Gaja Alternative Asset Management

Well-established alternative AMC with a differentiated business model focused on driving the enterprise value

The company has 20 years of experience in alternative asset management with a consistent track record. The company's differentiated business model focuses on maximizing transmission of economics from funds to the company and informed expense management, with PAT margins improving from 43.04% to 51.94% between Fiscals 2024 to 2026.

Proven track-record of delivering consistent performance across the Gaja Capital Funds

The company has completed 28 investments with Prior Investments achieving 5.61x MOIC, Fund II achieving 3.81x MOIC with five fully realized investments, and Fund III with two partial realizations. The company demonstrates versatility in managing investments across different economic cycles.

Focus on the high-growth alternative asset management industry in India with significant headroom to scale

The company operates in India's fastest growing managed investment products sector with AIF commitments growing at 29.2% CAGR between Fiscals 2019-2026, reaching ₹16.90 trillion as of March 2026. The company is an experienced, independent and home-grown alternative AMC with over two decades of experience.

Invest-and-collaborate approach with a key focus on value addition to portfolio companies

The company follows an active engagement model through four-member Operating Team focusing on product, sales, human resources, and financial management across three engagement levels. The company has board representation in nearly all portfolio companies across the Gaja Capital Funds.

Ensuring skin-in-the game and alignment of interest with the investors

The company has committed ₹2,740.00 million (6.41% of total fund size) as Sponsor Commitment, substantially above the prescribed regulatory threshold of 2.5%. For Funds II, III and IV, the company made ₹540.00 million, ₹700.00 million and ₹1,500.00 million representing 5.98%, 4.38% and 8.45% of fund sizes respectively.

Experienced Promoters and management team

The company is led by experienced Promoters with Mr. Gopal Jain (27+ years experience), Mr. Ranjit Jayant Shah (19+ years experience), and Mr. Imran Jafar (27+ years experience). The senior leadership has averaged 17 years with the company, and the Core Team comprises 15 professionals with investing and operating experience.

Long-standing and well-established industry relationships with a diverse global investor base

The company has access to diversified global investor base across 20+ countries with 63.42% capital commitments from outside India and 36.58% from India. Fund IV received commitments from 72 domestic LPs, greater than Fund II and III participation.

Proven track record of delivering robust financial growth and a strong balance sheet

The company achieved profit after tax CAGR of 35.34% between Fiscals 2024-2026. The company maintains strong balance sheet with total equity of ₹6,133.49 million as of March 31, 2026, low leverage with borrowings of ₹415.56 million, and cash equivalents of ₹710.74 million plus ₹241.52 million in liquid mutual funds.

Income Dependency on Fund Performance

The company derives significant income from Management Fee (38.07% in Fiscal 2026), Carried Interest (47.79% in Fiscal 2026), and Income from Sponsor Commitment. Poor performance of funds managed and advised by the company could cause a decline in income and negatively affect performance, cash flows and financial condition.

Unpredictable Carried Interest Cash Flows

Carried Interest payments depend on fund performance and realization opportunities, which may be limited. The company received ₹754.11 million (47.79% of total income) in Fiscal 2026 as Carried Interest. The timing and receipt of these payments are unpredictable and contribute to cash flow volatility.

Valuation Subjectivity and Asset Value Risk

Fair market value of Sponsor Commitments was ₹2,436.23 million in Fiscal 2026. Valuation methodologies can be susceptible to significant subjectivity and derived values may not be realized, potentially resulting in significant losses and Limited Partner confidence issues.

Limited Partner Capital Dependency

The company depends on Limited Partners for capital infusion, with 159 out of 298 Limited Partners located outside India as of March 31, 2026. Inability of Limited Partners to honor capital calls or their financial difficulties could adversely affect fund operations and performance.

Securities Regulatory Compliance Risk

The company is subject to extensive regulations by SEBI, MCA, RBI and other authorities. Any failure to comply could result in penalties, sanctions, trading bans, deregistration or suspension of licenses. The company has already paid late submission fees of ₹36,100 to RBI for regulatory delays.

Auditor Adverse Remarks on Financial Statements

Auditor reports for Fiscals 2024-2026 contain adverse remarks regarding audit trail features in accounting software not being enabled for certain periods. While corrective measures have been implemented from August 28, 2025, there is no assurance future reports will not contain similar adverse remarks.

Foreign Operations and Jurisdictional Risk

The company operates subsidiaries in Cayman Islands and Mauritius, exposing it to risks from distinct legal and regulatory systems including currency fluctuations, political instability, changes in laws, and compliance costs associated with multiple international locations.

Investment Illiquidity Risk

Fair market value of Sponsor Commitments was ₹2,436.23 million as of March 31, 2026. Investments in unlisted private companies are generally illiquid, and inability to liquidate investments effectively could harm business operations and ability to meet future Sponsor Commitments.

Minority Investment Control Risk

The company typically makes minority investments (89.66% of 29 total investments are minority stakes). Adverse business decisions by portfolio company management may lead to fund underperformance and lower returns, resulting in reduced Carried Interest and Income from Sponsor Commitment.

Outstanding Legal Proceedings

There are multiple outstanding legal proceedings involving the company, subsidiaries, directors and promoters including criminal proceedings under FIR No. 0150. Adverse outcomes could affect reputation, divert management attention, consume financial resources and impact business operations.