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Rediff News  All News  » Business » Crayon Capital launches art fund, eyes Rs 40 cr

Crayon Capital launches art fund, eyes Rs 40 cr

November 15, 2006 15:03 IST

Aiming to invest in a diversified portfolio of select works by leading Indian artists, asset management company Crayon Capital launched an art fund worth Rs 40 crore (Rs 400 million) on Wednesday.

This close-ended fund requires a threshold investment of Rs 10 lakh (Rs 1 million) and has a lock-in period of three years. The fund opens for subscription on Wednesday and closes on December 15.

The 'Crayon Capital Art Fund' aims to invest in select works of prominent Indian artists and provide investors with the opportunity to profit from the sale of these artworks.

The details of artwork bought by the fund would be sent to the investor each quarter including the name of artist, the image, size and medium of the work, Crayon Capital partner Gaurav Karan said.

"On a conservative basis, the fund would offer a 30 to 40 per cent return to the investors," he added.

Crayon Capital Art Fund-Scheme 1 would look at low risk and medium to high return. Art critic Ella Datta would be the fund's art advisor.

It would be funded through private placement and invitation from high networth individuals.

Karan said they were hoping to rope in about 300 investors through this fund. The art fund would consist of a trust and asset management firm, which would carry out all of its activities.

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