The fund management ecosystem at Gujarat International Finance Tec-City (GIFT City) continued to expand in the April-June quarter, with cumulative funds raised by non-retail schemes in the International Financial Services Centre (IFSC) rising to $22.93 billion as of June 30, from $19.51 billion at the end of March.
Cumulative commitments raised increased to $45.08 billion from $39.09 billion, while investments made rose to $21.05 billion from $19.67 billion.
The number of Fund Management Entities (FMEs) increased to 235 from 217 in the previous quarter, while the number of funds and schemes rose to 401 from 360, according to the latest quarterly bulletin of the International Financial Services Centres Authority (IFSCA).
Investor participation recorded a sharper increase, driven largely by retail investors. The total number of investors across IFSC fund schemes rose to 16,150 in June from 9,594 in March.
Retail scheme investors more than doubled to 8,467 from 3,438, accounting for more than half of the total increase during the quarter.
Retail fund management activity itself remained relatively small in absolute terms but expanded during the quarter. Investments by retail schemes totalled $87.32 million, of which $18.78 million was invested in India and $68.54 million in foreign jurisdictions.
The quarter also saw a sharp expansion in the client base of Global Access Providers (GAPs), which facilitate access to overseas securities through the IFSC.
| Cumulative | Q1 FY26 | Q2 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
| Commitments Raised | 22.11 | 26.3 | 32.13 | 39.09 | 45.08 | |
| Funds Raised | 10.49 | 12.27 | 17.35 | 19.51 | 22.93 |
| Service | Service | Service | Service | Q1FY27 AUM ($ Mn) |
| Discretionary & Non-Discretionary PMS | 239 | 958.96 | 270 | 929.13 |
| Advisory Services | 99 | 432.48 | 100 | 2,436.29 |
| Total | 338 | 1,391.44 | 370 | 3,365.42 |
| Quarter (As of) | Amount ($ mn) |
| Sep-25 | 536.2 |
| Dec-25 | 630.1 |
| Mar-26 | 747.3 |
| Jun-26 | 851.09 |
No. of Investors
| As of | Total Investors | Retail Schemes |
| Jun-25 | 3583 | 0 |
| Sep-25 | 4733 | 255 |
| Dec-25 | 6721 | 1239 |
| Mar-26 | 9594 | 3438 |
| Jun-26 | 16150 | 8467 |
Source: IFSCA Bulletin
