Indian equity investment firm Quest Investment Advisors has closed its second Category III Alternative Investment Fund (AIF) at $59 million, per an announcement.

More than 400 investors, including high-net-worth individuals (HNIs) and ultra-HNIs, participated in the fundraise named Quest Smart Alpha – Sector Rotation launched in March last year.

The tenure of the fund is four years and can be extended by two years depending on the market conditions at maturity and subject to investors’ approval.

“This is our second AIF fund closure and we are quite excited with the success of the fund raise in difficult market conditions. Our focus in this fund is on sector rotation since this investment strategy has worked well for us in the past, and we continue to see the merits of this in all market conditions.” said Aniruddha Sarkar, Chief Investment Officer of Quest Investment Advisors.

Founded in late 1980s, the firm specialises in portfolio management and currently manages over Rs 2,300 crore across 1,200 clients spanning family offices, corporates and HNIs.