What’s the story
Jio BlackRock Asset Management, a joint venture between Mukesh Ambani‘s Reliance Industries Limited and US-based investment firm BlackRock, has raised ₹17,800 crore ($2.1 billion) through its first New Fund Offer (NFO).
The fund was launched on June 30 and closed on July 2. It attracted over 90 institutional investors and more than 67,000 retail investors.
The funds will be invested in three schemes: JioBlackRock Overnight Fund, JioBlackRock Liquid Fund and JioBlackRock Money Market Fund.
Market position
One of the largest NFOs in India’s debt fund segment
The NFO is one of the largest in India’s cash/debt fund segment.
It has catapulted JioBlackRock Asset Management into the top 15 asset management companies by Debt Assets Under Management in India.
Sid Swaminathan, Managing Director and CEO of JioBlackRock Asset Management, said the response to their first NFO is a strong endorsement of their investment philosophy and digital-first approach.
Fund offerings
Ideal for investors looking for short-term allocations
The first funds offered by JioBlackRock Asset Management give investors a wide range of options for managing cash and short-term allocations.
They also provide the flexibility to meet different liquidity, risk, and return objectives.
The firm’s short-duration debt and money market mutual funds are ideal for those looking at yields without long-term commitments.
They can also be used by investment portfolio builders, corporate treasuries, and retail investors alike.