Opalesque is exclusively reporting that Mohnish Pabrai, of Pabrai Investment Funds (PIF), just reopened all of its funds to new investments. The move comes after two years of blockades on all new capital from investors. Old and new investors could invest their money in the PIF3 fund from August 1 of this year. The reopening has generated $15.8 million worth of investments till the end of September.
Pabrai Investment Funds is managed by the versatile and philanthropist investor, Mohnish Pabrai. Pabrai is known for his vocal admiration of Warren Buffett. He once spent over $300,000 to win a dinner with Buffett. The money was directed to charitable causes. Pabrai Investment Funds manages an estimated $600 million in a multitude of funds. He holds positions in Bank of America Corp (NYSE:BAC), which is also like Warren Buffet, who made a $5 billion investment in Bank of America back in 2011. Buffet’s firm, Berkshire Hathaway Inc. (NYSE:BRK.A), also invests in banks like JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Company (NYSE:WFC).
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Pabrai donates handsomely to charitable causes. He has established the Dakshana Foundation, which helps Indian students in gaining admission in the top professional universities of India. The Dakshana Foundation is managed by Pabrai and his wife, Harina Kapoor. The trust arranges scholarships for the bright young minds of his native country, based on merit. He pledged to donate $1 million every year, when his net worth exceeded $50 million.