Ringing the changes in India

Of all the BRIC countries, the one I find most interesting from an investment perspective is India, and yet it seems to get the least amount of attention, despite a growing number of excellent funds in the country.

One I came across last week for the first time is the India Capital Growth fund, a Guernsey registered, AIM-listed company with asset of around £46m. It is run by India Investment Partners (IIP) – a fascinating group to my mind – whose lead fund manager is David Cornell, who ran an excellent GEM fund for BDT for four years until 2008, and more recently managed the New Star East European SICAV, which is one of the funds New Star got right. IIP is an independent company that has Caledonia Investments as a 40% shareholder. Caledonia has been active in encouraging the restructuring of the...