WITH the rising number of high-net-worth individuals (hNIs), there is a growing awareness of the benefits of establishing Family Investment Funds (FIFs) in the Gujarat International Finance Tec-City (GIFT City) in Gujarat.
According to some research reports, India is projected to experience an 85% increase in millionaires, with a potential surge of $22.5 trillion in Indian investable wealth by 2034. This wealth expansion underscores the importance of succession planning, with experts highlighting FIFs as a crucial strategy for effective succession planning.” The concept of FIF is gradually gaining attraction and recently Azim Premji’s family office received an inprinciple approval to set up FIF in GIFT City. Premji’s Bengaluru-based investment arm Premji Invest and Narayana Murthy-backed Catamaran Ventures were among the first to seek approvals.
So, what is a FIF and why are these HNIs ensuring their presence in GIFT City?
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