Princeton, N.J.-based Rumson Capital Advisors is raising its first fund-of-funds, called the Rumson Silk Road Fund, Buyouts has learned. Alex Bangash, the firm’s founder, said that Rumson is raising from $150 million to $250 million for the fund, which will invest in primary managers in China and India.
Bangash said the fund hopes for a first close of $80 million to $90 million in the fall. Bangash said the firm is already deep into due diligence on fund managers in China and India, and has commitments to several funds.
“We’re looking at top-quartile emerging managers,” Bangash said.
About 40% of the FoF will be dedicated to India and 60% to China. The asset class mix he envisions is 45% for buyouts, 35% for venture and 20% for other opportunities.
The firm is signing leases on offices in Bangalore, India, and Shanghai, China. Bangash said Rumson Capital Advisors intends to continue as a client advisory, but separate from the fund-of-funds.
It is the second new FoF for the Indian private equity market to get launched in recent weeks. Evolvence Capital recently announced it is raising a $250 million FoF dedicated to India.
Bangash won’t disclose the name of the firm’s eight current endowment clients, though they are all East Coast and Midwest top-tier universities. About six LPs are committed to anchor the new fund. “We want to stay under the radar, at this point,” he said.