Slowly but surely, India hedge funds are beginning to offer the kind of strategies that can attract big fish such as London hedge fund giant Man Group, whose fund of hedge funds business could make its first direct allocation to an Indian hedge fund within a year, according to Asia business head Patric Gysin. The entire Indian hedge fund universe is modest at around 50-60 funds. When that universe is boiled down to reveal those funds sophisticated enough to attract larger institutions and marquee fund of hedge funds (FoHF) investment from Europe or the US, it could more appropriately be described as a small planetary system – if one was feeling generous. The $15bn FoHF portfolio of London-based hedge fund giant Man Group, for example, is 10-15% exposed to emerging markets and 1% exposed to India. None of the latter exposure is achieved through direct investment into dedicated India-based hedge funds, but rather via the firm’s global emerging markets or pan-Asia funds, which then allocate a variable portion of their pot to Indian securities.   more »