Mirae Asset Mutual Fund has announced the launch of its new Platinum Hybrid Long-Short Fund, marking its entry into the burgeoning Specialised Investment Fund (SIF) category. This move comes as investor interest in alternative mutual fund strategies continues to grow, with SIF assets exceeding ₹12,000 crore within months of the category's inception.
Understanding the New Fund Offer (NFO)
The New Fund Offer (NFO) for the Mirae Asset Platinum Hybrid Long-Short Fund is scheduled to open for subscription from May 20 to June 3, 2026. The fund is designed as an interval investment strategy, allocating across equity, debt, and derivative instruments, including limited short exposure through derivatives. Mirae Asset states this structure aims to generate relatively stable and risk-adjusted returns over a 1–2 year period, while offering lower drawdowns compared to traditional hybrid funds that have unhedged directional equity exposure.
The Rise of Specialised Investment Funds (SIFs)
The launch coincides with a significant surge in the SIF category's popularity. According to a ValueMetrics Technologies report based on AMFI data, SIFs witnessed their total assets under management (AUM) skyrocket from ₹2,010 crore in October 2025 to ₹12,329 crore by April 30, 2026. Hybrid long-short strategies have emerged as the dominant segment within SIFs, accounting for nearly 74% of the total category assets, reaching ₹9,155 crore.
Industry observers note that SIFs are attracting affluent investors seeking investment alternatives that bridge the gap between conventional mutual funds and more sophisticated Alternative Investment Funds (AIFs). The average folio size in SIFs stands at ₹24.6 lakh, with active asset allocator long-short funds reporting even higher average folio sizes of ₹47.5 lakh, indicating substantial investor commitment.
What Sets SIFs Apart?
SEBI introduced the Specialised Investment Fund category to provide fund houses with greater flexibility in employing derivatives, hedging strategies, and other specialised investment approaches. Despite this flexibility, SIFs operate under the same regulatory oversight and transparency standards as traditional mutual funds. A key feature of SIFs is a minimum investment amount of ₹10 lakh at the PAN level across all strategies offered under the platform.
Mirae Asset Platinum Hybrid Long-Short Fund Strategy
Mirae Asset's new fund will employ a flexible allocation strategy, combining arbitrage opportunities, protected derivative positions, and high-quality accrual debt exposure. This approach aims to manage downside risk and enhance yields. The strategy will maintain controlled equity exposure between 5% and 70%, fully hedged arbitrage exposure in a similar range, and a debt allocation of 25% to 35%.
Neelesh Surana, CIO at Mirae Asset Investment Managers (India), emphasized that the SIF structure grants investors access to specialised investment strategies while maintaining the transparency and safeguards associated with mutual funds. The fund will be dynamically managed by Gaurik Shah, SVP – Equity Investments, who specializes in quantitative investing and derivative-driven portfolio strategies. This three-tiered structure is designed to deliver more stable outcomes across various market cycles and limit downside volatility, catering to investors increasingly seeking tax-efficient products with downside protection and alternative return strategies.