A former Citigroup private banker has raised nearly $2 billion for a new investment firm in India. He is tapping into the country's rapidly expanding wealth market, which he estimates could grow to at least $10 trillion within the next decade. The launch signals a major bet on India's financial sector.

This move comes as global asset managers compete for a slice of India's burgeoning high-net-worth population. The new firm's substantial initial funding suggests strong investor confidence in the country's economic trajectory and the professionalization of its wealth management industry.

Competitors will watch how this capital is deployed across equities, private credit, and real estate. The firm's success could spur more international investment vehicles targeting India, intensifying competition in a market where domestic savings are increasingly channeled into managed assets.