PAG-backed Nuvama Group’s asset management division is currently on the road to raise as much as $479 million for a crossover fund, stated a report by Bloomberg.

Of the total targeted corpus, the Mumbai-headquartered firm is looking to shore up at least $300 million from family offices and rich individuals in the Middle East, the report further stated, quoting president and head of the business Anshu Kapoor.

The talks surface at a time when cash-rich investors from the Middle-East are increasingly looking to park their wealth in the Indian market as fears of a slowdown grip the world amid geopolitical issues and macro market headwinds.

The most active Middle-Eastern investors in India include prominent names such as Abu Dhabi Investment Authority (ADIA), Qatar Investment Authority (QIA), and Mubadala, among others.

Recently, Hades Financial Private Capital Group, a global asset manager headquartered in Riyadh, said it is looking to ramp up its India exposure. The firm, backed by Public Investment Fund (PIF), Kuwait Investment Authority (KIA), and Oman Investment Authority (OIA), among others, the firm has earmarked over $500 million for investments in India over the next 2-3 years.

Nuvama (formerly Edelweiss Wealth Management) is also looking to mop up another $100 million from the region for a new public equities long-short product, the Bloomberg report stated.

Apart from the asset management division, Nuvama also has a wealth management and capital markets business. Both the investment vehicles have been registered in the GIFT City, which is touted as India’s new financial hub.

To help raise capital for both funds, Nuvama has enlisted Dubai-based placement agent Greenstone Equity Partners, the report added.