OptiMix division of the ING Investment Management  (India) Pvt. Ltd has launched India’s first multi-manager global commodity equity fund christened ‘ING Optimix Global Commodities’ in the Indian market.

Under the multi-manager concept, the fund will invest in the global commodity funds managed by some world renowned global asset management houses like Credit Suisse, First State Investment, JP Morgan, Martin Currie, Societe Generale and Investec.

The primary objective of the scheme is to achieve long-term capital growth by investing primarily in units of global commodity oriented mutual funds. The fund scheme is benchmarked to Dow Jones World Basic Materials Index (40 per cent), Dow Jones World Oil and Gas Index (40 per cent) and MSCI AC World in INR terms (20 per cent).

According to the company, OptiMix Global Commodities Fund will invest 65-100% of total corpus in global mutual funds, which further invests in commodity related securities, 0-25% in debt funds, liquid funds, money market funds and 0-10 % in money market securities.

The scheme carries an entry load of 2.50% for applications below Rs 5 crore and nil for applications of Rs 5 crore and above. However there is no exit load. The fund house is targeting a corpus of Rs 20,000 crore in the new fund offer.

The scheme opens on July 29 and closes on August 25.