Alchemy Capital Management Pvt Ltd is an Indian investment management firm focused on equities and alternative investments. Founded in 1999, the firm has built its presence across Portfolio Management Services (PMS), Alternative Investment Funds (AIFs) and GIFT City investment capabilities. As of 30 June 2026, Alchemy states that it advises or manages approximately USD 1.2 billion of group assets for high-net-worth individuals, family offices and institutional investors.
About Alchemy Capital Management Pvt Ltd
Alchemy Capital Management was founded in 1999, with its PMS business commencing in 2002. The firm registered with SEBI as a Portfolio Manager in 2000 and operates as a SEBI-registered Portfolio Manager under registration number INP000000365. Alchemy also manages Category III AIFs through Alchemy Alternative Investment Trust, registered with SEBI under registration number IN/AIF3/17-18/0381. Its group has expanded into GIFT City through Alchemy Investment Management LLP, which received IFSCA approval to commence GIFT City operations in 2022.
Alchemy's investment approach is centred on research, business evaluation, valuation discipline and long-term investing. The firm combines fundamental research with quantitative methods across relevant strategies, while maintaining a focus on investment discipline and risk awareness.
Alchemy Investment Philosophy and Research Approach
Alchemy Capital's investment philosophy combines Growth at a Reasonable Price (GARP) with bottom-up fundamental research. The approach seeks to identify businesses with attractive long-term growth prospects while considering the price paid for that growth.
Research focuses on understanding the underlying business rather than relying solely on short-term market movements. Key areas of assessment can include:
- Business quality and competitive advantages
- Sustainable growth opportunities
- Management quality and governance
- Capital allocation
- Industry structure and emerging trends
- Valuation and risk-reward
- Long-term earnings potential
Alchemy describes its approach as grounded in bottom-up research, rigorous business evaluation and long-term conviction investing. The firm also engages with industry specialists and market participants to develop a broader understanding of businesses and sectors.
Quantitative methods form another part of the firm's investment capabilities. Alchemy therefore operates across active fundamental, quantitative and combined Active + Quant approaches rather than applying one investment process across every strategy.
Alchemy PMS Strategies: Active, Quant and Active + Quant
Alchemy Capital Management currently categorises its PMS approaches into three management styles: Active, Quant and Active + Quant.
| Management Style | PMS Strategies | Broad Approach |
| Active | Alchemy Select Stock, Alchemy High Growth, Alchemy W.I.N. Strategy | Fundamental, research-led equity investing |
| Quant | Alchemy Ascent, Alchemy Alpha 100, Alchemy Alpha Smallcap | Systematic and quantitative stock selection |
| Active + Quant | Alchemy Smart Alpha 250, Alchemy Smart Alpha Micro & Smallcap | Combination of fundamental and quantitative approaches |
The three categories represent management styles rather than a ranking of strategies. Each PMS approach has its own investment universe, portfolio construction framework, risk parameters and investment process.
Alchemy Alternative Investment Funds
Alchemy's AIF business operates through Alchemy Alternative Investment Trust, a SEBI-registered Category III Alternative Investment Fund. The current AIF range includes Active and Active + Quant strategies.
The firm's current AIF platform includes strategy families such as:
| AIF Strategy Family | Style | Broad Focus |
| Alchemy Emerging Leaders of Tomorrow | Active | Growth-oriented opportunities in entrepreneurs and scalable small-cap businesses |
| Alchemy Emerging Leaders of Tomorrow, Series 2 | Active | Growth-focused mid- and small-cap businesses |
| Alchemy Leaders of Tomorrow | Active | Multi-cap growth opportunities |
| Alchemy Leaders of Tomorrow – Series 3 | Active | Multi-cap growth strategy |
| Alchemy Long Term Ventures Fund | Active | Listed and private companies with long-term growth prospects |
| Alchemy Long Term Ventures Fund, Series 2 | Active | Listed and private companies with long-term growth prospects |
| Alchemy Long Term Ventures Fund, Series 3 | Active | Listed and private companies with long-term growth prospects |
| Alchemy Smart Alpha 250 Fund | Active + Quant | Structured large- and mid-cap approach combining active and quantitative methods |
Subscription status differs across schemes and series. Some are currently open for subscription while others are closed, so investors should verify the current status and applicable scheme documents before proceeding.
Alchemy GIFT City and Offshore Investment Capabilities
Alchemy has expanded its investment-management capabilities into GIFT City IFSC through its group company, Alchemy Investment Management LLP. The group received IFSCA approval to commence GIFT City operations in 2022.
The GIFT City platform enables Alchemy to offer India-focused investment strategies through an IFSC framework. One of the key strategies associated with this platform is the Alchemy India Long Term Fund, a long-only India equity strategy designed for eligible global investors.
The GIFT City capability complements Alchemy's domestic PMS and AIF businesses while providing a separate route for eligible investors seeking India-focused exposure through the IFSC ecosystem. Specific fund structure, eligibility, currency, minimum investment, fees and redemption terms vary by product and should be reviewed on the relevant product page and latest fund documentation.
Alchemy Investment Team
Alchemy's investment team combines senior leadership with professionals across fundamental research, fund management and quantitative investing.
Hiren Ved — Director & Chief Investment Officer (CIO)Hiren Ved co-founded Alchemy Capital Management in 1999 and leads the firm's Asset Management business. He brings more than three decades of experience in Indian equity markets.
Alok Agarwal — Deputy Chief Investment OfficerAlok Agarwal has more than two decades of experience in Indian equities and public markets, with a focus on equity research and fund management.
Mythili Balakrishnan — Co-Fund ManagerMythili Balakrishnan has more than two decades of experience in finance and markets, primarily across equity research and fund management.
Himani Shah — Co-Fund ManagerHimani Shah has more than two decades of experience across equity research, fund management and institutional sales.
Deven Ved — Co-Fund Manager, QuantDeven Ved has extensive experience in financial programming and modelling, program management, shareholder reporting and consulting, and contributes quantitative expertise to Alchemy's investment capabilities.
The team structure and scheme-level responsibilities can differ by product. Individual managers should therefore be associated with specific schemes only where the latest product documentation confirms that role.
Explore Alchemy Investment Strategies
Explore Alchemy's investment strategies across PMS, AIF and GIFT City to understand the different investment approaches, structures and mandates available through the platform.
For product-specific information, investors can review the relevant strategy page, Request Fund Details or Get Latest Factsheet/PPM. Product availability, investment terms, fees and subscription status may change and should be verified against the latest applicable documentation.
Regulatory information: Alchemy Capital Management PMS registration number INP000000365. Alchemy Alternative Investment Trust is registered as a Category III AIF under registration number IN/AIF3/17-18/0381.
Data note: Group assets of approximately USD 1.2 billion are stated by Alchemy as of 30 June 2026. Product availability and team responsibilities can change; current product documents should be used for scheme-level manager, fee, minimum investment, redemption and other terms.
Manage By : Alchemy Capital Management Pvt Ltd
