Krishnamurthy and Binny Bansal will remain in their current roles after the deal, the two sources said.
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Centre administrator Mallika Krishnamurthy is a Buddhist, and she says Buddhism deals very directly with loss in life.
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Krishnamurthy, CEO at the fund manager, told Reuters, adding that it will likely invest in building and leasing warehouses.
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Unlike its previous debt fund, investments from the new fund will be a combination of equity and debt, Krishnamurthy said.
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The assistance provided by OSC can give a smaller company a huge boost a market filled with competitors, Krishnamurthy says.
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Krishnamurthy was named CEO on Monday, while co-founder and outgoing CEO Binny Bansal moved into the new role of group head.
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Investors from Asia, including those in Singapore, Japan and China, and the Middle East have shown interest to invest in the fund, Krishnamurthy said.
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Flipkart CEO Kalyan Krishnamurthy warned last month that it faced "significant customer disruption" if the new rules were implemented from Feb. 1.
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Krishnamurthy visited East Timor earlier this month and saw areas that were parched even though their rainy season was supposed to have started in November.
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HDFC expects to generate net returns of up to 20 percent from the new rupee-denominated fund which it will start raising in mid-2016, Krishnamurthy said.
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But Raut motored on, aided by Veda Krishnamurthy, getting India to within 28 of their target with 44 balls remaining and seven wickets in hand.