Mirae Asset Investment Managers (India) Pvt. Ltd. (IFSC Branch) · IFSC/AIF3/2024-25/0213 · First Close: Sep 3, 2025 · Inception: Sep 10, 2025
This fund is a close-ended Category III Alternative Investment Fund (AIF) regulated by IFSCA. It is specifically structured as a Non-Retail / Restricted Scheme with meaningful differences from a mutual fund:
| Fund Management Entity | Mirae Asset Investment Managers (India) Pvt. Ltd. (IFSC Branch) |
| IFSCA Registration | IFSC/AIF3/2024-25/0213 |
| Structure | Category III AIF — Close-ended Restricted Scheme (Non-Retail) |
| Direction | Outbound — invests in global ETFs, NOT in India |
| Investment Objective | Long-term capital appreciation from a portfolio of overseas equity ETFs (broad market indices and emerging themes) |
| Currency | USD |
| Min. Commitment | USD 151,000 (in multiples of USD 10,000) |
| Accredited Investor Min. | USD 10,000 |
| Target Corpus | USD 200M + USD 200M greenshoe |
| Tenure | 3 years from Final Closing; extendable by 2 years (approval of 2/3rd investors) |
| NAV Frequency | Weekly (every Wednesday) |
| First Close | September 3, 2025 |
| Fund Inception | September 10, 2025 (D1, D2, P, R1, R2 classes) · October 8, 2025 (A, I classes) |
| Asset Allocation | 90–100% Global ETFs and offshore funds; up to 10% short-term deposits / liquid ETFs |
| Drawdown Status (Mar 2026) | 67% called · Final 33% (USD ~50,000 per USD 151K) due Apr–Sep 2026 |
Unlike a mutual fund, this AIF does not take your full investment upfront. Capital is called in tranches as the fund deploys into ETFs. Below is the actual drawdown schedule for a USD 151,000 commitment (first closing, September 2025):
| Financial Year | Quarter / Period | Amount Called | Proportion | Status |
|---|---|---|---|---|
| FY 2025–26 | Sep 2025 | USD 26,000 | 17% | Called |
| Oct 2025 | USD 25,000 | 17% | Called | |
| Dec 2025 | USD 25,000 | 17% | Called | |
| Mar 2026 | USD 25,000 | 17% | Called | |
| FY 2026–27 | Apr 2026 – Sep 2026 | USD 50,000 | 33% | Pending |
| Total Commitment | USD 151,000 | 100% | — | |
LRS planning note: The total USD 151,000 commitment is split across two financial years — USD 101,000 in FY25–26 and USD 50,000 in FY26–27. Since the LRS limit is USD 250,000 per individual per year, this is LRS-manageable, but requires advance planning — especially if the investor is making other LRS transfers (education, gifting, other investments) in the same year. Investors in later closings pay the cumulative commitment called to date at the time of joining.
Source: Mirae Asset IFSC presentation, March 2026. The above schedule is illustrative; actual drawdown amounts are determined by the FME once the fund is live and operational.
This fund does not buy a single index. It actively selects from 750+ ETFs managed by Global X (Mirae Asset's wholly owned ETF subsidiary) and other ETF providers. The portfolio is divided into three allocation buckets:
What makes this different from buying an S&P 500 ETF directly: the fund's research teams in Hong Kong, the US, and Canada provide real-time signals on which themes are inflecting, which are overheated, and when to rotate. The ETF structure keeps costs low; the active overlay provides the judgment layer. As the fund describes it: "Active Intelligence. ETF Efficiency. Global Access."
A market-cap weighted global index is automatically heavy in whatever has done well recently — in 2024–25, that meant deep overweight in US mega-cap and AI hardware. This fund can underweight those themes if the investment case looks stretched, and overweight defensively positioned themes (defense, electrification infrastructure) instead.
| # | ETF | Type | Weight | |
|---|---|---|---|---|
| 1 | Global X S&P 500 ETF | Core | 25.0% | |
| 2 | iShares MSCI Intl Developed Markets ETF | Core | 14.2% | |
| 3 | Global X AI & Technology ETF | Core | 6.5% | |
| 4 | Global X MSCI China ETF | Tactical | 11.6% | |
| 5 | Global X Defense Tech ETF | Tactical | 8.4% | |
| 6 | Global X AI Semiconductor ETF | Tactical | 7.0% | |
| 7 | Global X Data Center & Digital Infrastructure ETF | Tactical | 7.0% | |
| 8 | iShares MSCI Emerging Markets ex China ETF | Tactical | 7.0% | |
| 9 | Global X Rare Earth & Critical Materials ETF | Tactical | 5.5% | |
| — | Cash | Defensive | 7.7% |
Core allocation (3 ETFs): 45.7% — broad market index coverage at low cost. Tactical allocation (6 ETFs): 46.5% — active thematic tilts based on Mirae's macro research. Cash: 7.7% — defensive buffer. Note that the allocation between Core, Tactical, and Defensive changes from month to month as themes evolve and signals shift. Source: Mirae Asset internal research, March 31, 2026.
Country Allocation — Blended Across All ETFs
Sector Allocation — Top 5 GICS Sectors
The Greater China region (China + Taiwan + HK) at 18.3% is a significant allocation. This includes direct China exposure via the Global X MSCI China ETF (11.6%) plus indirect China/Taiwan exposure via the Core MSCI International Developed ETF. Investors should understand this is meaningful emerging market exposure embedded in what appears to be a US-and-developed-markets fund. Source: Mirae Asset internal research, March 31, 2026.
| Share Class | Since Inception | 6 Months | 3 Months | 1 Month |
|---|---|---|---|---|
| D1 | –0.57% | –1.00% | –0.81% | –4.27% |
| D2 | –0.48% | –0.93% | –0.77% | –4.26% |
| P | –1.12% | –1.48% | –1.03% | –4.34% |
| R1 | –1.12% | –1.48% | –1.03% | –4.34% |
| R2 | –0.98% | –1.36% | –0.98% | –4.32% |
| A * | –1.58% | N/A | –0.77% | –4.26% |
| I * | –1.23% | N/A | –1.03% | –4.34% |
NAV is published every Wednesday. * Share Classes A and I have inception date of October 8, 2025; all other classes from September 10, 2025. Differences in since-inception returns across classes reflect different management fee structures and inception dates — not different underlying portfolio exposure. Source: Mirae Asset internal calculation, March 31, 2026. NAV is in USD.
The –4.27% return in March 2026 reflects the tariff-shock period (global equity markets sold off sharply in March 2026). Since-inception returns are in USD absolute terms (6–7 months of live history). The fund was still partially in drawdown mode during this period — 33% of committed capital had not yet been called, which means the deployed portfolio was not at full size through the measurement period. This is too early a window to evaluate manager skill.
The Mirae Asset Global Allocation Fund occupies a distinctive position in the GIFT City outbound landscape. It is neither a passive index fund (like the PPFAS S&P 500 FoF) nor an active stock-picker (like DSP Global Equity). It sits in between: a multi-ETF portfolio where the active judgment is about which themes to own and when to rotate — not which individual stocks to buy.
Tequity's position: Suitable for HNI families and family offices who want structured global theme exposure, can commit USD 151,000 without needing it back for 3+ years, and have already built their core India portfolio. This is not a first investment — it is an addition to a diversified portfolio for investors who understand AIF structures and have been briefed on drawdown mechanics. We will walk you through the full drawdown schedule, LRS planning, and tax implications before any commitment is made.
Instead of transferring USD 151,000 in one go, you commit the amount and the fund "calls" it in tranches as it deploys capital. For the first closing (September 2025), the schedule was: USD 26,000 in September, USD 25,000 each in October, December, and March — totaling USD 101,000 in FY2025-26. The remaining USD 50,000 is scheduled for April–September 2026 (FY2026-27).
For LRS planning: each financial year's drawdown amount must fit within your USD 250,000 annual LRS limit. This means you need to ensure the annual drawdown amounts don't exceed your LRS headroom after accounting for other remittances (education, gifting, other investments). Each drawdown requires a fresh LRS remittance — it cannot be pre-funded. Your Tequity advisor will plan this with you across both financial years.
For resident Indians, capital gains from this AIF are taxed in the investor's hands (unlike some GIFT City retail MFs where the fund bears tax at fund level):
Given the 3-year tenure, the fund is designed to generate primarily LTCG returns — and explicitly states it will endeavor to hold underlying ETFs for a minimum of 24 months for efficient taxation. Separately, a 20% TCS is deducted on LRS remittances above INR 10 lakh per financial year — this is fully refundable when you file your Income Tax Return. Source: Mirae Asset IFSC presentation, March 2026. Consult your CA for personal tax advice.
We'll walk you through the drawdown schedule, LRS planning across two financial years, and whether this structure suits your global allocation goals.
The Mirae Asset Global Allocation Fund requires careful LRS planning, a clear understanding of the drawdown structure, and a genuine 3-year commitment. We'll walk you through all of it before you decide.
Follow the Tequity WhatsApp Channel for curated updates on global and SIF funds.
Free to follow · No spam · Unfollow anytime