Answers to the questions prospective investors most often ask about iRage, the Stratus Fund, and the GIFT City AIF regime.
iRage Investment Management LLP is an IFSCA-registered investment manager based in GIFT City, Gandhinagar. It is the manager of the iRage Stratus Fund — an IFSCA-registered Category III Alternative Investment Fund. The firm draws on 15+ years of systematic quantitative trading expertise, with leadership across IIT and IIM backgrounds and senior experience at global market institutions.
The iRage Stratus Fund is an IFSCA-registered Category III AIF that employs systematic long-short quantitative strategies in Indian markets. It is open-ended, offers monthly liquidity, has no lock-in period, and is designed for institutional and sophisticated investors.
The Stratus Fund is regulated by the International Financial Services Centres Authority (IFSCA), the unified regulator for financial services in GIFT IFSC. IFSCA replaced fragmented oversight by RBI, SEBI, PFRDA, and IRDAI for activities within the IFSC. The fund manager (iRage Investment Management LLP) is registered with IFSCA under registration number FDM2025FNR0850.
The fund is domiciled in GIFT City — Gujarat International Finance Tec-City — India’s first and only International Financial Services Centre. The registered office is at Shilp Incubation Centre, GIFT SEZ, GIFT City, Gandhinagar, Gujarat 382355.
Gaurav Raizada, Co-Founder of iRage, serves as Principal Officer of iRage Investment Management LLP. He holds a B.Tech from IIT Kanpur and a PGDM from IIM Lucknow, has 15+ years in quantitative trading and derivatives markets, and is a visiting faculty at IIM Ahmedabad.
Category III AIFs are Alternative Investment Funds that employ diverse or complex trading strategies and may use leverage, including through investment in listed or unlisted derivatives. Hedge funds and quantitative long-short funds typically fall into Category III. Category I covers socially or economically desirable areas (start-ups, infrastructure, SMEs). Category II covers funds that do not fall in I or III and do not undertake leverage other than for operational requirements (e.g. private equity, debt funds).
The fund employs systematic long-short quantitative strategies focused on Indian derivative markets. The approach combines market-neutral positioning, relative-value spreads, and delta-neutral construction — capturing mispricings and basis differentials through proprietary quantitative models. All execution is rules-based with disciplined risk management.
The Stratus Fund is open-ended. Many onshore AIF Category III funds in India are close-ended; the IFSCA framework permits open-ended Category III structures, which the Stratus Fund takes advantage of.
No. The Stratus Fund has no lock-in period. Investors can redeem during the fund’s monthly liquidity windows.
The fund offers monthly liquidity windows with zero exit load. Specific redemption notice periods and mechanics are set out in the Private Placement Memorandum.
Risk is managed through a multi-layered framework: pre-trade position limits, real-time exposure monitoring, automated circuit breakers, and continuous position-level oversight. Currency risk is hedged where relevant, and the fund prioritises risk-adjusted outcomes across market cycles.
Eligibility broadly extends to non-resident investors (individuals, family offices, institutions), Foreign Portfolio Investors (FPIs), and Indian residents permitted to remit funds to GIFT IFSC under FEMA and applicable schemes such as the Liberalised Remittance Scheme. All investments are subject to KYC, AML, and any applicable FATCA/CRS requirements.
Yes. Non-Resident Indians can invest in GIFT IFSC AIFs subject to applicable regulations. GIFT City was designed in part to give NRIs and other non-resident investors a regulated onshore route into Indian markets. Specific eligibility, KYC, and subscription mechanics are governed by IFSCA regulations and the fund’s PPM.
Yes. Foreign investors, including FPIs and other regulated institutional categories, can invest in IFSCA-regulated AIFs in GIFT City, subject to the IFSCA framework and applicable cross-border rules.
Indian residents can invest in GIFT IFSC AIFs through routes permitted under FEMA, including the Liberalised Remittance Scheme (LRS) for resident individuals, subject to prevailing LRS limits and conditions. Resident corporate investors may invest through other permitted routes.
The IFSCA (Fund Management) Regulations prescribe a minimum investment per investor of USD 150,000 (or equivalent) in an AIF, with lower thresholds for accredited investors as defined under those regulations. Individual funds may set higher fund-specific minimums. The exact minimum applicable to the Stratus Fund, and any accredited-investor concessions, are set out in its Private Placement Memorandum.
The IFSC regime offers competitive tax treatment designed to align with leading international financial centres. Specific tax outcomes for a non-resident investor depend on jurisdiction of residency, applicable tax treaties, the structure of the fund, and individual circumstances. Investors should consult their own tax advisors before subscribing.
Tax treatment for Indian residents investing in a GIFT IFSC AIF depends on the fund structure (e.g. trust, company, LLP), the nature of income, holding period, and prevailing Indian tax law. Indian residents should consult their own tax advisors for an assessment of their position.
Subscription documentation typically includes a duly executed Application Form and Contribution Agreement, supporting KYC documents per IFSCA AML requirements, tax residency declarations (FATCA/CRS), and evidence of source of funds. The exact document list is provided alongside the Private Placement Memorandum.
The Private Placement Memorandum is the offering document that sets out the fund’s investment objective, strategy, risk factors, fees, structure, redemption mechanics, conflicts of interest, and other disclosures. Prospective investors are required to read the PPM carefully before subscribing.
Subscription is a two-step process. First, get in touch via the Request Details form on this site (or email stratus@irage-invest.com). The team will share the Private Placement Memorandum and walk through eligibility, subscription mechanics, and KYC requirements. Once documentation is complete, subscriptions are processed in line with the fund’s subscription cycle.
Redemption is processed during the fund’s monthly liquidity windows. Investors submit a redemption request per the notice period and form specified in the PPM. There is no exit load and no lock-in period.
iRage has a structured grievance redressal mechanism. Complaints can be addressed to the Compliance Officer per the contact details on the Grievance Redressal page. If unresolved, recourse is available to IFSCA per the regulator’s prescribed process.
The team is happy to walk through specifics by email or call. Send a note via the form and someone will get back within a business day.
The information on this page is provided for general informational purposes and does not constitute investment, legal, or tax advice. Investments in Alternative Investment Funds are subject to market and other risks. Please read the Private Placement Memorandum carefully and consult your own advisors before investing. See full disclaimer.