Insights
Notes on structure, approach and governance
Short, educational notes on how a Category III Alternative Investment Fund is structured, how the research works and how the Fund is governed. They are not investment advice and not an offer.
All notes
Read in any order
Structure
Manager, Trust and Fund: how the structure fits together
Three separate roles, held apart on purpose. What the Investment Manager, the Trust and the Fund each do, and why the separation matters to an investor.
Approach
Bottom-up, not top-down: why the work starts with the business
The starting point is a business, not a forecast for the economy. What that means in practice, and where the wider economy still enters the picture.
Process
How an idea becomes a position
From idea generation to monitoring and exit: the stages an idea passes through before it becomes a position in the portfolio, and what can stop it on the way.
Governance
Separation of duties in a registered fund
No one person should both take a decision and check it. How the firm divides the investment, compliance and accounting functions between named people.
Approach
Quality first: governance as an investment question
Cash generation, manageable debt and a management whose past conduct can be checked. Why governance is treated as an investment question, not a compliance one.
Investor documents
What the fund documents cover, and why a website cannot
A website can describe a firm. It cannot be the offer. What the Private Placement Memorandum and the Contribution Agreement set out, and the framework behind them.
Contact
Speak with the firm
Eligible investors, distributors and professional advisers can write to the firm or call the registered office in Ahmedabad. Units are offered only by private placement, under the Private Placement Memorandum.