About Company
Carnelian Asset Management and Advisors Pvt Ltd
Carnelian Asset Management & Advisors is a boutique investment management firm founded in 2019 by Vikas Khemani, Manoj Bahety and Swati Khemani. The firm operates across portfolio management services, alternative investment funds and offshore investment strategies. As of 31 July 2026, Carnelian reports assets under management of more than ₹19,200 crore across its investment platform. Its investment approach combines fundamental research, disciplined portfolio construction and proprietary forensic analysis to evaluate business quality, governance standards and potential investment risks. The Carnelian Private Growth & Innovation Fund represents the firm’s expansion into private equity through a strategy that combines growth-stage investments, pre-IPO opportunities and listed-market PIPE transactions..
Fund Snapshot
|
Type |
Long-only, flexi-cap, sector-agnostic fund |
|
Theme |
Focusing on companies benefitting from megatrends during Amritkaal |
|
Portfolio |
~30 stocks portfolio, benchmarked against S&P BSE 500 Index. |
|
Style |
Concentrated QGARP (Quality Growth at Reasonable Price) portfolio |
|
Category |
Open-ended AIF Category III AIF ; allotment fortnightly |
|
Investment amount |
Minimum INR crore |
|
Tranches |
Entire lump sum |
|
Subscription /Exit |
Fortnightly subscription & exit window; exit load – 2% if redeemed within 12 months |
|
Taxation |
At fund level, LTCG –12.5% & STCG – 20% |
|
Onboarding |
Seamless digital onboarding & physical onboarding |
The Objective
“Amritkaal“ is the PM’s 25-year vision (till 2047) for a “New India @100”, ambition being to make India a Viksit (developed) country, marked by
- World-leading growth in GDP & per-capita income
- Balanced urban-rural development
- Developed, advanced & efficient infra
- Embracing latest advancements in technology
- Achieve global geopolitical significance (Vishwa Mitra)
- Climate-sensitive growth, focus on sustainability
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Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Vikas Khemani
Vikas Khemani is the Founder of Carnelian Asset Advisors with over 23 years of experience in the Indian capital markets. Before founding Carnelian, he served as the CEO of Edelweiss Securities Ltd. for 17 years, where he built its institutional equities, investment banking, and equity research businesses into market-leading franchises. He is a triple-qualified investment professional, holding the Chartered Accountant (CA), Chartered Financial Analyst (CFA), and Company Secretary (CS) designations.
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Manoj Bahety
Manoj Bahety has worked in financial services for almost 27 years, gaining deep understanding of forensic research and managing investments. Now a fund manager at Carnelian, he puts heavy focus on research when picking stocks for investment. Before starting Carnelian with Vikas Khemani, Manoj had important positions at Edelweiss Securities. These included the Deputy Head of Institutional Equity Research, the Head of Forensic Research, and the Head of Thematic & Mid-Cap Research. At Edelweiss, Manoj developed Analysis Beyond Consensus (ABC Research). This system helps institutional investors make better choices by using solid data instead of just relying on what companies report. Manoj's research has guided investment choices around the world. Outside of his work at Carnelian, Manoj is active with the CFA Institute. He participates in groups like the India Advocacy Committee and the Global Capital Markets Policy Council (CDPC). Manoj’s ability to analyse information and his careful, step-by-step way of doing things are key to how Carnelian operates and makes investment decisions. His past experiences and dedication to thorough research make him a valuable asset in the financial world. In summary, Manoj's extensive background and commitment to data-driven analysis greatly improve Carnelian's investment strategies.
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Swati Khemani
Swati Khemani brings 23 years of know-how in the financial world to the table. She’s a great example of today’s Indian woman in business, handling leadership roles, understanding investments, and taking on the challenges of being an entrepreneur. Her career path is quite diverse. She’s worked in equity research, selling to big institutions, investment banking, and managing people. All this experience gives her a wide view of how the financial industry works. As one of the people who started Carnelian, she plays a big part in running the business and handling the company’s money. She’s also known for being a mentor and leading with a focus on people, which has helped create a positive work environment at Carnelian. This approach has also been key in building strong relationships with both clients and other businesses. Swati has always been a supporter of Carnelian’s goals, helping to improve the way the company works, its governance, and its plans for the future. Her career is a story of bouncing back from challenges and striving for success, as she juggles a demanding job with her roles as an entrepreneur and a family leader.
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The Carnelian Bharat Amritkaal Fund is an open-ended Category III AIF managed by Carnelian Asset Management & Advisors. It follows a long-only, flexi-cap, sector-agnostic investment strategy focused on companies expected to benefit from India's long-term economic transformation during the "Amritkaal" period leading up to 2047.
The fund invests in businesses aligned with key structural megatrends shaping India's future, including economic growth, infrastructure development, technological advancement, sustainability, urbanization, rising incomes, and increasing global competitiveness.
The strategy maintains a concentrated portfolio of approximately 30 stocks and follows a QGARP (Quality Growth at a Reasonable Price) philosophy. Investments are selected based on business quality, growth potential, management strength, and valuation attractiveness, with performance benchmarked against the S&P BSE 500 Index.
The fund offers fortnightly subscription and redemption windows, providing investors with periodic liquidity. An exit load of 2% applies to investments redeemed within 12 months from the date of allotment.
The Carnelian Bharat Amritkaal Fund is designed for investors with a long-term investment horizon who want exposure to India's structural growth opportunities through a professionally managed portfolio of high-quality companies positioned to benefit from the country's development journey toward becoming a developed economy by 2047.
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