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Premium Access AIF Category II

Motilal Oswal – India Business Excellence Fund V

Distributed through AltPort Experts. Comprehensive fund documentation can be accessed through our research team.
Category AIF Category II
Company
Fund Managers Vishal Tulsyan,
Share: f x in w

About Company

Fund Snapshot

Years of Operation 19 Years
Number of Growth Capital Funds 4
Total Investments 50
Total Exits 20
Assets Under Management (AUM, incl. co-investment) ~INR 10,500 Cr
Liquidity/Exits Generated ~INR 7,500 Cr
Realized MOIC (Multiple on Invested Capital) 5.3x
Realized IRR (Internal Rate of Return) 26.3%

Dominant Presence of Motilal Oswal Group

  • Pan-India Presence 2,500+ business locations and a 400+ LFA network enable wide deal acces – ~60% of deals sourced this way; 29 of 47 investments were exclusive.
  • Experience Backed by 38+ years of equity investment expertise and the Group’s own first-generation success—resonating strongly with entrepreneurs.
  • Reputed Brand An aspirational partner for promoters; companies backed by MO are highly regarded by investors.
  • Research-Led Supported by one of India’s top research houses, with over 30,000 reports published.
  • Edge in IPO Exits Seamless collaboration between IB, IE, and Retail teams delivers optimized public market exit strategies.

Backed by a reputed equity house in India, we offer a distinct advantage in sourcing, investing, and exiting—across the full investment lifecycle.

Our Investment Approach

Provide growth capital to mid-market companies
-We follow the Quality-Growth-Longevity-Price (QGLP) framework, a time-tested approach that guides every investment decision:

  • Quality of business and leadership
  • Sustainable growth in revenue, market share, profitability, and cash flows
  • Longevity of business fundamentals over a 15–20 year horizon
  • Fair price, ensuring valuation aligns with growth potential and safety margin

–We back market leaders—especially those founded by first-generation entrepreneurs—who bring ambition, resilience, and vision to build enduring businesses.

Sector Focus

  • Financial Services
  • Consumer
  • Life Sciences
  • Niche Manufacturing

Proven Track Record in High-Quality Investing

Motilal Oswal Alternates has consistently delivered strong outcomes across market cycles. Each fund showcases disciplined deployment, value creation, and timely exits.

Fund Fund I   Fund II   Fund III Fund IV
Fund Size ₹550 Cr ₹1,000 Cr ₹2,300 Cr ₹4,500 Cr
Vintage 2007 2013 2018   2022
Gross IRR 26.7% 17.9%   27.5% 27.7%
Gross MOIC 6.0x 4.0x 3.7x 1.5x
Net MOIC 4.5x 3.3x   2.8x   1.3x
Distributed Capital 4.4x 2.4x*   0.3x   –
DPI + Liquid Shares 4.4x 2.4x*   0.7x¹   0.1x¹
Investments 13 11   11   13^
Exits Fully Exited    6 Complete*   1 Partial     –

* Includes expected exit in IKF Finance by May 2025
^ Includes IKF Finance investment, completion expected May 2025
1 Fund III: 4/11 listed; Fund IV: 1/13 listed
Net MOIC, DPI, and DPI + Liquid Shares are post-expense and post-carry, for domestic funds (IBEF & IBEF II in Fund I & II).Performance as of March 31, 2025, per Grant Thornton valuation. Fund I & II include Mauritius-advised funds in track record

Investment Philosophy 

Anchors of our Strategy

  1. First Institutional Investor 28 out of 50 investmentsMaximum Upside Potential
  2. First-Generation Entrepreneur 39 out of 50 investmentsDesire for Success
  3. Market Leadership 34 out of 50 investmentsBrand & Scale Benefits
  4. Profitability Track Record 44 out of 50 investmentsSuperior Business Model
  5. Proprietary Deal Sourcing 30 out of 50 investmentsReasonable Entry Valuation
  6. Board Seat(s) 44 out of 50 investmentsBetter Governance & Control

Each of these six pillars reflects Motilal Oswal Alternates’ focused and disciplined approach to identifying, nurturing, and scaling high-potential businesses across India.

Summary

  • Target Fund Size: ~INR 8,000 Cr (including INR 1,500 Cr green shoe option)
  • Investment Manager: MO Alternate Investment Advisors Private Limited
  • Strategy: Growth capital to mid-market Indian companies across:
    1. Consumer
    2. Financial Services
    3. Life Sciences
    4. Niche Manufacturing
  • Target Investments: 12–16 companies
  • Hurdle Rate:
  • 10% p.a. pre-tax (INR)
  • 8% p.a. pre-tax (US$)
  • Minimum Commitment:
    • INR 5 Cr (domestic)
    • US$ 1 million (offshore)
  • Sponsor & Team Commitment: 10%+ of the target fund
  • Tenure: 11 years from initial closing
  • Commitment Period: 5 years from final close (extendable by 12 months)
  • Management Fees:
    • 2% (plus taxes) on committed amount during commitment period
    • 2% (plus taxes) on invested amount thereafter
  • Carried Interest: 20% with catch-up
  • Legal Structure: AIF Category II
  • Auditor: S R Batliboi (affiliate of Ernst & Young)
  • Legal Advisor: Khaitan & Co.
  • One-time Setup Cost: 2% (plus GST) of capital commitment

Fund Overview

Motilal Oswal Alternates (MO Alts) has distinguished itself within the Indian private equity sector through its strategic approach, characterized by entrepreneurial leadership and extensive market involvement. The firm’s key attributes include: First, the enterprise is founded and directed by first-generation entrepreneurs, providing a unique perspective on Indian business objectives. Second, the organization leverages the MO Group’s brand prestige and the founders’ established equity investment standing to secure early access to enterprises with significant growth potential. Third, a substantial alignment of interests is ensured through MO Alts’ commitment of 10-15% of the fund’s capital. Fourth, an active engagement model is employed, involving close collaboration with portfolio companies across various functional domains to facilitate accelerated growth and value augmentation. Fifth, MO Alts is recognized for its distinct expertise in public market exits, positioning it as a preferred collaborator for companies and management teams. Lastly, the firm possesses a record of nearly two decades of successful capital acquisition, high-caliber investments, and minimal loss, consistently generating favorable returns for its stakeholders.

Section: Fund Leadership
Meet the Fund Managers

Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.

Vishal Tulsyan

Vishal Tulsyan

Vishal Tulsyan, Co-Founder of MO Alternates, brings over 26 years of experience working closely with mid-market companies. He is widely known for nurturing ambitious entrepreneurs and building enduring businesses. With deep knowledge in fund management, structured credit, and corporate finance, Vishal offers strategic insight and a strong network to support founders through every stage of growth.

Section: Contact Us
Get In Touch

Connect with our investment experts for personalized guidance, fund details, and support tailored to your financial needs.

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Investing Involves Risk This document is for information purposes only and should not be viewed as a legal offering document or solicitation. Offers to invest in this fund are made only by the Discretionary Portfolio Management Services Agreement. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve its objectives. Any forward-looking information and/or opinions contained in this document are based on the market information available at the time of publication and are subject to a number of known and unknown risks, uncertainties, assumptions as to future events and other factors that could cause the actual results to differ materially from those implied by the information set forth herein.

This information is confidential and is intended for only the person or entity to whom it was sent and in no circumstances may this material be shown, copied, transmitted, or otherwise given to any person other than the authorized recipient. The investments sector allocations and holdings are shown are based on the strategys model portfolio. The holdings shown do not represent all of the securities purchased, sold, or recommended for any particular expertsy client and in the aggregate may represent only a small percentage of an accounts portfolio holdings. Actual portfolios may differ as a result of account size, client-imposed investment restrictions, the timing of client investments and market, economic, and individual company.

Considerations. Securities are shown for illustrative purposes only and are not a solicitation to buy or sell any particular security or invest in a particular sector. ALTPORT may act as an intermediary who coordinates with either a discretionary investment manager or a non-discretionary model provider in a variety of separately managed accounts. Any performance information included herein represents the performance achieved by the various product manufacturers as a discretionary or non-discretionary investment manager with trade implementation responsibility for accounts included in a performance. We at ALTPORT does not guarantee any returns in the hand of investors not we take any sort of accountability of performance of the scheme.

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