About IKIGAI Asset Manager: A SEBI-Registered Boutique Investment Firm in India
IKIGAI Asset Manager is a Mumbai-based investment management firm focused on Indian equity markets and long-term wealth creation. Founded by Pankaj Tibrewal, the firm follows a research-driven approach built around three stated principles: Trust, Process and Performance. Its investment philosophy combines fundamental research, portfolio diversification and disciplined risk management.
IKIGAI Asset Manager operates across Alternative Investment Fund (AIF) and Portfolio Management Services (PMS) structures. Its investment activities are focused on public-market equities, with strategies designed around business quality, growth potential, valuation and long-term compounding.
The firm's investment approach is not built around a single sector or market-cap segment. Its philosophy incorporates both growth and value considerations and allows portfolio construction to evolve with market conditions.
The firm was incorporated in February 2022, according to the corporate information supplied for this page, and is headquartered in Mumbai's Bandra Kurla Complex (BKC).
IKIGAI Asset Manager's flagship AIF offering is the IKIGAI Emerging Equity Fund, an open-ended, long-only Category III AIF launched in June 2024. The firm subsequently introduced the IKIGAI Small Cap Fund, another open-ended Category III AIF scheme launched in March 2026. Both schemes identify Pankaj Tibrewal as fund manager.
IKIGAI Asset Manager SEBI Registration: Category III AIF and PMS
IKIGAI Asset Manager operates through both AIF and PMS structures, which are distinct investment vehicles and should not be treated as interchangeable.
The AIF registration number associated with the firm's Category III AIF business is IN/AIF3/23-24/1461.
Its PMS registration number is INP000009232.
The AIF structure involves IKIGAI Asset Holding Investment Trust, which is the trust structure through which the AIF schemes are constituted. The investment manager and the AIF trust have different legal roles: the trust represents the investment vehicle, while IKIGAI Asset Manager acts as the investment-management entity.
The firm's PMS activities operate separately under the applicable SEBI Portfolio Manager framework. Investors evaluating either structure should review the relevant disclosure documents, client agreements, risk factors and regulatory documentation for the specific product.
For investors seeking additional background on the structure, ALTPORT provides an overview of Category III AIF and portfolio management services.
IKIGAI Asset Manager Investment Philosophy: The Ikigai Concept and MBV Model
IKIGAI Asset Manager's investment philosophy is built around long-term investing, business quality and disciplined portfolio construction.
The concept of Ikigai broadly refers to a sense of purpose or reason for being. Within the firm's investment framework, this idea is reflected in an emphasis on building a disciplined investment process around long-term objectives rather than short-term market movements.
A central part of the AIF investment process is the MBV model — Management, Business and Valuation. The framework evaluates three fundamental dimensions of a potential investment:
- Management: The quality, integrity and ability of management to execute its strategy and allocate capital.
- Business: The quality of the underlying business, competitive advantages, industry structure, growth opportunity and cash-generation potential.
- Valuation: The price being paid relative to the company's fundamentals, growth prospects and intrinsic value.
IKIGAI Asset Manager's published philosophy also places importance on high-quality businesses, sustainable cash flows, return on invested capital, competitive advantages and management integrity. Its stated approach is oriented towards holding businesses for the long term rather than attempting to benefit primarily from short-term market movements.
The firm's philosophy also emphasises diversification. Rather than relying solely on a highly concentrated portfolio, IKIGAI describes its preferred portfolio-construction approach as the "Gorilla to King Kong" strategy, involving a diversified basket of approximately 40–60 sector-leading franchises. The underlying idea is that some of these businesses may develop into significantly larger companies over time, while diversification can reduce the impact of individual investment decisions on the overall portfolio.
Risk management is therefore considered alongside return potential. The firm's published materials emphasise constructing portfolios that can navigate corrections and avoid permanent capital impairment, rather than focusing exclusively on performance during rising markets.
IKIGAI Asset Manager AIF Strategies: Emerging Equity Fund and Small Cap Fund
IKIGAI Asset Manager currently presents two AIF schemes: IKIGAI Emerging Equity Fund and IKIGAI Small Cap Fund.
IKIGAI Emerging Equity Fund
IKIGAI Emerging Equity Fund is an open-ended Category III AIF and the firm's first fund. It launched in June 2024 and follows a long-only equity strategy.
The strategy uses bottom-up stock selection and the Management, Business and Valuation (MBV) framework. Its investment approach combines large- and small-cap exposure with growth and value considerations and focused and diversified portfolio construction.
IKIGAI Small Cap Fund
IKIGAI Small Cap Fund is Scheme 2 of the AIF platform. It is an open-ended Category III AIF with a long-only equity orientation and was launched in March 2026.
The fund is managed by Pankaj Tibrewal and applies the firm's broader investment framework around fundamental quality, valuation and growth. The scheme information also identifies bi-monthly NAV availability for transactions.
AIF Strategy Directory
| Strategy | Structure | Orientation | Fund Manager |
| IKIGAI Emerging Equity Fund | Category III AIF | Open-ended, long-only equity | Pankaj Tibrewal |
| IKIGAI Small Cap Fund | Category III AIF | Open-ended, long-only equity | Pankaj Tibrewal |
The AIF schemes should be evaluated independently because their mandates, portfolios, launch dates, risk characteristics and performance histories can differ.
IKIGAI Asset Manager PMS Strategies: Gorilla to King Kong and Bespoke Portfolios
IKIGAI Asset Manager also operates a PMS business under SEBI Portfolio Manager registration INP000009232.
The firm's PMS framework includes equity-oriented portfolio approaches covering mid-cap, flexi-cap and small-cap mandates, alongside bespoke portfolio-management solutions depending on the investor's requirements and mandate.
The firm's published portfolio-construction philosophy identifies Gorilla to King Kong as its preferred diversified approach. The strategy involves investing in a basket of approximately 40–60 sector-leading franchises, referred to as "Gorillas", with the expectation that some may develop into larger, more established companies over time.
This approach differs from an extremely concentrated portfolio in which a small number of stocks dominate overall portfolio exposure. IKIGAI's stated preference is for diversification, with the objective of reducing the impact of individual stock outcomes while retaining exposure to businesses with long-term growth potential.
The specific mandate, portfolio composition, fees, minimum investment and applicable terms of each PMS strategy should be confirmed through the latest official PMS documentation before investment.
IKIGAI Asset Manager Fund Managers and Investment Leadership Team
IKIGAI Asset Manager's investment leadership is headed by Pankaj Tibrewal, Founder and Chief Investment Officer.
Pankaj Tibrewal — Founder & CIO
Pankaj Tibrewal has more than two decades of fund-management experience. Before establishing IKIGAI Asset Manager, he spent approximately 14 years with Kotak Mutual Fund, where he managed equity and hybrid strategies.
His previous responsibilities included managing the Kotak Emerging Equity Fund, Kotak Small Cap Fund, Kotak Business Cycles Fund and the equity component of Kotak Equity Hybrid Fund. IKIGAI's published biography states that he managed assets of approximately ₹56,000 crore during his Kotak tenure.
The experience described above relates to his previous role at Kotak Mutual Fund and should not be presented as the performance or AUM of IKIGAI Asset Manager.
Within IKIGAI Asset Manager, Pankaj serves as Founder & CIO and is identified as fund manager for both the IKIGAI Emerging Equity Fund and IKIGAI Small Cap Fund.
The broader team also includes professionals across sales and marketing, finance and operations, compliance, investment research and trading. The current company profile identifies Rahul Agarwal as Principal Officer, alongside investment analysts and other operational team members.
IKIGAI Asset Manager Performance: How to Access Portfolio and Returns Data
IKIGAI Asset Manager's fund and PMS performance should be assessed at the strategy level, using the relevant period, benchmark, calculation methodology and applicable reporting date.
AIF performance should not be inferred from the historical performance of securities, mutual fund schemes or previous mandates associated with individual members of the investment team.
Similarly, the historical performance of Kotak Mutual Fund schemes managed by Pankaj Tibrewal during his previous employment represents his earlier professional track record and should not be treated as IKIGAI Asset Manager performance.
For current AIF and PMS portfolio information, investors should refer to the latest available fund factsheets, portfolio disclosures, investor communications and official documentation.
Investors looking for strategy-specific portfolio or performance information can contact ALTPORT to request the relevant available documentation.
IKIGAI Asset Manager Partners and Service Providers
IKIGAI Asset Manager's published company information identifies a range of professional and financial-service partners associated with its operations.
The partner ecosystem displayed by the firm includes EY, Shardul Amarchand Mangaldas, KFin Technologies, Deutsche Bank, Stirrup, Keynote, HGS, ICICI Bank, Kotak and Minesh Shah & Co.
These organisations represent different professional, banking, technology, legal, operational and service functions. The presence of a service provider should not be interpreted as an endorsement of any particular investment strategy or as an indication of investment performance.
IKIGAI Asset Manager Address and Contact Details
IKIGAI Asset Manager is based in Bandra Kurla Complex, Mumbai, India's principal financial-services district.
IKIGAI Asset Manager Holdings Private LimitedBKC, Mumbai, Maharashtra, India
Phone: 022-49389000
Email: contact@ikigaiasset.com
For current office-location and contact verification, investors should refer to the firm's latest official communication before visiting or submitting documents.
Investors can also contact ALTPORT for information about exploring the available investment strategies.
How to Explore IKIGAI Asset Manager Funds through ALTPORT
Investors researching IKIGAI Asset Manager can use ALTPORT to explore the firm's AIF and PMS strategies, understand their respective structures and access educational information about alternative investments.
ALTPORT operates in its applicable APMI-registered distributor capacity and can assist eligible investors with strategy information, documentation and the investment-exploration process.
Investors should assess each strategy independently based on their financial objectives, risk tolerance, liquidity requirements, investment horizon and existing portfolio.
For further information, investors can contact ALTPORT and discuss the available documentation and next steps.
Manage By : IKIGAI Asset Manager
