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Fund Snapshot

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About Fund Manager

Raamdeo Agrawal Chairman

Raamdeo Agrawal is the Chairman and Co-Founder of Motilal Oswal Financial Services Group. With over four decades of investment experience spanning multiple business cycles, he has helped shape the investment landscape in India. His deep entrepreneurial insight, combined with a strong investment track record, has guided generations of investors. Raamdeo is also the author of the widely respected QGLP (Quality, Growth, Longevity, Price) investment philosophy and has led 29 annual wealth creation studies that are now considered industry benchmarks.

Vishal Tulsyan Executive Chairman

Vishal Tulsyan is the Executive Chairman and Co-Founder of MO Alternates (MO Alts). With more than 26 years of experience in managing and scaling mid-market businesses, he is known for fostering high-potential enterprises and mentoring first-generation entrepreneurs. Vishal has developed strong domain expertise in fund management, corporate finance, and structured credit, supported by a wide network and a strategic grasp of financial and operational challenges faced by growth-stage companies.

Investment Philosophy 

 

  • First Institutional Investor in 28 of 50 deals for maximum upside.
  • Backed First-Generation Entrepreneurs in 39 of 50 investments.
  • Market Leaders in 34 of 50 cases for brand and scale advantages.
  • Profitable Track Record in 44 of 50 companies ensures strong business models.
  • Proprietary Deal Sourcing in 30 of 50 entries enables value buys.
  • Board Seats in 44 of 50 investments ensure governance and control.

Track Record:

Proven Performance in High-Quality Investing

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

Note:Fund II data includes an expected IKF Finance exit in May 2025. Fund III has 4 listed companies, while Fund IV has 1. Net MOIC and DPI figures are post-expenses and carried interest, based on March 31, 2025 valuations by Grant Thornton. The metrics reflect only domestic funds (IBEF and IBEF II), and the track record for Fund I and II also includes funds advised by MO Alternate based in Mauritius.

IBEF V: Investment strategy

 

  • Focus on Mid-Market

Targeting mid-market companies with strong, sustainable growth, offering capital infusions or secondary deals with flexible exit options.

  • Preferred Sectors

Consumer (FMCG, retail, tech), Financial Services (lending, fintech, insurance), Life Sciences (formulations, medical devices), Niche Manufacturing (auto, hardware, materials).

  • First Gen Entrepreneur

Prefer founders with high wealth commitment, investor alignment, growth drive, and openness to strategic input.

  • Leadership Position

Back companies with strong market share, sector tailwinds, solid models, and resilience across cycles.

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Fund Overview

Motilal Oswal Alternates (MO Alts) is a leading India-focused private equity fund manager with 19 years of experience and 4 growth capital funds under its belt. It has made 50 investments and completed 20 exits, managing an AUM of approximately INR 10,500 crore including co-investments. The platform has generated ~INR 7,500 crore in exits/liquidity, with a realized Gross MOIC of 5.3x and Gross IRR of 26.3%.

The investment strategy centers on providing growth capital to mid-market companies, guided by the Quality Growth Longevity Price (QGLP) philosophy. This approach emphasizes high-quality businesses and management, consistent growth in revenue, margins, and cash flows, long-term sustainability over 15–20 years, and attractive valuations with a high margin of safety.

MO Alts targets market leaders, preferably run by first-generation entrepreneurs, across four key sectors: Financial Services, Consumer, Life Sciences, and Niche Manufacturing.

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