PPFAS Alternate Asset Managers IFSC Private Limited (PPFAS GIFT) is taking applications for Parag Parikh India Flexi Cap Fund from 06-11-2026 to 27-11-2026. The fund sits in GIFT City, India’s international finance centre in Gujarat, and runs in US dollars.
It puts 90% to 100% of its money into Parag Parikh Flexi Cap Fund, the rupee equity scheme of PPFAS Mutual Fund, aiming for long-term capital growth.
Only NRIs, OCIs and eligible foreign investors can apply; resident Indians cannot. For them the appeal is mostly practical: PPFAS GIFT says you need no Indian PAN, NRE or NRO account, or Indian tax return.
Also read: Detailed guide on GIFT City investments for NRIs
Parag Parikh India Flexi Cap Fund NFO details
Fund name | |
Fund type | Open-ended |
Category | IFSCA retail scheme; inbound feeder fund |
Nature of scheme | Passive feeder into Parag Parikh Flexi Cap Fund (actively managed) |
Benchmark | Not available. AMC illustrations use Nifty 500 TRI in US$ |
Fund manager (this fund) | Akshay Falgunia; Nirmal Bari, Principal Officer |
Fund managers (underlying fund) | Rajeev Thakkar, Raunak Onkar, Rukun Tarachandani, Raj Mehta (equity) |
NFO opens | 06-11-2026 |
NFO closes | 27-11-2026 |
Allotment & reopening date | On or around 04-12-2026 (5 working days after NFO closes) |
Minimum investment | US$10,000 per class |
Additional investment | US$1,000 |
SIP amount | Not available |
NAV | US$100 per unit |
Expense ratio (total) | Class A (Direct) 0.83%; Class B (Regular) 1.53% (offer document caps: 0.93% and 1.63%) |
Stamp duty | Not available |
Entry load | NIL |
Exit load | 2% within 365 days; 1% from 366 to 730 days; nil after. No lock-in |
AMC details
AMC name | PPFAS Alternate Asset Managers IFSC Private Limited, a subsidiary of Parag Parikh Financial Advisory Services Limited |
Assets under management | PPFAS GIFT: over US$50 million (August 2026, AMC). PPFAS Mutual Fund: ₹1,65,302 crore (February 2024, Dezerv) |
Website | |
customerservice_gift@ppfas.com | |
Registered office | 412, Pragya II, Block 15C1, Road 11, GIFT City, Gandhinagar 382 355 |
Contact number | +91 79 6513 0100; 1800 410 7080 (toll-free) |
Source: IFSCA: Parag Parikh India Flexi Cap Fund
What has the AMC launched?
PPFAS GIFT has launched an open-ended retail fund regulated by IFSCA. Think of it as a dollar wrapper around one Indian mutual fund, with long-term capital appreciation as the objective.
This is a feeder fund. It works like a fund of funds, except all the money goes into a single scheme.
The feeder is passive and picks no shares. That happens inside Parag Parikh Flexi Cap Fund, which Rajeev Thakkar’s team manages actively.
That underlying fund is a flexi cap fund. It can buy large, mid and small companies in any sector, and put up to 35% into foreign shares.
At your end, everything is in dollars: the money you send, the daily NAV (the price of one unit) and the money you get back.
How does the strategy work?
The feeder handles the dollars. The underlying fund does the investing.
Step | What happens? |
1. You invest | You complete KYC and wire at least US$10,000. |
2. The feeder buys units | 90% to 100% goes into Parag Parikh Flexi Cap Fund; up to 10% stays liquid. |
3. Businesses are screened | Quality companies with low debt, steady cash flow and shareholder-friendly managements. |
4. Prices are tested | Each is valued against its history and peers, and bought below fair value. |
5. The portfolio is built | No stock above 10%, spread across sectors and countries. |
6. A dollar NAV is set | Daily, in US$. You can buy or redeem on any business day. |
Let’s understand through an example
A made-up case, not a return forecast. Imran, an NRI accountant in Dubai, invests US$20,000 in Class A during the NFO and gets 200 units at US$100 each.
Through the feeder, he owns a small slice of every company Parag Parikh Flexi Cap Fund holds.
His unit price then moves with two things: those holdings, and the rupee against the dollar. If he redeems at 18 months, he pays a 1% exit load. After two years, he pays none. The money comes back in dollars to his bank abroad.
Portfolio allocation of this NFO
Instrument (feeder level) | Allocation |
Units of Parag Parikh Flexi Cap Fund | 90% to 100% |
Short-term deposits and liquid instruments | 0% to 10% |
Instrument (underlying fund) | Allocation |
Indian equity | 65% to 100% |
Money market, gold and silver ETFs, InvITs | 0% to 35% |
Foreign equity | 0% to 35% |
Investment strategy and costs
Stock selection happens in the underlying fund, which follows value investing: buy good businesses below their worth and hold for years. It adds behavioural finance, the study of how fear and greed push prices too far.
On risk, the 10% single-stock cap and sector spread limit damage from one name. The underlying fund can hold less equity when prices look high, and the feeder keeps up to 10% liquid.
You also pay two layers of fees. Class A charges 0.30% at feeder level, about 0.83% in total. Class B totals about 1.53%. The underlying direct plan alone costs 0.69%.
Potential benefits for NRI investors
Potential benefit | Why does it matter? |
Dollar in, dollar out | No currency conversion for you to manage. |
Lighter paperwork | No PAN, NRE/NRO account or Indian tax return, per the AMC. |
Indian tax treatment | The AMC says gains are exempt in India under Section 10(4D), with no TDS. Home-country tax may apply. |
Established strategy | The underlying fund has run since 24-05-2013. |
Built-in spread | Company sizes, sectors and some overseas shares in one holding (diversification). |
Simpler succession | The AMC says naming nominees and passing on units is simpler. |
Key risks
Risk | What does it mean? |
Market risk | Share prices can fall, and the NAV with them. |
Currency risk | A weaker rupee cuts your dollar value even if Indian shares hold steady. |
Concentration risk | The feeder holds one fund, so its slumps pass straight to you. |
Style risk | Value investing can trail the market for long stretches. |
Overseas exposure | Up to 35% of the underlying fund can sit outside India. |
Liquidity risk | Redemptions can be delayed or suspended in some situations. |
Regulatory and tax risk | Registration and tax rules can change. |
Who may consider this fund?
Investor type | Why it may fit |
NRIs with a time horizon of 5+ years | The AMC targets patient investors with at least five years. |
NRIs avoiding NRE/NRO accounts and Indian filing | The dollar route removes those steps. |
OCIs and foreign investors wanting broad India equity | One fund covers sizes and sectors. |
Who may not find it suitable?
Investor type | Why it may not fit |
Resident Indians | Not eligible. |
Those with under US$10,000 or wanting a SIP | High minimum; no SIP mentioned. |
Anyone needing money within two years | Exit loads and short-term equity swings. |
Existing holders via NRE/NRO | Same portfolio, extra cost layer. |
Investors wanting pure India exposure | Part of the underlying fund can be invested abroad. |
How does it compare with options NRIs already use?
General features, not a ranking.
Option | Risk | Return potential | Volatility | Liquidity | Horizon | Suitable investor |
NRE fixed deposit | Low, rupee-linked | Fixed | Very low | Early-exit penalty | Fixed tenure | Rupee savers |
FCNR deposit | Low | Fixed, in foreign currency | Very low | Early-exit penalty | 1 to 5 years | Currency-risk avoiders |
Indian debt fund (NRE/NRO) | Low to moderate | Moderate | Low to moderate | Business days | 1 to 3 years | Rupee income seekers |
Indian equity fund (NRE/NRO) | High | High | High | Business days | 5+ years | NRIs with PAN |
This new fund | High, plus currency | High | High | Business days | 5+ years | Dollar-based NRIs |
Also read: Investing in GIFT City mutual funds: a strategic guide for 2026
NFO review by Zenith Finserve
Our reading: the portfolio here is Parag Parikh Flexi Cap Fund. What PPFAS GIFT has added is a dollar route to it, with lighter Indian paperwork and different tax handling.
It suits an NRI building a dollar retirement corpus 10 or more years away, as one diversified equity holding inside a wider plan.
That route has a price. You pay about 0.83% against 0.69% for the underlying direct plan, need US$10,000 to start, and your return depends on the rupee as much as the market.
The underlying direct plan is also down 5.87% over one year (Dezerv, 02-11-2026).
This is interpretation, not advice. Check your existing India exposure and home-country tax first, or speak to Zenith Finserve.
How Zenith Finserve can help
At Zenith Finserve, we follow a process driven investment framework. We assess your goals, cash flows, risk profile, time horizon, existing investments, loans and tax situation before suggesting investments.
We align our investment suggestions with your financial objectives and review them periodically to keep them suitable as your circumstances change.
Explore our GIFT City investment services.
Similar NFOs on Zenith and how this fund compares?
Jio BlackRock Advantage World Equity Fund NFO: a GIFT City dollar fund of funds investing outward, in developed markets. Open; closing date not announced.
Abakkus Dynamic Asset Allocation Fund NFO: a rupee hybrid fund, open 16-11-2026 to 30-11-2026, via NRE/NRO.
Fund | Mandate | Costs | Liquidity | Key risk | Track record |
This NFO | Feeder; US$ | 0.83% (A), 1.53% (B); exit 2% / 1% / nil | Business days, US$ | Equity, currency | Not available |
Active flexi cap; ₹; since 24-05-2013 | Direct 0.69%, Regular 1.30%; exit 2% / 1% / nil | Business days, ₹; PAN, NRE/NRO | Equity | Direct, ₹, 02-11-2026: 1Y ‑5.87%, 5Y 10.92%, 10Y 16.68% | |
Indian equity; US$; since 25-10-2025 | Up to 1.75% (Class A); exit 1.75% within 30 days | US$; minimum US$500 | Equity, currency | Under a year; NAV US$88.64 (24-09-2026) |
Parag Parikh Flexi Cap Fund is the same portfolio in rupees. Tata’s fund is another GIFT City dollar route into Indian equity, with a lower minimum.
What does the AMC’s simulated dollar record show?
These are not this fund’s returns. PPFAS GIFT took the underlying fund’s actual history in US$ and deducted the feeder’s extra 0.30% a year.
To 31-08-2026 | Simulated (US$) | Nifty 500 TRI (US$) |
1 year | ‑8.28% | ‑3.66% |
5 years | 6.65% | 5.37% |
10 years | 12.99% | 9.40% |
Since 24-05-2013 | 13.78% | 9.76% |
Multi-year figures are CAGR. Our reading: the gap against the rupee figures is mostly currency. Past performance may or may not be sustained.
Also read: How to invest in GIFT City: a step-by-step guide
Frequently asked questions
Is Parag Parikh India Flexi Cap Fund NFO good to invest in?
That depends on your situation, not the fund alone. It may suit an NRI or foreign investor with at least five years to stay invested, who wants dollar-based access to Parag Parikh Flexi Cap Fund.
It costs more than holding that fund directly and carries currency risk. Zenith Finserve does not recommend any specific fund.
Can resident Indians invest in Parag Parikh India Flexi Cap Fund?
No. PPFAS GIFT states that resident Indians will not be allowed. The fund is open to NRIs, OCIs, foreign individuals and eligible foreign institutions.
Resident Indians who want the same strategy can invest in Parag Parikh Flexi Cap Fund in India.
What is the minimum investment in Parag Parikh India Flexi Cap Fund?
The minimum first investment is US$10,000 for both Class A (Direct) and Class B (Regular). After that, you can add money in top-ups of at least US$1,000 each. During the NFO, units are issued at US$100 each.
How is Parag Parikh India Flexi Cap Fund different from Parag Parikh Flexi Cap Fund?
The portfolio is the same, because the GIFT City fund puts 90% to 100% of its money into the Indian fund. The differences are in the wrapper.
The GIFT City fund works in US dollars, is regulated by IFSCA, has a US$10,000 minimum and charges an extra fee layer.
The Indian fund works in rupees and needs a PAN and NRE or NRO account for NRIs.
Do I need a PAN or NRE account to invest in this GIFT City fund?
According to PPFAS GIFT, no. You do not need an Indian PAN, an NRE or NRO bank account, or to file an Indian income tax return.
You will still need to complete the fund’s KYC and send money by dollar wire transfer from an eligible account.
How is Parag Parikh India Flexi Cap Fund taxed for NRIs?
PPFAS GIFT says capital gains for non-residents are exempt in India under Section 10(4D), and no TDS is deducted on redemption.
That covers Indian tax only. Your country of residence may tax the gains, so check local rules with a tax adviser before investing.
What is the expense ratio of Parag Parikh India Flexi Cap Fund?
The AMC presentation shows a fund-level expense ratio of 0.30% for Class A and 1.00% for Class B.
Adding the underlying fund’s costs, the total is about 0.83% and 1.53% a year. The offer document caps the totals at 0.93% and 1.63%.
What is the exit load, and is there a lock-in?
There is no lock-in, but exit loads apply. You pay 2% if you redeem within 365 days and 1% between 366 and 730 days. After 730 days, there is no exit load. There is no entry load.
Does the rupee's movement affect my returns?
Yes. The underlying fund invests mostly in rupee-priced Indian shares, while your units are valued in dollars.
If the rupee weakens against the dollar, your dollar returns shrink. If it strengthens, they rise. The offer document says the manager is not liable for currency moves.
Who manages Parag Parikh India Flexi Cap Fund?
At the GIFT City level, Akshay Falgunia is the fund manager and Nirmal Bari is the Principal Officer.
The share picking is done in Parag Parikh Flexi Cap Fund by a team led by Rajeev Thakkar, with Raunak Onkar, Rukun Tarachandani and Raj Mehta on equity.
What happens if the NFO does not raise enough money?
The offer document says the fund needs at least US$1 million to start investing. If that is not met, the money collected is to be refunded within three months.
PPFAS GIFT also needs to build the corpus to US$3 million within 12 months.
Can I start a SIP in Parag Parikh India Flexi Cap Fund?
The fund documents do not mention a SIP facility. You can, however, add money at any time in top-ups of US$1,000 or more, which lets you build a position in steps once you have made the US$10,000 first investment.
