholly (Class Q) from other vehicles. Our NRI global investing page sets out other US-dollar routes.