Blue Spruce offers new Indian fund

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Blue Spruce Global Advisors, founded by Rakesh Bhargava, has teamed up with Carret Asset Management, now owned by Quadrant Management, to launch the Carret India Rising Stars, a fund of Indian hedge funds. One of the first such products was launched by Aurum Fund Management in London.

The Aurum India Fund mixes hedge funds with long-only funds in expectation of the launch of a raft of Indian hedge funds, while Bhargava said that the Carret fund will only invest in Indian hedge funds.

The Blue Spruce Fund, which is set for launch in October with $25 million, will