About Company
Bharat Value Fund (BVF)
Bharat Value Fund: Series II is backed by the Pantomath Group, a globally present and leading diversified financial services group. They have secured a leadership position in the alternate capital market space and have evolved into a prominent mid-market investment bank. With one of the largest in-house private networks, Pantomath Group attracts top investors and facilitates global business synergies and growth capital for corporations. As a foremost independent investment banking organization, they pride themselves on providing a distinctive perspective and offering tailored, innovative solutions that significantly impact their clients’ businesses and wealth.
Fund Snapshot
| Particulars | Description |
| Category of Fund | Category II Alternative Investment Fund (Close ended) |
| Fund Size | Up to INR 1,000 Crs (Plus Green Shoe of up to INR 1,000 Crs) |
| Term | 5 years from the first close + 2 years |
| Management Fees | 2% p.a. |
| Set-up Fees | Waived |
| Hurdle Rate | 10% (XIRR) |
| Carried Interest | 20% (with catch-up) |
| Auditor | Deloitte |
Distinctive Features of the Bharat Value Fund
WHY CHOOSE BHARAT VALUE FUND?
The investment strategy is centered around identifying the right opportunities in the market landscape. We focus on growth-stage companies with the potential to be IPO-ready within three years, prioritizing those with high-margin scalable business models entrenched in niche markets with substantial entry barriers. Additionally, we seek businesses operating in sectors aligned with the Make in India initiative, consumer goods, trade, and impact investing. Central to the approach is evaluating companies with strong promoter pedigree and a value system ingrained in their operations, while consciously avoiding environmentally irresponsible models. By honing in on these criteria, we aim to position the investments to capitalize on inflection points and unlock significant value for the stakeholders.
Fund Highlights & Structure
Strategic Investment at Break-Out Stage: The fund targets businesses at their break-out stage, positioning itself to capitalize on companies poised for rapid growth and expansion.
Investment in Proven Business Models: Investments are made only in businesses with proven models, ensuring a solid foundation and lower risk for investors.
Growth Support Throughout the Investment Period: The fund provides comprehensive external support, including strategic guidance, recruitment assistance, business development, corporate governance, and financial advisory, to foster growth during the investment period.
Pre-IPO Value Chain Liquid Investment Matrix: The liquid investment matrix is designed to capture the entire value chain of businesses, ensuring liquidity and maximizing value as these companies prepare for their IPOs.
Bharat Value Fund’s unique investment approach centres around identifying growth-stage companies poised for IPO readiness within three years, prioritizing high-margin scalable businesses with strong promoter pedigree and values alignment.
Fund Overview
Bharat Value Fund – Series 2, a Category II AIF, is backed by the Pantomath Group, renowned for its expertise in Mid-Market IPOs, having successfully executed 109 IPOs over the past decade. The fund primarily focuses on investing in high-growth, mid-market businesses with the objective of exiting through an IPO and generating capital appreciation in compliance with applicable regulations. To mitigate downside risk, the scheme adopts an active ownership approach, offering strategic guidance, recruitment support, business development, corporate governance enhancements, and financial advisory services to investee companies.
Bharat Value Fund – Series 2 aims to build a portfolio of pre-IPO-ready companies that meet stringent selection criteria, including a minimum revenue of INR 100 crores and a maximum cap of INR 800 crores, established business models, promoter holdings of at least 85%-90% (ensuring stability), EBITDA/PAT positivity before investment (aligned with DRHP requirements), a sound Debt-to-Equity ratio, and a focus on businesses in Tier 2 and Tier 3 cities. The scheme will invest in securities as permitted under regulatory guidelines.
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Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
CA Madhu Lunawat
CA Madhu Lunawat, has over two decades of diverse experience, including investment management, corporate finance, and M&A. Co-founder of Pantomath Group, CorpGini Innovations Pvt Ltd, and Lunawat Ventures. Previously held positions at Infosys, ASREC, and Edelweiss, serving as CFO at Edelweiss ARC before founding Pantomath. Known for decisive leadership, she manages the India Inflection Opportunity Fund and holds memberships with The Institute of Chartered Accountants of India, with a Bachelor’s degree in Commerce from the University of Guwahati.
CA Nishad Khanolkar
Nishad Khanolkar is a seasoned finance industry leader with over two decades of experience in asset management, investment banking, private equity, M&A, and corporate finance. He was the ex-CEO of SP Growth Partners in Hong Kong, managing investments in sectors like Oil & Gas, Healthcare, and Hospitality across Asia. A key achievement includes exiting a petrochemical plant in the Philippines for US$ 125 million. He also manages the India Inflection Opportunity Fund. Nishad is a member of the Institute of Chartered Accountants of India (ICAI) and holds a Bachelor’s degree in Commerce from the University of Mumbai.
Prasanna Pathak
Prasanna brings over two decades of experience in fund management across domains like Mutual Funds, Insurance, PMS, and HNIs. He has worked with HLL, Franklin Templeton, UTIMF, India First Life Insurance, and Taurus MF. Starting as a research analyst, he advanced to roles such as Fund Manager, Head of Equity, CIO, and CEO. Most recently, he served as CEO at Taurus Mutual Fund, overseeing investments, business development, sales, compliance, operations, and audits. Prasanna holds a B.Tech in Chemical Engineering and an MBA in Finance from S.P. Jain Institute of Management Sciences.
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Disclaimer: Investing in AIF, PMS, Gift City or Mutual Fund is subject to market risk. Please read the related documents carefully. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve their objectives. Actual portfolios may differ as a result of account size, client-imposed investment restrictions, the timing of client investments and market, economic, and individual company factors. We at ALTPORT do not guarantee any returns in the hands of investors, nor do we take any sort of accountability for the performance of the scheme.