Indian NRIs Are Quietly Redirecting Wealth to Gift City — Moving Away From Singapore and Mauritius Structures

CHENNAI, February 2026 :  Kalviro Ventures, a Chennai-based APMI-registered portfolio management firm
specialising in NRI and HNI wealth management, has reported a significant and
accelerating shift in how high-net-worth members of the Indian diaspora across
the US, UK, UAE and beyond are restructuring their investments — moving capital
away from Singapore and Mauritius offshore structures toward India’s Gift City
International Financial Services Centre (IFSC).

The trend, consistently observed through 2025 and sharply accelerating
into early 2026, is being driven by two simultaneous forces: the rapid
expansion of sophisticated IFSC-regulated investment products from India’s most
respected fund houses, and the mounting compliance burden and narrowing tax
advantage of traditional offshore structures.

“NRIs who built Singapore structures ten to fifteen years ago are
now questioning whether the cost and complexity still justifies the
benefit,” said Shrenik Shah, Managing Partner and Founder of Kalviro
Ventures. “Gift City’s IFSC has become a credible, IFSCA-regulated
alternative that competes with established offshore hubs on substance — not
just on patriotic appeal.”

Why Singapore and Mauritius Structures Are Losing Ground

The DTAA advantages that historically made Singapore and Mauritius the
default choices for Indian NRI wealth structuring have been progressively
narrowed. Indian tax authorities have tightened treaty shopping provisions
under FEMA, increased beneficial ownership disclosure requirements and raised
scrutiny of offshore structures that lack genuine commercial substance.

The result is a cost-benefit equation that has shifted materially
against traditional offshore arrangements. Annual corporate secretarial fees,
audit obligations, director requirements and growing regulatory compliance
costs now consume a meaningful share of the tax advantage these structures were
originally built to capture. For a growing number of NRIs globally, the
residual benefit no longer justifies the ongoing burden — and they are looking
closer to home for alternatives.

Gift City IFSC — A Sophisticated Investment Ecosystem Built for Global
NRIs

Gift City’s IFSC, governed by the International Financial Services
Centres Authority (IFSCA), has evolved rapidly into a world-class financial
centre offering NRIs access to USD-denominated fund structures from India’s
leading asset managers — structures that were simply not accessible through any
Indian investment channel until recently.

Kalviro Ventures currently provides NRI and HNI clients across the
globe access to fifteen IFSC-regulated funds spanning equity, global investing
and alternative investment strategies — all USD-denominated with minimum
investments starting from USD 75,000.

Equity Funds via IFSC —
NRIs seeking direct exposure to India’s long-term equity growth story can
access funds from Aditya Birla Sun Life (ABSL Global Bluechip Equity Fund and
ABSL India Flexicap Fund), Mirae Asset (India Equity Allocation Fund), DSP
(India Equity Opportunities Fund), ICICI Prudential (Smart Navigator Fund),
Motilal Oswal (Gift City Fund of Funds) and Bandhan AMC — all structured
through IFSC with USD 150,000 minimum investment.

Global Investing Strategy —
For NRIs seeking international diversification beyond Indian equities, Parag
Parikh Global Investing Strategy offers access to global equity markets through
an IFSC structure with a more accessible entry point of USD 75,000 — the lowest
minimum investment in Kalviro Ventures’ Gift City product suite.

Category II AIFs — Private Market Access — Bharat Value IFSC Fund by The Wealth Company and Neo Secondaries
Fund by Neo Asset represent Kalviro Ventures’ private market offerings through
Gift City. Both are six-year funds. The Neo Secondaries Fund operates in the
secondary private equity space — acquiring stakes in existing PE and VC
portfolios — which significantly reduces the J-curve risk that characterises
traditional primary private equity investments. Both funds target a Multiple on
Invested Capital of 2.5x to 3x over the fund life, subject to market conditions
and fund performance. Actual returns are not guaranteed.

Category III AIFs — Active Equity Strategies Exclusively for NRIs — Carnelian India Amritkaal Fund, Motilal
Oswal Alternative IFSC Trust, Alchemy India Long Term Fund, Renaissance India
Growth Fund and Phillip India Billion Opportunities Fund all operate
exclusively through Gift City’s IFSC framework to serve NRI and foreign
investors. Both Carnelian’s and Motilal Oswal’s strategies are flexi cap in
nature — giving fund managers complete freedom to allocate across large, mid
and small cap companies based on prevailing market opportunity. Operating
through IFSC provides these funds a regulatory and tax framework that makes
them significantly more viable for NRI participation than equivalent domestic
Category III alternatives.

“What has changed in Gift City is not just the volume of products
available — it is the calibre of fund managers now operating exclusively
through IFSC to serve global NRI capital,” said Shrenik Shah. “Names
like Carnelian, Motilal Oswal, PPFAS, Alchemy, Renaissance and others have made
a deliberate, long-term commitment to this structure. That level of
institutional conviction tells you everything about where Gift City is headed
over the next decade.”

Investor Education — Understanding Private Equity Returns

A central part of Kalviro Ventures’ advisory approach is ensuring NRI
clients understand investment return metrics accurately before committing
capital — particularly in the alternative investment space.

“The best performing Category II private equity AIFs have
historically targeted IRRs in the range of 20% to 25%,” said Shrenik Shah.
“But IRR is an Internal Rate of Return that accounts for the precise
timing and sequencing of cash flows across the fund’s life — it is
fundamentally different from a simple annualised return figure. Both our
Category II funds deploy capital progressively over the first two to three
years and return capital through years four to six. A 2.5x MOIC over a six-year
period does not translate mechanically to 25% per year — the actual IRR depends
entirely on when distributions are made. We always present clients with the
complete cash flow model alongside any headline return figure because one
without the other is an incomplete and potentially misleading picture.”

Key Considerations for NRI Investors Exploring Gift City

Kalviro Ventures advises NRI investors globally to carefully evaluate
four critical factors before any Gift City allocation.

Existing offshore structures with embedded gains must be modelled
carefully before unwinding — the cost of restructuring without qualified tax
advice can eliminate years of accumulated benefit in a single transaction.
Currency risk varies significantly by product — while all Gift City funds are
USD-denominated at entry, those investing in Indian equity markets retain
INR-USD movement risk at the portfolio level that investors must understand
clearly. Liquidity profiles differ materially across the product range —
open-ended equity funds offer genuine flexibility while Category II AIF
structures carry six-year lock-in periods that must be honestly matched to the
investor’s actual capital horizon. And every NRI investor must consult their
tax advisor regarding applicable DTAA provisions, their specific country of
residence and their individual tax position before making any allocation
decision — Gift City’s tax advantages are real but their application varies
significantly by investor circumstance.

About Kalviro Ventures

Kalviro Ventures is a Chennai-based APMI-registered portfolio
management firm providing NRI and HNI investors globally with access to India’s
most sophisticated investment opportunities across Gift City IFSC funds,
Portfolio Management Services (PMS) and Alternative Investment Funds (AIF).

The firm provides curated access to IFSC-regulated funds from fifteen
of India’s leading asset managers including Aditya Birla Sun Life, Carnelian
Asset Management, Motilal Oswal, PPFAS, Mirae Asset, DSP, Alchemy, Renaissance,
Neo Asset, Phillip Capital, ICICI Prudential and Bandhan AMC.

Kalviro Ventures is led by Shrenik Shah, who holds NISM certifications
in Mutual Fund Distribution (Series V-A) and Portfolio Management Services
(Series XXI-A) and brings extensive experience advising NRI and HNI clients on
cross-border wealth management and alternative investments.

Website: www.kalviroventures.com

Gift City Investment Guide for NRIs: https://www.kalviroventures.com/gift-city/

Contact: Shrenik
Shah, Managing Partner & Founder

DISCLAIMER: This press
release is for informational purposes only and does not constitute investment
advice or a solicitation to buy or sell any securities or fund units.
Investments in AIFs and IFSC-regulated funds are subject to market risks. Past
performance is not indicative of future returns. NRI investors should consult
their tax advisor regarding applicable DTAA provisions and their country of
residence before making any investment decision. Fund-specific details
including returns, tenure and minimum investment amounts are subject to change
— refer to the respective fund’s offer document or Private Placement Memorandum
for current terms. Kalviro Ventures is an APMI-registered portfolio management
firm regulated under SEBI.