B.K. Modi’s CIO Plans to Start Pre-IPO Fund
Ozi Amanat the chief investment officer working with Billionaire B. K. Modi is starting a fund will assist wealthy families from Asia to get allotments of company shares before they are offered to public in the U. S. He has placed pre IPO shares of Alibaba Group Holding Ltd. with Asian investors.
Yesterday, in an interview Amanat said that in commitments the fund has raised $10 million and by January aims to get $50 million from Asian family offices that are looking for stakes as low as $5 million prior to the initial public offerings. Such, stakes may not be available from banks.
Ozi Amanat, manages the existing portfolio of businesses for Smart Global Holdings Pte. based in Singapore which is owned by Modi.
The idea of creating a fund came to Amanat when he got a block of the Alibaba's pre-IPO shares that valued at $35 million and was able to place a large chunk of it with Asian families a month or more prior to the public offering.
The investors who received the pre-IPO shares from Amanat at less than $60 apiece could high returns of at least 48 percent according to the closing price of Alibaba in New York on September 25. Alibaba accounted to be the largest IPO in the world and raised an amount of $25 billion this month.