Venus Capital Management of Boston last week filed with the SEC to introduce a new fund, The India Technology Fund.

The fund would be the sole fund under the Venus Series Trust and would be an open-end, non-diversified fund investing in Indian technology companies. The fund will invest in software, hardware, telecommunications, healthcare, biotechnology, media, entertainment and Internet or Internet-related companies.

This will be the first fund of its kind to invest in this niche market, according to Morningstar, a fund data tracking company in Chicago. Venus Capital also manages the IRIS India Fund, a broad-based Indian hedge fund domiciled in Luxembourg.

Vikas Mehrotra, president of Venus Capital and a former stockbroker, will manage the fund. The fund will charge a performance-based management fee based on the fund's performance compared with that of the IFC India Index, an index compiled by the International Finance Corp. Under the arrangement, the fund's management fee can range from zero to five percent.

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