TVS, Dabur promoters, HNIs to back Khemani's Rs 5,000-crore PIPE fund
Existing investors such as the promoter family offices of TVS Capital, Ajanta Pharma, Pidilite, Dalmia and Dabur are likely to invest in this Category-III Alternative Investment Fund (AIF), said people in the know. The private investment in public equity (PIPE) fund has already received commitments worth ₹500 crore, they said.
First closure of the fund is expected by next month, the people said.
Benchmarked against the S&P BSE 500 Index, the fund will focus on sectors such as banking, financial services and insurance (BFSI), manufacturing, consumption, services exports and infrastructure.
The fund, named Carnelian Bharat Amritkaal Fund, will have an average minimum ticket size of ₹5 crore, and will aim to identify opportunities early on, aligning with the evolving landscape of India's economy, emphasising quality over quantity with a concentrated portfolio of 25-30 carefully selected stocks, the company said.
«As India progresses towards becoming a developed nation by 2047 with projected GDP of $29 trillion, investing in India presents a once-in-a-lifetime unique opportunity akin to the Japanese Economic Miracle,» said Vikas Khemani, founder, Carnelian Asset Managers & Advisors. Anticipating a stable rupee and robust growth, India is set to attract substantial domestic and foreign investments, positioning it as one of the fastest-growing large economies, he added.
Khemani is a former CEO of Edelweiss Securities Ltd.
This is the third fund which was launched since Carnelian's inception. Previous funds are
