About Company
3P Investment Managers
3P Investment Managers Private Limited is an Indian investment management firm founded in 2022 by Prashant Jain, a former CIO at HDFC Mutual Fund. As of November 28, 2025, the firm manages assets worth over INR 22,577 crore (approximately $2.5 billion).
What Is the 3P India Equity Fund?
The 3P India Equity Fund is an open-ended Category III AIF from 3P Investment Managers, founded by former HDFC Mutual Fund CIO Prashant Jain, that invests in listed Indian companies across market caps for long-term capital appreciation. Registered with SEBI under IN/AIF3/22-23/1221, it runs three offerings – Fund 1, Fund 1M and Fund 2M – with about ₹24,400 crore across them as of 31 July 2026, no lock-in, no exit load and transactions twice a month.
The name stands for Prudence, Patience and Performance: buy sustainable businesses at reasonable prices, hold them through market cycles, and let performance follow from the first two.
3P India Equity Fund Snapshot
| Particular | Details |
|---|---|
| Category | Open-ended Category III AIF |
| SEBI Registration | IN/AIF3/22-23/1221 |
| Investment Manager | 3P Investment Managers Private Limited |
| Fund Managers | Prashant Jain and Ashwani Kumar |
| Offerings | Fund 1, Fund 1M, Fund 2M |
| Investment Focus | Listed Indian equities, all market caps |
| Objective | Long-term capital appreciation |
| Combined AUM | ~₹24,399 crore (31 July 2026) |
| Minimum Investment | ₹1 crore (SEBI AIF minimum) |
| Lock-in | None |
| Exit Load | Nil |
| Transactions | Twice a month at post-tax NAV |
3P India Equity Fund 1, 1M and 2M: What Is the Difference?
3P India Equity Fund 1, 1M and 2M are separate open-ended offerings under the same AIF, launched at different times and with separate AUM; Fund 1 is the original, INR-denominated offering for resident investors.
| Particular | Fund 1 | Fund 1M | Fund 2M |
|---|---|---|---|
| First Allotment | 4 May 2023 | 4 March 2024 | 14 November 2025 |
| AUM (31 July 2026) | ₹16,844 crore | ₹6,204 crore | ₹1,351 crore |
| Structure | Open-ended Cat III AIF | Open-ended Cat III AIF | Open-ended Cat III AIF |
| Lock-in / Exit Load | None / Nil | None / Nil | None / Nil |
| Transactions | Twice a month | Twice a month | Twice a month |
The three may differ in portfolio, terms and returns, so check each offering's documents.
3P India Equity Fund Investment Strategy: Prudence, Patience and Performance
The 3P India Equity Fund buys sustainable businesses at reasonable valuations (prudence), holds them through business and market cycles with low churn (patience), and treats strong returns as the result of those two principles (performance), not a promise.
Prudence: Sustainable Businesses at Reasonable Valuations
Prudence at 3P India Equity Fund means checking both the quality of a business and the price paid for it, because a weak business can cause permanent loss and an overpriced good one can still disappoint. The fund looks at:
- Business quality and competitive position
- Sustainable earnings and long-term growth
- Balance-sheet strength
- Valuation discipline
- Diversification across sectors and economic drivers
- Risk of permanent capital loss
This makes the fund value-conscious and fundamentals-driven rather than momentum-led.
Patience: Long-Term Investing and Low Churn
Patience at 3P India Equity Fund means staying invested through weak earnings phases, economic shifts and temporary valuation pressure rather than reacting to short-term price moves. Low churn gives each investment time to work and keeps trading costs down.
3P India Equity Fund Portfolio Construction
The 3P India Equity Fund diversifies across sectors, business models and economic drivers, considering how holdings respond to different conditions rather than simply owning many stocks. It can invest in large, mid and small caps, giving it a flexi-cap character, with position sizing and valuation discipline used to manage risk.
3P India Equity Fund 1 Portfolio and Sector Allocation
3P India Equity Fund 1 held 49 stocks as of 30 June 2026, about 78% in large caps, with banks the largest sector at 34.7% and the top 10 holdings making up 60% of the portfolio.
| Market Cap | Allocation |
|---|---|
| Large cap | 78.2% |
| Mid cap | 1.9% |
| Small cap | 17.7% |
| Net current assets | 2.2% |
| Sector | Allocation |
|---|---|
| Banks | 34.7% |
| Automobiles & components | 7.6% |
| Energy | 6.8% |
| Software & services | 6.5% |
| Capital goods | 6.4% |
| Financial services | 5.7% |
| Pharma, biotech & life sciences | 5.4% |
| Telecom | 5.1% |
| Others | Balance |
| Concentration | Weight |
|---|---|
| Top 5 holdings | 41% |
| Top 10 holdings | 60% |
| Top 20 holdings | 77% |
| Top 30 holdings | 89% |
As of 30 June 2026. Since the March 2026 review, the fund added to banks, financial services and food, beverage and tobacco, and reduced automobiles, IT, pharmaceuticals and utilities. Weights change as the portfolio is rebalanced.
3P India Equity Fund Performance
3P India Equity Fund 1 compares its returns with the Nifty 50 TRI and Nifty 200 TRI in its investor letters. Its large-cap tilt and heavy banking weight mean its returns can differ sharply from broad indices in different market phases, so judge them over the full period and alongside portfolio positioning and fees. Past performance does not indicate future returns.
3P India Equity Fund Minimum Investment, Lock-in and Exit Load
The 3P India Equity Fund requires at least ₹1 crore, SEBI's minimum for AIFs, and has no lock-in and no exit load; investors can subscribe or redeem twice a month at the post-tax NAV. Management fees, expenses and any performance-linked charges are set out in the PPM and contribution agreement, which also govern cut-off times and settlement.
Who Should Invest in the 3P India Equity Fund?
The 3P India Equity Fund suits investors with at least ₹1 crore and a long horizon who want diversified, large-cap-led exposure to listed Indian equities through a Category III AIF, and who are comfortable with equity volatility, a concentrated top 10 and a heavy banking weight. It is not designed for short-term trading. Investors can compare it with other top AIFs in India or long-only AIFs.
3P India Equity Fund Risks
The main risks of the 3P India Equity Fund are equity-market, valuation, concentration, sector, small-cap, market-cycle, transaction-window and manager risk.
Equity-market risk: Economic, political, corporate and market events can push stocks down.
Valuation risk: Overpaying for a strong business can reduce returns.
Concentration risk: The top 10 holdings made up 60% of Fund 1 at 30 June 2026.
Sector risk: With about a third in banks, sector events can move the whole portfolio.
Small- and mid-cap risk: Smaller holdings can be more volatile and less liquid.
Market-cycle risk: Different sectors and market caps lead in different environments.
Transaction-window risk: Despite no lock-in or exit load, redemptions are only processed twice a month.
Manager risk: Results depend on research, stock selection and portfolio construction.
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Prashant Jain
Prashant Jain is the Founder and CIO at 3P, bringing 34 years of experience in Indian equities to the table. He graduated with a BTech from IIT-Kanpur and a PGDM from IIM-Bangalore. Jain began his career at SBI Mutual Fund (1991-1993) before moving on to establish 20th Century Mutual Fund, which later became Zurich India Mutual Fund. HDFC Mutual Fund acquired it in 2003. He managed the same fund continuously for over 28 years. From January 1994 to July 2022, the HDFC Balanced Advantage Fund had a compound annual growth rate of about 17.9%, while the Sensex had a compound annual growth rate of about 9.6%. Over the past three decades, his winning strategies included technology in the 90s, the old economy from the early 2000s to before Lehman, consumer and pharma from before Lehman to the mid-2010s, and corporate banks, energy, defense, and utilities in the most recent phase. He also correctly predicted the tech bubble and avoided overinvesting in infrastructure, power (before Lehman), and newer tech stocks more recently.
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Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
The 3P India Equity Fund is an open-ended Category III Alternative Investment Fund managed by 3P Investment Managers Private Limited. Its objective is long-term capital appreciation through investments in permissible securities and instruments.
The 3P India Equity Fund is managed by 3P Investment Managers Private Limited, founded in 2022 by Prashant Jain, former Chief Investment Officer of HDFC Mutual Fund. Prashant Jain is the founder and CIO of 3P and co-manages the fund with Ashwani Kumar. Like all AIFs, the fund’s assets belong to its investors, not the manager.
Prashant Jain is the founder and CIO of 3P Investment Managers and the lead fund manager of the 3P India Equity Fund. He has over 34 years of experience in Indian equities, holds degrees from IIT Kanpur and IIM Bangalore, and was CIO of HDFC Mutual Fund, where he managed the same fund for over 28 years before founding 3P in 2022.
3P stands for Prudence, Patience and Performance. The 3P India Equity Fund buys sustainable businesses at reasonable valuations (prudence), holds them through market cycles with low churn (patience), and treats performance as the result of the first two.
3P India Equity Fund 1, 1M and 2M have different first allotment dates, AUM figures and potentially different investor eligibility or terms. Fund 1 began on 4 May 2023, Fund 1M on 4 March 2024 and Fund 2M on 14 November 2025. Check the relevant offering documents for the current terms.
The 3P India Equity Fund managed about ₹24,399 crore across its three offerings as of 31 July 2026: ₹16,844 crore in Fund 1, ₹6,204 crore in Fund 1M and ₹1,351 crore in Fund 2M.
3P India Equity Fund 1 held 49 stocks as of 30 June 2026. Banks were the largest sector at 34.7%, followed by automobiles at 7.6%, energy at 6.8% and software and services at 6.5%. About 78% of the portfolio was in large caps.
You can invest in the 3P India Equity Fund through a SEBI-registered distributor such as ALTPORT: 1- Confirm your eligibility and the minimum commitment. Complete KYC. 2- Review the PPM and sign the contribution agreement. 3- Transfer funds in the next twice-monthly subscription window. As a Category III AIF, it is open only to eligible investors who meet the minimum investment.
The minimum investment in the 3P India Equity Fund is set in the latest private placement memorandum (PPM) and contribution agreement for each offering. The same amount may not apply to every offering.
3P India Equity Fund performance depends on the offering and the period measured. 3P compares Fund 1 with the Nifty 50 TRI and Nifty 200 TRI in its investor letters. Review the latest official performance report, checking the reporting date, benchmark, expenses and tax treatment. Past performance does not indicate future returns.
The 3P India Equity Fund publishes a post-tax NAV twice a month, which is also the price for subscriptions and redemptions. You can get the latest NAV from 3P Investment Managers or ALTPORT.
3P India Equity Fund management fees, fund expenses and any performance-linked charges are set in the PPM and contribution agreement for each offering. Review these documents for the fee structure that applies to your investment.
No. The 3P India Equity Fund has no lock-in and no exit load. Redemptions are processed twice a month at the post-tax NAV.
The 3P India Equity Fund, as a Category III AIF, pays tax on its gains at the fund level, so investors transact at a post-tax NAV. Investors should take advice from a tax professional for their own situation.
The main risks of the 3P India Equity Fund are equity-market volatility, valuation risk, portfolio and sector concentration, small- and mid-cap exposure, limited liquidity between transaction windows, and investment-manager risk. Review the fund documents before investing.
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