Mirae Asset Global Investment Management (India) has raised more than Rs14.35 billion ($356 million) from its maiden fixed income fund launches. The portfolios are the Mirae Asset Liquid Fund and Mirae Asset Liquid Plus Fund.

The company, which received approval from the Securities and Exchange Board of India (SEBI) to start mutual fund operations in December 2007, is a wholly owned subsidiary of KoreaÆs Mirae Asset Financial Group. It also has an equity fund, the Mirae Asset India Opportunities Fund, which has yet to close.

Prior to setting up its Indian subsidiary, KoreaÆs Mirae Asset has been present in India as a foreign institutional investor since 2005 with investments worth over $3.5 billion through India-dedicated offshore funds. Globally, Mirae Asset Financial Group manages more than $132 billion in assets.

Both fixed income funds have been assigned a credit risk rating of mfA1+ by Indian rating agency ICRA, which is the highest-credit-quality short-term rating for debt funds. The investment objective of both the funds is to generate returns with low volatility and higher liquidity through a portfolio of debt and money market instruments.

The Mirae Asset Liquid Fund is an open-end liquid scheme that invests up to 100% in money market instruments and in debt instruments whose residual maturity and re-pricing tenor will not exceed one year.

The Mirae Asset Liquid Plus Fund is an open-ended debt scheme that invests 50%-100% in money market and debt instruments with residual maturity and repricing tenor not exceeding one year and 0%-50% in debt instruments with residual maturity and repricing tenor exceeding one year.