Capitalmind Financial Services Private Limited

Capitalmind Financial Services Private Limited is a Bengaluru-based investment management firm offering Portfolio Management Services, an Alternative Investment Fund and mutual fund products. Founded in 2014 by Deepak Shenoy, the firm has developed from an investment research platform into a broader asset-management business built around data, technology and systematic decision-making.

Capitalmind is particularly known for its quantitative PMS India approach, where investment decisions are supported by rules, data and repeatable research rather than depending entirely on subjective market forecasts.

The firm's current PMS platform reports ₹2,000 crore in AUM and 1,500+ clients, with its registered office in HSR Layout, Bengaluru. It also operates Capitalmind Select India One, a Category III AIF, and Capitalmind Asset Management Private Limited, which operates the Capitalmind Mutual Fund business.

About Capitalmind Financial Services

Capitalmind Financial Services began in 2014 as a stock-market research business. Its early identity was closely associated with the Capitalmind research blog, which served more than 15,000 DIY investors looking for data-driven equity research and ready-to-invest portfolios. Over time, the business moved into regulated portfolio management and subsequently expanded into AIFs and mutual funds.

The firm's investment philosophy is built around a simple premise: markets are difficult to forecast consistently, so the investment process should rely less on prediction and more on repeatable rules. That thinking has shaped its Capitalmind PMS, where quantitative models, factor investing and systematic portfolio construction are combined with fundamental and qualitative research.

Today, the firm reports ₹2,000 crore in assets under management and 1,500+ clients, with investors spread across India. Its PMS platform is based in HSR Layout, Bengaluru, and serves individuals, families and businesses.

Capitalmind also expanded beyond PMS. Its first AIF, Capitalmind Select India One, was launched as a Category III fund in 2024, while Capitalmind Asset Management Private Limited received its mutual-fund licence and subsequently launched the Capitalmind Flexi Cap Fund. The mutual-fund business has since expanded its scheme lineup.

In August 2025, Rainmatter, the investment arm of Zerodha, made a Series A investment in Capitalmind, acquiring approximately a 5% stake. The investment followed Capitalmind's entry into the mutual-fund business.

Capitalmind SEBI Registration and Company Details

The Capitalmind SEBI registration for its PMS is INP000005847. Its research activity is conducted through Capitalmind Research LLP, which is registered with SEBI as a Research Analyst under INH000014003.

The AIF platform is registered as Capitalmind Select India One, a Category III open-ended AIF with SEBI registration IN/AIF3/23-24/1357.

The mutual-fund business operates separately through Capitalmind Asset Management Private Limited, whose AMC registration is MF/084/25/10.

Capitalmind's Investment Philosophy

The key differentiator of Capitalmind Asset Management is its emphasis on first-principles thinking and quantitative investment management.

Instead of starting with a market prediction and building a portfolio around it, Capitalmind's process attempts to turn an investment hypothesis into something that can be tested, challenged and repeated.

Its research framework is described through a Validate–Build–Deploy methodology:

Validate: The investment idea is tested against historical data to determine whether the underlying hypothesis has evidence behind it.

Build: Once a concept survives validation, the team develops a systematic strategy around portfolio construction, position sizing, risk management and execution.

Deploy: The strategy is then implemented in actual portfolios, with ongoing monitoring and refinement.

The quality of the underlying data is treated as equally important. Capitalmind states that its backtests are designed to avoid common quantitative-investing errors such as survivorship bias, while accounting for corporate actions and point-in-time liquidity constraints.

This matters because a backtest can look brilliant while being fundamentally flawed. Using today's surviving companies, ignoring delisted stocks or assuming that an investor could always enter and exit at historical prices can materially distort results.

Capitalmind's rules-based PMS therefore seeks to convert research into explicit investment rules rather than relying entirely on discretionary calls.

Its factor-investing framework has included factors such as momentum, low volatility and quality. The firm's approach also combines quantitative techniques with qualitative research, particularly where business quality, governance or risk assessment requires judgement.

The philosophy can broadly be summarised as process over prediction: build an investment process that can be tested and followed instead of attempting to consistently forecast what the market will do next.

Capitalmind PMS, AIF and Mutual Fund: Complete List

Capitalmind's PMS platform currently highlights strategies including Surge India and its managed mutual-fund portfolios, while its AIF platform is represented by Capitalmind Select India One.

The mutual-fund platform currently lists Flexi Cap, Liquid, Multi Asset Allocation and Arbitrage schemes.

The Capitalmind Flexi Cap Fund invests predominantly in equity and equity-related instruments across large-cap, mid-cap and small-cap stocks. Its stated minimum investment is ₹5,000 for lump-sum investments and ₹1,000 through SIP.

Capitalmind Financial Services Fees and Transparency

One of the more visible features of the Capitalmind PMS fees structure is its preference for fixed management fees rather than performance-linked profit sharing.

For resident investors, Capitalmind has stated a 1% annual fixed fee for its active PMS strategies and does not charge a profit share. Its historical fee philosophy has been to keep the structure straightforward rather than combining a management fee with a percentage of investment profits.

Capitalmind's PMS material also states that there is zero entry or exit load.

For its managed mutual-fund baskets, the current fee structure is different. The All Weather Portfolio carries a 0.50% annual management fee, while SmartCore carries 0.75%. The underlying mutual funds are direct plans, meaning Capitalmind does not receive AMC commissions for selecting them.

This separation is important when comparing Capitalmind PMS fees with mutual-fund expenses. The two products operate under different structures and should not be treated as interchangeable.

Capitalmind Financial Services also provides detailed client reporting through its dashboard and app, including portfolio-level information and fee reporting.

Minimums and How to Invest with Capitalmind

The standard Capitalmind minimum investment for PMS is ₹50 lakh, in line with the SEBI-mandated PMS threshold. Investors do not need to invest ₹50 lakh separately in every PMS strategy; the overall PMS allocation can be distributed across strategies based on the suitability assessment.

For Capitalmind Select India One, the minimum investment is ₹1 crore, as applicable to the AIF. The fund is a Category III AIF investing in NSE-listed equity and equity-related instruments.

The mutual-fund route has a much lower entry threshold. For example, the Capitalmind Flexi Cap Fund accepts investments from ₹5,000 as a lump sum and ₹1,000 through SIP.

PMS investors generally receive a demat account in their own name, with the holdings maintained with the custodian. Capitalmind Financial Services states that its banking partner is ICICI Bank and its trading partner is Zerodha.

Meet the Capitalmind Team

Deepak Shenoy — Founder & Chairman

Deepak Shenoy founded Capitalmind in 2014 and continues to lead the business. His investment philosophy centres on first-principles analysis, data and disciplined processes rather than relying on market predictions.

Krishna Appala — Fund Manager

Krishna Appala is a Fund Manager at Capitalmind. His background includes more than a decade of equity research and business analysis, and he is involved in the firm's investment research and portfolio-management activities.

Anoop Vijaykumar — Head of Equity

Anoop Vijaykumar is Head of Equity at Capitalmind and has more than 20 years of overall experience. He has been closely associated with Capitalmind's quantitative equity research and momentum-investing work.

Sidhanth Paul — Research

Sidhanth Paul is part of Capitalmind's research team and contributes to the firm's equity research and first-principles analysis. His work covers company-level research and market-related investment questions.

Explore Capitalmind Financial Services with ALTPORT

Investors evaluating Capitalmind Financial Services can compare its PMS, AIF and mutual-fund offerings based on strategy, investment approach, minimum investment, fees, liquidity and portfolio objectives.

ALTPORT can help eligible investors understand the relevant Capitalmind PMS, Capitalmind AIF or other alternative-investment route and evaluate how the strategy fits within a broader portfolio.

Explore Capitalmind investment opportunities through ALTPORT and connect with the team for current product details and onboarding assistance.