360 ONE Asset Management Raises Rs 200 Crore with Overnight Fund

360 ONE Asset Management announced on Wednesday that it has successfully raised Rs 200 crore during the new fund offering (NFO) period of its overnight fund.

The 360 ONE Overnight Fund, an open-ended debt scheme, was available for subscription from July 1 to 9 and reopened for continuous sale and repurchase from July 14.

The fund, which focuses on overnight securities, managed to draw interest from a diverse range of investors, including corporates, high-net-worth individuals (HNIs), and private investors, according to a statement by 360 ONE Asset Management.

This investment vehicle primarily consists of debt and money market instruments such as reverse repos, treasury bills, certificates of deposit, and commercial papers, all with overnight maturities.

Designed for investors with a time horizon ranging from one day to one month, it aims to provide daily liquidity and reasonable short-term returns without excessive complexity, the statement added.

(With inputs from agencies.)