The Antara India Evergreen Fund recently launched with $10 million of assets. The new hedge fund has an estimated capacity of $500 million. In its first month of operations, the fund was up 0.3%, compared to a 3% fall in the main Indian index. A full NAV for December is not available yet, but the fund was up approximately 10%, compared to a 3.8% rise in the main Indian index. The fund’s target returns are 20%+ on projected volatility of 12%. There is a gross exposure maximum of 200%, with typical net exposure of 30-75%. Fees are 2% and 20% with a high water mark. Leverage is a maximum of 1.5 times, and there is a liquidity criteria whereby 90% of the fund can be liquidated within ten days, on volumes of not more than 25% of average daily volumes. Redemption is monthly with 45 days notice. The fund’s investment advisor is Karma Capital, which is registered with and regulated by the Securities and Exchange Board of India. Karma Capital had previously been a sub-advisor to a multi-strategy India fund managed by Julius Baer. Mauritius-based Antara Asset Management is the investment manager and that in turn is regulated by the FSC in Mauritius.   more »