The India-based firm intends to build portfolios for clients in the Middle East and other parts of the world.

Nikhil Kamath, the Indian start-up investor and fund manager, is planning to launch more global funds aimed at wealthy investors from the Middle East and other regions, according to Arabian Business. The report was confirmed on the website of True Beacon, as the hedge fund is called.

True Beacon is seeking a portfolio management service licence on the back of rising non-resident Indian (NRI) interest in investing in the Indian capital market, currently among the best performing globally, the report said.

“At True Beacon, we are [currently] working towards launching multiple funds, including a PMS licence that will allow us to have more bespoke portfolios for our clients [from the Middle East and other regions]," Kamath was quoted as saying. He is the co-founder and chief investment officer of True Beacon and Zerodha, a unicorn retail trading platform.

The report said that while True Beacon II – the second global fund launched by Kamath in August this year, expecting to mop up over $200 million – initially saw a surge in interest from the NRI community from the UAE, as well as the US, it is now gaining traction among both NRI and non-NRI investors from regions including Africa, Southeast Asia, Europe and Australia.

The India wealth management market, which has been traditionally dominated by domestic firms, has a relatively young family offices market. However, there are developments: in January this year this news service spoke to Cervin Family Office & Advisors – a multi-family office.