Investment manager Capitalmind Financial Services on Thursday said it aims to raise Rs 500 crore in its maiden alternate investment fund over the next year. The company has been in the portfolio management services space and currently, boasts Rs 2,200 crore assets under management, its founder and chief executive officer Deepak Shenoy said. The firm received the Sebi approval for a category 3 AIF which it christened as "Capitalmind Select India One" last year, he told reporters, adding that the minimum investment amount will be Rs 1 crore. The fund is designed for sophisticated investors seeking exposure to a diversified, quantitatively managed equity portfolio with active risk management, he said, adding that it will invest in 20-40 stocks. It combines multiple factors such as momentum, low volatility and quality into a single pooled vehicle, offering investors an opportunity for long-term wealth appreciation, a statement said.