About Company
Alchemy Capital Management Pvt Ltd
Alchemy Group, a leading investment management firm in India, has been operating successfully since 2002. Founded by four seasoned equity market professionals, each with more than 30 years of experience, the group boasts a strong foundation. Under the leadership of its Chief Investment Officer, Hiren Ved, the team, which has collaborated for over two decades, has fostered a culture of excellence and established an institutional pedigree focused on consistently delivering superior performance to its clients. The Alchemy Group currently manages assets worth USD 1.2 billion. Alchemy is led by Co-Founder Hiren Ved, who also serves as the Director & CIO. With a strong continuity in investment philosophy and strategy, Hiren and the Alchemy team have cultivated a culture of performance excellence. This has been instrumental in maintaining a consistent track record in their investment strategy. Alchemy boasts a comprehensive network of relationships developed over decades. This network provides the team with valuable insights into stocks, sectors, businesses, and potential investment opportunities, ensuring they remain ahead of market trends.
Alchemy India Long Term Fund is a US dollar-denominated, long-only India equity fund operating through GIFT City IFSC. The fund provides eligible global investors, including NRIs and OCI holders, with access to a concentrated portfolio of Indian listed equities through an international financial-centre structure. The fund was originally incorporated in June 2008 and was migrated, along with its investments and investors, to GIFT City in April 2023.
The investment approach focuses on long-term absolute returns through bottom-up research, concentrated stock selection and a Growth at a Reasonable Price (GARP) philosophy. The portfolio is market-cap and benchmark agnostic, allowing the investment team to invest across large-, mid- and small-cap Indian companies based on fundamental conviction rather than index weights.
What Is Alchemy India Long Term Fund at GIFT City?
Alchemy India Long Term Fund is a long-only India-focused equity fund structured through the GIFT City IFSC ecosystem. It is a USD-denominated pooled investment vehicle designed to provide eligible international investors with exposure to Indian equities.
The fund's investment manager operates from GIFT City and is registered with the International Financial Services Centres Authority (IFSCA) as a Fund Management Entity. Alchemy states that the fund was migrated from Mauritius to GIFT City in 2023, bringing an established India-focused investment strategy into India's international financial centre.
Unlike a strategy that attempts to profit from both rising and falling markets, Alchemy India Long Term Fund follows a long-only approach. Its portfolio primarily consists of Indian listed equities, with the ability to participate selectively in IPOs and PIPE transactions when opportunities meet the investment framework.
For investors exploring the broader GIFT City ecosystem, our GIFT City Funds guide explains the structure of India’s IFSC and the broader cross-border investment framework.
Alchemy India Long Term Fund Snapshot: USD Benchmark, Minimum Investment & Key Terms
| Fund Attribute | Details |
| Fund Name | Alchemy India Long Term Fund |
| Structure | GIFT City / IFSC fund |
| Investment Style | Long Only |
| Currency | USD |
| Investment Universe | Indian listed equities |
| Market-Cap Approach | Market-Cap Agnostic |
| Benchmark Approach | Benchmark Agnostic |
| Portfolio Size | Approximately 20–40 positions |
| Maximum Stock Exposure | 15% |
| Maximum Sector Exposure | 40% |
| Typical Holding Period | Generally 2 years or more |
| Minimum Investment | USD 150,000 |
| Subscription | Monthly |
| Redemption | Fortnightly |
| Performance Fee | 15% over a 6% hurdle |
| Subscription Fee | Up to 2% |
| Exit Fee | 3% / 2% / 1% during first 3 years; nil thereafter |
GIFT City Funds
The fund's current published product information describes it as benchmark agnostic while its historical performance disclosures have used the S&P BSE 500 Index in USD terms as a comparison benchmark. Investors should therefore distinguish between the portfolio construction philosophy, which is benchmark agnostic, and the benchmark used for performance comparison.
The minimum investment is generally stated at USD 150,000. Current commercial terms should be confirmed from the latest offering documents before subscription.
How Alchemy India Long Term Fund Works Through GIFT City IFSC
GIFT City provides an international financial-services framework within India, with the IFSC regulated by IFSCA. Alchemy Investment Management LLP operates from GIFT City and manages the fund from the IFSC structure.
For eligible global investors, the USD denomination can provide a direct way to measure their investment and returns in US dollars rather than first converting the investment into Indian rupees. However, USD denomination does not eliminate currency risk. The value of the underlying Indian equity investments can still be affected by movements between the Indian rupee and US dollar.
The fund is a commingled structure, meaning investors participate in the pooled fund while the investment team manages the underlying portfolio according to the fund mandate. Alchemy describes the fund as being available to global investors, including NRIs and OCI holders.
NRIs evaluating GIFT City strategies can also use our NRI Corner for broader onboarding and cross-border investment information.
Alchemy India Long Term Fund Investment Strategy: Long-Only Indian Equities & GARP
The investment philosophy of Alchemy India Long Term Fund is centred on Growth at a Reasonable Price (GARP). The approach seeks businesses that can benefit from large and expanding opportunities while maintaining attention to valuation, business quality and management capability.
The strategy is long-term rather than trading-oriented. The investment team seeks to identify businesses with the potential to compound earnings and value over multiple years and may retain investments through different phases of the market cycle when the fundamental thesis remains intact.
Bottom-Up Company Selection and Valuation Discipline
The fund uses bottom-up research to identify investment opportunities. The process combines fundamental analysis with quantitative screening, company visits, management meetings, channel checks and interactions across the business ecosystem.
Potential investments are assessed against several considerations, including:
- Growth potential and long-term business opportunity
- Competitive advantages and scalability
- Return on capital
- Quality of management
- Governance and capital allocation
- Valuation
- Risk-reward characteristics
- Changes in the underlying investment thesis
Growth companies form the core opportunity set, while the strategy may also consider deep-value opportunities and special situations when market conditions create attractive risk-reward opportunities.
Portfolio Construction Across Indian Listed Equities
Alchemy India Long Term Fund follows a concentrated portfolio approach, generally holding approximately 20–40 positions. Initial stock weights can be up to 5% and may be increased over time, subject to the portfolio framework. Individual stock exposure is capped at 15%, while sector exposure is capped at 40%.
The fund is market-cap agnostic, meaning it can allocate across large-cap, mid-cap and small-cap companies rather than following a predetermined market-cap allocation.
The investment team may also participate in selected IPOs and PIPE opportunities where the opportunity meets its investment criteria.
Alchemy India Long Term Fund Portfolio, Holdings & Sector Allocation
The strategy is designed as a concentrated, market-cap-agnostic portfolio. The latest portfolio information available on the AltPort product page reports the following market-cap allocation:
| Market-Cap Category | Allocation |
| Large Cap | 33.1% |
| Mid Cap | 31.4% |
| Small Cap | 37.0% |
| Cash & Cash Equivalents | -1.5% |
The latest disclosed top holdings are:
| Rank | Holding | Portfolio Weight |
| 1 | Trent Ltd | 6.1% |
| 2 | Divis Laboratories Ltd | 5.0% |
| 3 | Bajaj Finance Ltd | 5.0% |
| 4 | GE Vernova T&D India Ltd | 4.9% |
| 5 | PB Fintech Ltd | 4.8% |
| 6 | One 97 Communications Ltd | 4.4% |
| 7 | Multi Commodity Exchange of India Ltd | 4.0% |
| 8 | Kaynes Technology India Ltd | 3.9% |
| 9 | Dynamatic Technologies Ltd | 3.9% |
| 10 | Dixon Technologies India Ltd | 3.8% |
These portfolio figures should be treated as latest available disclosed data and may change as the investment team adjusts positions, exits holdings or identifies new opportunities.
The fund's sector exposure is also diversified across financials, consumer discretionary, information technology, industrials, healthcare and other sectors. The portfolio is not constructed to replicate an index and can therefore differ materially from broad Indian equity benchmarks.
Minimum Investment, Fees, Subscription & Redemption Terms
The minimum investment is generally USD 150,000. The fund's published terms indicate monthly subscriptions and fortnightly redemptions, subject to the applicable dealing procedures and notice requirements.
The published fee structure includes a performance fee of 15% over a 6% annual hurdle, while subscription fees can be up to 2%. Exit charges are structured on a declining basis during the initial years:
| Holding Period | Exit Fee |
| 0–12 months | 3% |
| 13–24 months | 2% |
| 25–36 months | 1% |
| Thereafter | Nil |
These terms can vary by series, investor commitment or updated fund documentation. Investors should verify the latest Private Placement Memorandum, subscription documents and applicable fee schedule before investing.
When comparing return measures for a USD-denominated strategy, our XIRR vs CAGR vs TWRR guide can help explain how different performance calculations should be interpreted.
Tax, Currency & Regulatory Considerations for GIFT City Investors
GIFT City provides an IFSC framework for international financial activity, with IFSCA serving as the unified regulator for financial institutions, financial services and financial products operating in the IFSC.
Tax treatment can differ significantly depending on the investor's country of residence, citizenship, tax status and investment structure. The fund has disclosed specific arrangements for certain international investors, including US and UK investors. For example, the fund has described its US tax structure as a foreign partnership for US federal tax purposes and has stated that it provides K-1/K-3 reporting. It has also disclosed UK Reporting Fund status.
These provisions do not mean that every investor receives the same tax outcome. Investors should evaluate their own tax obligations in their country of residence and consider applicable Indian and IFSC rules before investing.
Currency is another important consideration. Although the fund is denominated in USD, the underlying companies generate revenues and incur costs primarily in Indian rupees and other currencies. Changes in USD/INR exchange rates can therefore influence an investor's realised USD return.
Key Risks of Alchemy India Long Term Fund
India equity risk: The fund invests primarily in Indian equities, whose prices can experience substantial volatility during economic, political or market stress.
Concentration risk: A portfolio of approximately 20–40 holdings can have meaningful exposure to individual companies. The strategy therefore may experience greater security-specific volatility than a broad index.
Small- and mid-cap risk: Because the fund is market-cap agnostic, it can invest meaningfully outside large-cap companies. Smaller companies can carry higher volatility and liquidity risks.
Currency risk: USD denomination does not remove foreign-exchange exposure. Changes in the INR/USD exchange rate can affect returns measured in US dollars.
Valuation risk: Companies with attractive growth prospects can still underperform if valuations contract or expectations change.
Liquidity and redemption risk: Although the fund provides periodic redemption opportunities, redemption is subject to the fund's dealing terms, notice requirements and applicable exit fees.
Regulatory and tax risk: Changes in IFSC regulations, Indian regulations or an investor's home-country tax rules may affect the investment experience.
Key-person and investment-process risk: The strategy depends on the investment team's research, judgement and implementation of its long-term investment philosophy.
Benchmark risk: Since portfolio construction is benchmark agnostic, returns can differ materially from broad Indian equity indices in either direction.
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Hiren Ved
Hiren Ved, an equity market veteran, serves as the Director & CIO at Alchemy Capital Management where he has been leading the firm’s Asset Management business. With over 30 years of experience in the Indian equities market, Hiren has developed a sustainable long-term investment philosophy based on fundamental research. He is known for his deep sector knowledge, bottom-up research skills and stock picking abilities. He holds a graduate degree in Accounting from Mumbai University and a post-graduation in Management & Cost Accounting from The Institute of Cost Accountants of India.
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Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
Alchemy India Long Term Fund is a USD-denominated, long-only India equity fund operating through GIFT City IFSC. It seeks long-term absolute returns through concentrated, bottom-up investment in Indian equities.
Yes. The fund was migrated to GIFT City in April 2023 and is managed through Alchemy Investment Management LLP's GIFT City operations.
Yes. The fund is USD-denominated, providing investors with a US-dollar investment and reporting framework.
The fund primarily invests in Indian listed equities and may participate selectively in IPOs and PIPE opportunities. Its investment universe is market-cap agnostic.
The fund is designed for eligible global investors, including NRIs and OCI holders, subject to applicable eligibility, regulatory and jurisdictional requirements.
The portfolio is constructed on a benchmark-agnostic basis. Historical fund disclosures have used the S&P BSE 500 Index in USD terms as a benchmark for performance comparison.
The minimum investment is generally USD 150,000, subject to the latest applicable fund documents and investor eligibility requirements.
The current published terms indicate monthly subscriptions and fortnightly redemption opportunities. Applicable notice periods, dealing dates and other conditions should be confirmed in the latest fund documents.
The fund is managed through Alchemy Investment Management LLP in GIFT City, with Hiren Ved serving as Director and CIO of Alchemy Capital Management and providing investment leadership to the broader Alchemy platform.
Published terms include a 15% performance fee over a 6% hurdle, subscription fees of up to 2% and declining exit fees during the first three years. Exact fees can vary by series and investor terms and should be verified from current fund documentation.
Because the fund is USD-denominated while its underlying investments are primarily Indian equities, changes in the USD/INR exchange rate can affect an investor's realised dollar return. USD denomination does not eliminate currency risk.
Tax treatment depends on the investor's residence, tax status and jurisdiction. The fund has disclosed specific tax arrangements for certain US and UK investors, but individual outcomes can differ. Investors should review the latest fund documents and applicable tax rules before investing.
Historical disclosures have presented the fund's performance against the S&P BSE 500 Index in USD terms. Performance should be evaluated using the locked performance module on this page and the applicable reporting period rather than relying on historical returns alone.
Key risks include Indian equity-market volatility, concentration, small- and mid-cap exposure, valuation risk, currency fluctuations, liquidity and redemption constraints, regulatory or tax changes and investment-process risk.
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