Negen Capital Services Pvt Ltd is a Mumbai-based investment management company incorporated in 2007. The company operates across Portfolio Management Services (PMS) and Alternative Investment Funds (AIFs), covering listed equities, special situations, technology-led opportunities and startup investments.
Negen Capital Services Private Limited operates as a SEBI-registered Portfolio Manager and as Investment Manager for AIF structures. Its PMS business commenced in 2017.
The company focuses on identifying investment opportunities through fundamental research, special situations, corporate actions and long-term structural trends across businesses and industries.
About Negen Capital Services Pvt Ltd and Its Investment Management Business
Negen Capital Services Pvt Ltd was incorporated in 2007 and has its registered business operations in Mumbai, Maharashtra. The company's Corporate Identification Number (CIN) is U67190MH2007PTC171287.
Negen Capital entered the Portfolio Management Services business in 2017. Its PMS platform manages listed-equity portfolios through a special-situations and dynamic-allocation approach.
The company's investment-management activities also include Alternative Investment Funds. Negen Investment Trust operates as a Category III AIF, with Negen Undiscovered Value Fund as its first scheme. Negen Capital also operates Category I angel-fund structures focused on startup investments.
The company's investment platform therefore covers:
- Portfolio Management Services
- Category III Alternative Investment Funds
- Category I Angel Funds
- Listed-equity investments
- Special situations
- Pre-IPO and anchor-book opportunities
- Startup and technology investments
For information on portfolio management services, investors can explore the dedicated ALTPORT section.
Negen Capital SEBI Registrations
Negen Capital Services Pvt Ltd is registered with SEBI as a Portfolio Manager under registration number INP000005414.
Its AIF registrations include:
| Investment Vehicle | Category | SEBI Registration |
| Negen Investment Trust | Category III AIF | IN/AIF3/22-23/1254 |
| Negen Tech Opportunities Angel Fund | Category I AIF / Angel Fund | IN/AIF1/22-23/1036 |
| Negen Startup Opportunities Angel Fund | Category I AIF / Angel Fund | IN/AIF1/23-24/1264 |
Negen Capital Services Pvt Ltd, Negen Investment Trust and the individual AIF schemes are separate legal structures with different roles within the investment-management framework.
Information on Category III alternative investment funds and Category I alternative investment funds is available through ALTPORT.
Negen Capital Investment Philosophy: Special Situations and Technology-Led Growth
Negen Capital's investment approach focuses on value investing combined with identifiable catalysts.
Special situations include:
- Demergers
- Spin-offs
- Mergers
- Takeovers
- Open offers
- Delistings
- Promoter changes
- Corporate restructuring
The investment approach also focuses on businesses benefiting from technology-led structural changes and emerging long-term trends.
Portfolio construction incorporates position sizing, risk management and regular portfolio review. The investment process focuses on identifying businesses and situations where changes in corporate structure, industry dynamics or business fundamentals can create investment opportunities.
The approach is designed to identify value with a catalyst rather than relying solely on conventional valuation-based investing.
Negen Capital PMS: Special Situations and Dynamic Allocation Strategy
Negen Capital Services Pvt Ltd's PMS strategy is Negen Special Situations & Dynamic Allocation Strategy.
The strategy was previously known as Negen Special Situations & Technology Fund, with the name changed effective 4 March 2026.
The PMS was launched in August 2017 and invests primarily in listed equities. The strategy follows a flexible approach across market capitalisations and sectors.
Its investment framework focuses on special situations and corporate events, including demergers, mergers, open offers, promoter changes and other situations that can create potential value-unlocking opportunities.
The strategy also incorporates investments linked to long-term structural trends and technology-led changes across industries.
The benchmark for the strategy is BSE 500 TRI.
For more information, see Negen Special Situations and Dynamic Allocation Strategy.
Negen Capital AIF Funds
Negen Undiscovered Value Fund
Negen Undiscovered Value Fund is the first scheme of Negen Investment Trust, a Category III Alternative Investment Fund registered with SEBI under IN/AIF3/22-23/1254.
The fund focuses on special situations and opportunities across listed and pre-IPO markets. Its investment areas include:
- Special situations
- Pre-IPO investments
- Anchor-book investments
- Undervalued businesses
- Corporate events and catalysts
Jigar Dinesh Shah is the Fund Manager of Negen Undiscovered Value Fund, and Negen Capital Services Private Limited is the Investment Manager.
Negen Investment Trust is the Category III AIF trust, while Negen Undiscovered Value Fund is its investment scheme.
For more information, see Negen Undiscovered Value Fund Category III AIF.
Negen Tech Opportunities Angel Fund
Negen Tech Opportunities Angel Fund is a Category I Venture Capital Fund / Angel Fund registered with SEBI under IN/AIF1/22-23/1036.
The fund focuses on startup investments, particularly businesses operating in technology-led and high-growth segments.
Its investment framework is focused on identifying startups with scalable business models and long-term growth opportunities.
For more information, see Negen Tech Opportunities Angel Fund.
Negen Startup Opportunities Angel Fund
Negen Startup Opportunities Angel Fund is a Category I Venture Capital Fund / Angel Fund registered with SEBI under IN/AIF1/23-24/1264.
The fund focuses on startup and emerging-business opportunities, including technology and consumer-oriented businesses.
Neil Madan Bahal is identified as the Fund Manager of the Negen angel-fund platform.
Negen Capital Leadership and Investment Team
Neil Madan Bahal
Neil Madan Bahal is the Founder of Negen Capital and a Fund Manager associated with the Negen angel-fund platform.
He began investing at the age of 15 and has more than 20 years of experience in the Indian capital markets. He holds an MBA in Finance and completed the Family Managed Business programme at S.P. Jain Institute of Management & Research.
Jigar Dinesh Shah
Jigar Dinesh Shah is Fund Manager of Negen Undiscovered Value Fund.
He has more than 16 years of experience with Negen and holds a B.Com degree from the University of Mumbai and a PGDBA in Finance from Welingkar Institute of Management. He has also completed NISM Investment Adviser certifications.
Negen Capital AUM and Client Base
Negen Capital's PMS business had approximately ₹1,568 crore in AUM across 1,332 clients as of August 2026, based on SEBI PMS data.
This figure represents the firm's PMS AUM and does not include the corpus of its AIFs.
PMS AUM and AIF corpus are separate measures and should be considered independently.
Negen Capital PMS vs AIF
PMS and AIFs have different investment structures and regulatory frameworks.
Portfolio Management Services
Negen Capital's PMS provides individually managed portfolios focused on listed equities. The PMS strategy is based on special situations, corporate actions, dynamic allocation and long-term structural opportunities.
The SEBI minimum investment requirement for PMS is ₹50 lakh.
Category III AIF
Negen Undiscovered Value Fund operates as a pooled Category III AIF scheme under Negen Investment Trust.
The fund focuses on special situations, pre-IPO opportunities and anchor-book investments.
The SEBI minimum investment requirement for an AIF is generally ₹1 crore, subject to applicable regulations and exemptions.
Category I Angel Funds
Negen Tech Opportunities Angel Fund and Negen Startup Opportunities Angel Fund operate as Category I angel-fund structures.
These funds invest in startups and unlisted businesses, creating a different investment structure and liquidity profile compared with listed-equity PMS.
For a broader comparison, see PMS vs AIF vs mutual funds.
How to Explore Negen Capital Investment Funds through ALTPORT
ALTPORT provides access to information and investment opportunities across alternative investment products, including PMS and AIFs.
ALTPORT is an APMI-registered distributor with APRN00074.
Investors can explore Negen Capital's PMS and AIF offerings through ALTPORT, access product information and documentation, and connect with the ALTPORT research team.
For additional information, see Negen Capital complete guide for investors.
Manage By : Negen Capital Services Pvt Ltd