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Wealth management firm Client Associates has announced the first close of its maiden fund—Client Associates Alternate Fund (CAAF)—at about Rs 300 crore.

The Gurugram-based company aims to secure commitments of up to Rs 500 crore for the Category-II Alternative Investment Fund (AIF) by exercising a Rs 200 crore green shoe option, within this fiscal year.

The fund has received interest and engagement from domestic family offices and ultra-high-net-worth individuals (UHNIs), mainly consisting of the firm’s existing relationships.

“CAAF represents a significant milestone for us as we venture into the realm of asset management,” Himanshu Kohli, Co-founder at Client Associates, said.

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CAAF’s investment strategy targets pre-Series A, Series A, and pre-Series B and Series B stage companies, primarily in consumer and related sectors, including financial services. It will also selectively explore later-stage (pre-IPO) opportunities where it perceives potential for value creation for its Limited Partners.

The fund seeks to build a strong portfolio with 12-15 companies, intending to invest between Rs 10-50 crore per company.

Founded by Himanshu Kohli and Rohit Sarin in 2002, Client Associates offers professional services for private wealth management, overseeing assets under advisement totalling around $5.5 billion for over 1,100 HNIs and UHNIs families throughout India.

With a workforce exceeding 225 professionals, it has a presence in Gurugram, Mumbai, Bengaluru, Kolkata, Patna, Hyderabad, Chennai, Kochi, and Ahmedabad.