ENDOWMENT FUND
Bobby Jain raises $5.3 billion in mega hedge fund debut
The premiere caps a busy year for Jain - former co-chief investment officer at Millennium Management - who has travelled the world pitching his fund. He initially aimed to gather as much as $10 billion. But after struggling to hit that goal, he cut client fees to entice investors and reduced his target to between $5 billion and $6 billion.
Saving for child's education: Market volatility, inflation pose serious risks to investments. Find out how to keep them safe
Market volatility and inflation can pose serious risks to the investments set aside for your child's education. It's important to consider strategies to safeguard these funds against potential financial downturns and rising costs.
BITS Pilani alumni Anuradha and Prashanth Palakurthi and Sid Mookerji pledge $2 million to the BITS Endowment Fund
BITS Pilani alumni Sid Mookerji and Anuradha and Prashanth Palakurthi have pledged $1 million each to the BITS Endowment Fund, totaling recent commitments to $3 million. Prashanth Palakurthi, a technology entrepreneur, and Anuradha, his wife, previously donated $1 million to establish the Anuradha and Prashanth Palakurthi Centre for Artificial Intelligence Research in 2018. The Mookerji Foundation, founded by Sid Mookerji and his wife Sophie Mookerji, pledged $1 million to support entrepreneurship development initiatives.
Missile defence successes in Gulf, Ukraine fuel global urgency to acquire systems
Experts predict that the successful use of ballistic missile defenses in recent high-stakes combat scenarios in Israel, the Red Sea, and Ukraine will lead to increased global investment in these systems. The U.S. SM-3 and Israeli Arrow interceptors, as well as the MIM-104 Patriot batteries, have demonstrated effectiveness against missile attacks, encouraging more countries to invest in similar defense systems. This trend is expected to intensify missile arms races, particularly in regions like Asia, where countries are already heavily investing in missile technology.
Early stage VC IvyCap Ventures announces final close of third fund at Rs 2,100 crore
The fund is allocating a significant portion of its third fund to invest in around 25 early-stage startups. These initial investments will typically range from Rs 30 crore to Rs 50 crore. Some of the startups that have already received funding include Dhruva Space, Snitch, Celcius Logistics, GradRight, Eggoz, and Flexifyme.
Kedaara Capital closes largest India PE fund at $1.74 billion
Kedaara Capital has closed its $1.73 billion fund, Kedaara IV, the largest fund raised by an India private equity fund in 12 years. The fund, which will be its fourth in 12 years, was raised in just four months beginning last December and would even surpass Chrys Cap’s $1.3 billion Fund IX raised in 2023. Around 85% of Kedaara’s new fund was raised from existing backers, including the three of the largest Canadian pension funds – CPPIB, CDPQ, and Ontario Teachers’ Pension Plan (OTPP).
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Life insurance: IRDAI retracts on low surrender value proposal; know applicable surrender charges from April 1, 2024
The Insurance Regulatory and Development Authority of India (IRDAI) has finalised surrender charges for non-linked or linked life insurance products — traditional endowment policies. The charges will come into effect from April 1, 2024. This decision by IRDAI maintains the status quo on surrender values, meaning minimal change from existing charges. While this benefits life insurance companies, it offers little relief for policyholders seeking more flexibility with their policies.
ASK Hedge Solutions launches Absolute Return Fund
ASK Absolute Return Fund is an open-ended Category III Alternative Investment fund, looking to raise Rs 3,000 crore, with approximately Rs 1,000 crore in the next 6 months.
Italy to set up AI fund of 1 billion euros, PM Giorgia Meloni says
Backed by CDP Venture Capital, a unit of state lender Cassa Depositi e Prestiti (CDP), the fund could raise a further 2 billion euros from the private sector, the company's chief executive Agostino Scornajenchi said.
Best ways to save income tax: 10 tax-saving investment options for you
ET Wealth annual ranking of tax-saving instruments helps such individuals make the right choices. We assessed 10 tax-saving options on eight key parameters—returns, safety, flexibility, liquidity, costs, transparency, ease of investment and taxability of income. Each parameter has equal weightage and the composite scores determine the place in the ranking.
Karnataka's temple tax bill falls through in state assembly amid BJP uproar
The Karnataka Legislative Council rejected the Hindu Religious Institutions & Charitable Endowment (Amendment) Bill, 2024, which aimed to collect more taxes from state-owned temples. The bill, which had passed in the assembly, was defeated in a voice vote in the council, where BJP and JD(S) joined forces against it. Congress, which has a majority in the assembly, may postpone reintroducing the bill until after the Lok Sabha elections.
No diversion of temple funds, let BJP leaders read law first: Ramalinga Reddy, Karnataka Minister for Transport & Muzrai
"The government would use the money from the common pool fund only for the religious purposes of Hindu religious institutions ever since the law came into force in 2003. There has been no instance of its use for any other purpose or for members of other religions or institutions."
Eruditus cofounder Chaitanya Kalipatnapu pledges over $1 million to spearhead BITS Pilani Endowment Fund
This pledge not only propels the initiative forward but also sets a precedent for alumni engagement and contribution, the institute said in a statement on Monday.
Ackman launches cheaper hedge fund aimed at wider investor pool
Billionaire hedge fund manager William Ackman is launching a new investment portfolio in the U.S., according to a regulatory filing which suggests the fund will mimic his existing hedge fund but offering lower fees and quicker access to capital.
Hillhouse Investment plans to set up IT-enabled BPM platform
The proposed investment will be in the range of $300-400 million. Novarete plans to expand its IT-enabled BPM platform in the healthcare, insurance and select banking and financial services (BFSI) sectors through organic growth and acquisitions. With the significant capital commitment from Hillhouse, Novarete plans to expand its team within a couple of months, said sources.
BITS Pilani alumnus Pratul Shroff pledges Rs 8.3 crore to institute’s endowment fund
BITS Pilani alumnus Pratul Shroff, of the 1971 batch, has pledged $1 million to his alma mater's endowment fund. Shroff, a philanthropist and serial entrepreneur, founded eInfochips and established the KR Shroff Foundation. He has also pledged Rs 4.5 crore for fully funded fellowships and scholarships at BITS Pilani.
For IITs, go shake your moneymakers
A steady inflow via alum contributions must not lead to a reduction in state budgetary support. The latter is essential to ensure these institutions remain 'public' in the truest sense of the term, and deserving students get a chance to study in IITs.
Full potential of India-US civil nuclear deal remains untapped: Expert
US President Joe Biden's ambition to finally fructify the 2005 civil nuclear agreement cannot end with the sale of US nuclear reactors to India. Rather, it must extend to revising long-standing US policies that continue to make the existence of India's nuclear weapons programme an insuperable obstacle to deepened technological cooperation, he asserted in an opinion piece published by Carnegie Endowment for International Peace on Monday.
How India can unlock intergenerational wealth and secure GenNext's future
Across the world, there are many intergenerational funds whose corpus is invested in perpetuity to safeguard the principal and then generate real returns. The country's 28 states and eight Union territories could set up such funds.
Ratan Tata Endowment Fund buys into two Tata companies
The Ratan Tata Endowment Foundation has made its first investments by acquiring minor stakes in Tata Digital and Tata Technologies. The foundation, established by Tata Trusts chairman Ratan Tata, purchased a 1% stake in Tata Digital, valued at over $15 billion, and a little less than 1% stake in Tata Technologies. These investments will help generate funds for philanthropic purposes, as the Trusts' philanthropic activities are expanding.
Karnataka government withdraws circular stopping funds for state-run temples' development
Facing flak from various quarters including the opposition BJP, the Karnataka government has withdrawn the circular that stopped funding to state-run temples for development work. Muzrai or Hindu Religious Institutions And Charitable Endowments Department Minister Ramalinga Reddy clarified that the circular was issued due to "confusion," and the government has no intention to stop any development or repair work at the temples.
IIT Delhi all set to complete its curriculum review
The Indian Institute of Technology (IIT), Delhi, is planning to finish its once-a-decade curriculum review -bringing it in line with emerging industry needs-by the end of next year, director Rangan Banerjee told ET. It's also planning an expansion to Abu Dhabi, where the institution will be "stepping outside its comfort zone and national boundaries," he said.
Is this the time to look at endowment plans? Deepak Yohannan answers
Endowment plans are a safe mode of investment for individuals who are willing to stay invested for long periods of 12 to 13 years and seek guaranteed returns. Such plans offer returns of up to 6.75%, which, when compared with debt mutual funds and FDs, are relatively higher as the latter are taxed at the individual's income tax slab rate, bringing down the returns to 5%. Additionally, endowment plans are completely tax-free if the collective annual premiums are not greater than Rs 5 lakh.
Funding your study abroad: What you need to know about the JN Tata Endowment Scholarship
The Endowment supports only overseas higher studies – Master’s, Ph.D. ,and Post-doctoral fellowships, in any education stream. Based only on Merit, it seeks to reward, “the best and most gifted so as to make them of the greatest service to the country”.
Andhra Pradesh govt to build around 3,000 temples to protect Hindu faith
"To protect and propagate the Hindu faith on a massive scale, construction of Hindu temples in the localities of weaker sections has been initiated," said Satyanaraya, who is also the Endowments Minister said in a release on Tuesday.
Tata Trusts opt for endowment funding route
The Burroughs Wellcome Fund is an independent private foundation dedicated to advancing the medical sciences by supporting research and other scientific and educational activities. The foundation uses the returns from investments to fund its charity work.
Wait for a dip before adding Adani Group stocks in your portfolio: Deven Choksey
“Infrastructure businesses normally have a habit of a long gestation period at the beginning, but once the projects get matured, they start generating a steady set of cash flow. That is what one has experienced in various other Adani Group companies including ports, green energy, transmissions and gas distribution.”
Ratan Tata sets up a new endowment trust
An endowment fund is usually set up to earn revenue to fund some type of charitable activity. Unlike a typical investment fund, the beneficiary of an endowment fund is a non-profit instead of an individual investor.
Equities vs endowment life insurance plan: Where should I invest?
Every week, guest experts answer queries from readers of ET Wealth on various topics ranging from tax to investments to insurance and more.
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