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..
