Ravi Sharma in Calcutta on Thursday. A Telegraph picture

Calcutta, June 9: Birla Sun Life Mutual Fund will introduce Birla India GenNext Fund on June 14.

“The thematic fund will target growth of capital by investing in equities of companies that are expected to benefit from the spending habits of the young generation of India,” Ravi Sharma, vice-president (marketing and communications) of Birla Sun Life Mutual Fund, said.

“The fund intends to tap the opportunity created by the lavish spending habits of GenNext ? the largest population group in the country,” said Sharma.

The fund has the mandate to invest 80-100 per cent in equity and equity-related instruments and up to 20 per cent in money-market instruments.

The open-ended diversified equity fund will invest in companies that will directly cater to consumers.

The investments will be spread across a universe of industries such as automobiles, travel and tourism, healthcare, banking, utilities, retailing, housing and consumer durables.

“The products or services of the target companies will have a brand identity,” said Sharma.