About Company
Cactus Partners
Cactus Partners is an institutional venture capital firm founded in 2020 and headquartered in Mumbai, India, with localized operational hubs across Gurugram, Bengaluru, and GIFT City. Established by a cohesive collective of seasoned corporate bankers, investment professionals, and successful tech founders, the enterprise translates deep hands-on scaling expertise into defensive alternative investment vehicles. Managing multi-generational growth capital pools, the corporation blends a rigorous fundamentals-first approach with intensive post-investment portfolio engagement, establishing highly resilient cross-border strategies that successfully multiply wealth for sophisticated global family offices.
Fund Snapshot
| Parameter | Details |
| Fund Name | Cactus Partners Trust II |
| SEBI Category | Category II AIF (Alternative Investment Fund) |
| SEBI Registration No. | IN/AIF2/25-26/2013 |
| Investment Manager | Cactus Partners LLP |
| Stage & Focus | Early Growth-Stage Venture Capital (Series A Focus) |
| Core Target Sectors | Tech Manufacturing, Enterprise Technology, Deep Tech, and Consumer Brands |
| Investment Strategy | Fundamentals-First, Post-Product Market Fit (PMF) Underwriting |
| Minimum Investment | ₹1 Crore (Statutory minimum for Indian AIFs) |
Fund Purpose
The overarching purpose of the Cactus Partners Trust II is to back purpose-driven founders at the structural 1-to-10 execution inflection point across the Indian start-up ecosystem. Functioning as a closed-ended Category II AIF, the fund acts as a vital bridge between high-volume seed-stage funding and late-stage institutional private equity. By focusing exclusively on early growth-stage companies that have established unambiguous product-market fit, sustainable gross margins, and initial capital efficiency, the fund deploys growth equity to accelerate technological integration, expand domestic manufacturing capacities, and systematically build long-term corporate governance.
Fund Philosophy
Rejection of the Venture Power Law
The fund deliberately avoids chasing speculative, high-mortality moonshot opportunities or hyper-inflated valuations. The investment thesis focuses on underwriting measurable execution risk over terminal survival risk, seeking consistent and highly predictable compounding returns over unviable unicorn races.
Post-Product Market Fit (PMF) Filtration
Capital is explicitly reserved for companies that have crossed the early exploratory phase and possess verifiable revenue traction. The analytical desk evaluates businesses using strict operational markers, requiring structural pricing power, established customer stickiness, and visible unit-economic viability before drafting terms.
Fundamentals-First Underwriting Discipline
Entering an investment at a stretched premium actively dilutes future portfolio alpha. The team maintains rigid valuation boundaries, evaluating cash conversion cycles and true take-rates over cosmetic metrics like Gross Merchandise Value (GMV) to ensure an explicit margin of safety on every drawdown.
The Growth Acceleration Playbook (GAP™)
The fund functions as a deeply integrated operational partner rather than a passive institutional allocator. Using its proprietary GAP framework, the firm systematically re-engineers portfolio platforms across four specific pillars: corporate strategy enablement, organizational structuring, global expansion paths, and institutional accounting controls.
High-Moat Frontier Sectors
Portfolio construction is anchored tightly to structural, multi-decade macro transitions shaping the broader subcontinent. The fund concentrates capital deployment across high-barrier domains, including advanced tech manufacturing, deep tech enablers, enterprise software, and discretionary consumer brands scaling for premium market segments.
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Rajeev Kalambi
Rajeev Kalambi is a Co-Founder and General Partner at Cactus Partners, bringing more than 26 years of extensive downside-first experience spanning corporate banking, investment banking, and buy-side fund management across changing financial cycles. Alongside co-founders Anurag Goel and Amit Sharma, he guides the firm’s investment committees, high-level underwriting protocols, and the deployment of the proprietary Growth Acceleration Playbook (GAP™). His structural expertise in evaluating business-building metrics ensures that the platform enforces strict valuation integrity, forensic asset diligence, and absolute operational governance across all underlying portfolio companies.
Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
The fund operates as an early growth-stage Series A specialist. It exclusively addresses the underfunded transition phase where a business has successfully proven its core product and unit economics but requires structured capital to scale operations.
The underlying investment pipeline, transaction structures, and statutory regulatory compliance milestones are managed directly by Cactus Partners LLP, an established institutional venture manager with presence in Mumbai, Gurugram, Bengaluru, and GIFT City.
The fund systematically avoids heavily commoditized, low-margin platforms, asset-light aggregators dependent on predatory subsidy models, and speculative sectors that do not display immediate paths toward positive operational cash flows.
Operating as a strict closed-ended Category II pooling architecture, the vehicle completely avoids systemic fund leverage or derivative shorting strategies, anchoring its net asset value entirely to direct, unleveraged growth-equity positions.
Because implementing advanced organizational designs, setting up scalable corporate governance systems, and executing international expansion roadmaps requires a multi-year execution runway, the fund operates under a patient holding horizon of 5 to 7 years.
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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.