About Company
360 One Asset Management
360 ONE Asset, a part of the 360 ONE Group, is a global asset management firm that focuses on India. They have different products that allow investors everywhere to get involved in India's growth. They get how India's population and what people want drive the economy, so they actively manage investments to take advantage of India as a good long-term investment. Because they know India's growth story well, 360 ONE Asset comes up with investment plans to try and give solid returns based on risk. 360 ONE takes care of the specific needs of rich people, families, and big institutions. They're the first wealth management company to be on India's stock exchange. They help families in India and other countries keep, protect, and increase their wealth by really getting to know what they need and offering all sorts of wealth management options. 360 ONE is known for coming up with new ideas in wealth management. They got the Best Private Banking Services Overall award for India in 2020 from the Euromoney Private Banking and Wealth Management Survey. They were also ranked number one in 15 other areas, like services for the super-rich, family office help, investment management, and using new tech. Since they started in 2008, they've won over 110 awards. 360 ONE has its main office in Mumbai, employs over 900 people, and works in six big financial centers around the world and 23 places in India. Smart investors, families, and big institutions trust 360 ONE Asset management. They use solid, research-backed plans to hit their goals. They invest for the long haul, do deep financial checks, and aim to keep money safe while trying to be in the top group during all market ups and downs. 360 ONE Asset can manage money both in this country and overseas. They have different funds, like mutual funds, other investment funds, and venture capital funds. They cover stocks, bonds, and even property. They're quick and flexible like a small firm, but they also have the good corporate practices you'd expect from a big company that's here for the long run.
The 360 ONE Special Opportunities Fund Series 10 is a Category II AIF focused on private-market opportunities, including investments in companies that may be approaching a public listing or another potential liquidity event. The fund is part of 360 ONE's Special Opportunities platform, which invests in businesses where private-market access can provide exposure before or around their transition to listed markets.
The strategy is different from a conventional equity fund. Investors are taking exposure to privately held businesses where valuation discovery is less frequent, liquidity is limited and the eventual exit can depend on an IPO, strategic transaction, secondary sale or another liquidity event.
Series 10 has publicly documented investments in companies including Innova Captab and Medi Assist Healthcare Services, providing direct evidence of its participation in late-stage businesses moving towards or through the public markets.
360 ONE Special Opportunities Fund Series 10: Fund Snapshot & Key Terms
| Parameter | Details |
| Fund Name | 360 ONE Special Opportunities Fund – Series 10 |
| Former Name | IIFL Special Opportunities Fund – Series 10 |
| AIF Category | Category II AIF |
| Investment Manager / Sponsor Platform | 360 ONE Alternates Asset Management Limited |
| Strategy | Special opportunities / private equity |
| Fund Structure | Alternate Investment Fund – Sub-scheme |
| SEBI Registration | IN/AIF2/12-13/0015 |
| Entity Status | Active |
| Entity Creation Date | 12 July 2021 |
The fund's legal-entity records identify it as an Alternate Investment Fund – Sub scheme under SEBI registration number IN/AIF2/12-13/0015. The legal entity was previously named IIFL Special Opportunities Fund – Series 10.
Only fund terms that could be verified from publicly available sources have been included. Minimum commitment, tenure, management fee, hurdle rate, carried interest and detailed drawdown mechanics have been omitted because the Series 10 PPM was not publicly available in the sources reviewed.
Pre-IPO Investment Strategy: How 360 ONE Selects Late-Stage Companies
The appeal of a pre-IPO fund in India lies in accessing businesses before their shares become widely available on public exchanges. But the investment thesis is broader than simply buying a company ahead of an IPO.
A late-stage private investment typically requires an assessment of the business, its competitive position, financial performance, management, governance, valuation and possible routes to liquidity.
Profitable Businesses and Segment Leaders
The strategy can focus on established businesses that have moved beyond the early-stage phase and have developed meaningful operations, customer traction or competitive advantages.
The emphasis is on understanding whether the underlying company can continue creating value as it scales. Profitability, business quality and market positioning can be important considerations when evaluating a late-stage opportunity.
Institutional Backing, Governance and Management Quality
The quality of existing investors can provide useful context when assessing a private company. Institutional shareholders may bring capital, governance experience, strategic relationships and access to broader networks.
However, institutional backing is not a substitute for due diligence. Management capability, governance standards, capital allocation, financial discipline and the company's ability to execute its business plan remain central to the investment assessment.
Path to IPO and Other Exit Routes
A potential IPO can provide an important liquidity route, but an IPO should never be treated as a guaranteed outcome.
Market conditions, valuation expectations, regulatory requirements and company readiness can influence whether and when a business lists. Other potential exits can include strategic sales, secondary transactions, mergers or other permitted liquidity events.
For a pre-IPO investor, the more useful question is therefore not simply whether a company will list, but whether there are credible pathways through which the investment can eventually become liquid.
360 ONE's Pre-IPO Track Record and Deal-Sourcing Network
360 ONE's Special Opportunities platform has built a portfolio of private-market investments across multiple businesses and sectors. Historical disclosures show the platform's funds participating in private placements and holding shares in companies that subsequently entered the public markets.
One documented example is Innova Captab. Its prospectus records that 360 ONE Special Opportunities Fund – Series 10 received 334,821 equity shares through a private placement on 3 December 2023 at ₹448 per share, aggregating to ₹15 crore.
The transaction provides a clear example of the type of late-stage private-market opportunity relevant to a pre-IPO strategy: the fund acquired an equity position before the company's public-market transition.
It is important, however, to distinguish platform history from Series 10 performance. Investments made by other Special Opportunities series cannot be treated as Series 10 investments or returns unless the specific disclosure links them to Series 10.
360 ONE Special Opportunities Fund Series 10 Portfolio & Investment Examples
Public disclosures allow the following investments to be directly attributed to Series 10:
| Company | Sector | Investment Context | Source Date |
| Innova Captab Ltd. | Pharmaceuticals / Healthcare | Private-placement investment before the company's IPO | December 2023 |
| Medi Assist Healthcare Services Ltd. | Healthcare Services | AIF investment disclosed ahead of its public-market listing | January 2024 |
Innova Captab
Innova Captab's prospectus records an allotment of 334,821 shares to 360 ONE Special Opportunities Fund – Series 10 at ₹448 per share on 3 December 2023.
Subsequent shareholding data showed Series 10 holding 1,041,064 shares, representing 1.819% of the company.
Medi Assist Healthcare Services
SEBI-hosted public-offer documentation for Medi Assist Healthcare Services records 574,163 shares, equivalent to 0.83% of pre-offer share capital, held by 360 ONE Special Opportunities Fund – Series 10.
Later shareholding data also continued to identify Series 10 as a shareholder.
These examples should not be treated as a complete portfolio. Public shareholding records naturally provide greater visibility into investments once portfolio companies become listed or disclose their shareholders through regulatory filings.
360 ONE Special Opportunities Fund Series 10: Minimum Investment, Fees, Tenure and Capital Calls
Private-market AIFs operate differently from open-ended mutual funds. The investor's capital is generally committed under the fund documents, with deployment and distribution governed by the fund's legal and commercial terms.
Where a fund uses capital calls or drawdowns, the investor may commit a specified amount and provide capital as required under the fund documentation rather than investing the entire commitment simultaneously.
The relevant mechanics can cover:
- Capital commitment and drawdowns
- Investment-period provisions
- Fund tenure and extensions
- Management fees
- Fund expenses
- Hurdle or preferred-return provisions
- Carried interest
- Distribution waterfall
- Investment realisation
- Transfer restrictions
- Early-exit provisions
The Series 10 PPM should be treated as the definitive source for these contractual terms. Since the latest PPM was not available in the publicly accessible material reviewed, unsupported figures have not been added to this page.
Key Risks of 360 ONE Special Opportunities Fund Series 10
Pre-IPO investing offers access to private businesses but also introduces risks that investors may not face to the same extent in listed-equity funds.
IPO timing risk: A company may delay, postpone or abandon a proposed listing. A weak capital-market environment can also affect IPO valuations and investor appetite.
Valuation risk: Private companies do not have continuously observable market prices. Valuations can therefore involve greater uncertainty than listed securities.
Illiquidity risk: Investors may not have the ability to redeem their investment whenever they choose. Private-market investments can remain illiquid until a permitted exit or fund-level realisation.
Concentration risk: A concentrated portfolio can make individual company outcomes more significant to overall fund performance.
Business execution risk: Even established companies can face competition, margin pressure, governance issues, regulatory changes or slower-than-expected growth.
Exit risk: An IPO is only one possible liquidity event. Strategic sales, secondary transactions and other exits depend on market conditions and buyer interest.
Regulatory risk: Changes in securities regulations, taxation or listing requirements can affect portfolio companies and potential exits.
Most importantly, there is no assurance that an IPO will occur, that a particular valuation will be achieved or that the fund will generate positive returns.
Who May Consider a Pre-IPO Special Opportunities AIF?
A pre-IPO AIF is generally more relevant to sophisticated investors who understand private-market investing and can accommodate a potentially long investment horizon.
It may be considered by investors who:
- Meet the fund's applicable eligibility and commitment requirements.
- Can tolerate limited liquidity.
- Understand private-company valuation uncertainty.
- Can withstand concentrated exposure.
- Do not depend on an IPO occurring within a particular timeframe.
- Have sufficient diversification across other investments.
- Understand that returns are not assured.
The investment case should therefore be evaluated on the quality and valuation of the underlying businesses, not simply on the possibility of an upcoming IPO.
Listen to expert conversations and investment insights anytime on Spotify.
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Karan Bhagat
Karan has more than two decades of experience in the financial services industry. He provides direction and leadership towards the achievement of 360 ONE's strategic goals and objectives. He has built a team of talented professionals, who work with and for some of the most distinguished family offices, institutions and wealthy families in India and abroad
View Profile →Our Investment Experts
Our experts will understand your goals, map the right strategy across AIFs, PMS, Mutual Funds and Wealth Solutions, and guide you through every step.
Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
The 360 ONE Special Opportunities Fund Series 10 is a Category II AIF operating within 360 ONE's special-opportunities investment platform. It focuses on private-market opportunities, including businesses that may be approaching a potential IPO or another liquidity event. Public disclosures directly link Series 10 with investments such as Innova Captab and Medi Assist Healthcare Services.
Yes. The fund is registered under SEBI registration number IN/AIF2/12-13/0015, and its legal-entity record identifies it as an Alternate Investment Fund sub-scheme.
Pre-IPO investing involves taking exposure to private companies before their shares become publicly traded. The potential investment outcome can come from business growth and eventual liquidity through an IPO, secondary transaction, strategic sale or another permitted exit. An IPO itself is not assured.
The fund's publicly disclosed investments demonstrate exposure to established businesses in areas including pharmaceuticals and healthcare. Series 10 invested in Innova Captab through a private placement in December 2023 and was also disclosed as an investor in Medi Assist Healthcare Services.
The minimum commitment has not been stated here because a reliable, current Series 10 PPM was not available in the public sources reviewed. Investors should rely on the latest fund documentation for the applicable minimum.
The contractual tenure has not been included because it could not be independently verified from the latest publicly accessible Series 10 fund documentation. The PPM and subscription documents should be reviewed for the exact tenure and any extension provisions.
Where applicable under the fund documents, capital calls allow the investment manager to request committed capital as investments and permitted fund expenses require funding. The exact timing, notice period, payment obligations and consequences of a missed drawdown are governed by the fund's legal documents.
The exact fee, hurdle and carried-interest terms have not been included because they could not be verified from a publicly accessible Series 10 PPM. These are contractual terms and should be taken directly from the latest fund documentation.
Investors should not assume that a close-ended private-market AIF provides regular redemption. Any transfer, secondary sale or early-exit mechanism depends on the fund documents and applicable restrictions.
Public disclosures directly identify Innova Captab Ltd. and Medi Assist Healthcare Services Ltd. as Series 10 investments. Innova Captab's prospectus records Series 10's private-placement allotment, while SEBI documentation for Medi Assist records Series 10's shareholding.
Potential exit routes can include an IPO, secondary sale, strategic transaction or another permitted liquidity event. The actual route depends on the portfolio company and prevailing market conditions. An IPO should not be treated as a guaranteed exit.
A delayed or cancelled IPO can extend the investment holding period and affect the potential timing or valuation of an exit. Depending on the circumstances, the fund may pursue another permitted liquidity route.
Publicly accessible sources reviewed for this page do not provide enough current, scheme-level evidence to name an individual as the Series 10 fund manager. Karan Bhagat is a senior 360 ONE Group leader, but he has not been identified here as the Series 10 scheme-level manager without supporting fund documentation.
The key risks include illiquidity, private-company valuation uncertainty, concentration, business execution, IPO timing, regulatory changes and limited exit opportunities. Investors should also understand that a portfolio company's planned IPO may not happen and returns are not assured.
Subscribe to the ALTPORT newsletter
Join HNIs, family offices and NRI investors reading with us.
You're on the list
Thanks — we've added your email to the ALTPORT newsletter.