About Company
Carnelian Asset Management and Advisors Pvt Ltd
Carnelian Asset Management & Advisors is a boutique investment management firm founded in 2019 by Vikas Khemani, Manoj Bahety and Swati Khemani. The firm operates across portfolio management services, alternative investment funds and offshore investment strategies. As of 31 July 2026, Carnelian reports assets under management of more than ₹19,200 crore across its investment platform. Its investment approach combines fundamental research, disciplined portfolio construction and proprietary forensic analysis to evaluate business quality, governance standards and potential investment risks. The Carnelian Private Growth & Innovation Fund represents the firm’s expansion into private equity through a strategy that combines growth-stage investments, pre-IPO opportunities and listed-market PIPE transactions..
Fund Snapshot
| Feature | Details |
| Sponsor & Investment Manager | Carnelian Asset Management LLP |
| SEBI Registration Type | Category III Alternative Investment Fund (AIF) |
| Trusteeship | Managed by an independent, leading institutional trustee |
| Regulatory Minimum Ticket | ₹1 Crore per investor (Statutory minimum) |
| Target Audience | Family Offices, Corporate Treasuries, and Ultra-HNIs |
| Structure Strategy | Long-biased multi-cap public equities and institutional anchor allocations |
| Tax Mechanism | Pooled fund-level taxation at the Maximum Marginal Rate (MMR) |
The Master Trust Philosophy
When you invest in any scheme under the Carnelian Alternative Investment Trust, your capital is managed through a unified operational and risk philosophy:
1. The Power of "Patient, Locked-in" Capital
Unlike a standard retail mutual fund or a daily liquid PMS where sudden mass redemptions can force a fund manager to sell great stocks at bad prices, the AIF Trust utilizes closed-ended structures (typically 3 to 5-year tenures). This lock-in allows the investment team to back high-conviction structural transformations in the Indian economy with a truly long-term horizon.
2. Multi-Basket "MCO" Implementation
The master trust's investment engine operates on Carnelian's core asset-allocation strategy:
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Magic (M): Identifying rapid, earnings-driven business turnarounds.
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Compounder (C): Anchoring the portfolio with high-ROCE, defensive industry leaders.
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Opportunistic (O): Exploiting temporary market dislocations to pick up cheap assets.
3. Institutional Arbitrage
Being an AIF Trust gives Carnelian a seat at the institutional table. Individual retail investors cannot easily participate in Pre-IPOs, Qualified Institutional Placements (QIPs), or act as Anchor Investors in major initial public offerings. The trust aggregates capital to access these institutional blocks, often securing shares at preferential entry points.
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Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Vikas Khemani
Vikas Khemani is the Founder of Carnelian Asset Advisors with over 23 years of experience in the Indian capital markets. Before founding Carnelian, he served as the CEO of Edelweiss Securities Ltd. for 17 years, where he built its institutional equities, investment banking, and equity research businesses into market-leading franchises. He is a triple-qualified investment professional, holding the Chartered Accountant (CA), Chartered Financial Analyst (CFA), and Company Secretary (CS) designations.
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Manoj Bahety
Manoj Bahety has worked in financial services for almost 27 years, gaining deep understanding of forensic research and managing investments. Now a fund manager at Carnelian, he puts heavy focus on research when picking stocks for investment. Before starting Carnelian with Vikas Khemani, Manoj had important positions at Edelweiss Securities. These included the Deputy Head of Institutional Equity Research, the Head of Forensic Research, and the Head of Thematic & Mid-Cap Research. At Edelweiss, Manoj developed Analysis Beyond Consensus (ABC Research). This system helps institutional investors make better choices by using solid data instead of just relying on what companies report. Manoj's research has guided investment choices around the world. Outside of his work at Carnelian, Manoj is active with the CFA Institute. He participates in groups like the India Advocacy Committee and the Global Capital Markets Policy Council (CDPC). Manoj’s ability to analyse information and his careful, step-by-step way of doing things are key to how Carnelian operates and makes investment decisions. His past experiences and dedication to thorough research make him a valuable asset in the financial world. In summary, Manoj's extensive background and commitment to data-driven analysis greatly improve Carnelian's investment strategies.
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Swati Khemani
Swati Khemani brings 23 years of know-how in the financial world to the table. She’s a great example of today’s Indian woman in business, handling leadership roles, understanding investments, and taking on the challenges of being an entrepreneur. Her career path is quite diverse. She’s worked in equity research, selling to big institutions, investment banking, and managing people. All this experience gives her a wide view of how the financial industry works. As one of the people who started Carnelian, she plays a big part in running the business and handling the company’s money. She’s also known for being a mentor and leading with a focus on people, which has helped create a positive work environment at Carnelian. This approach has also been key in building strong relationships with both clients and other businesses. Swati has always been a supporter of Carnelian’s goals, helping to improve the way the company works, its governance, and its plans for the future. Her career is a story of bouncing back from challenges and striving for success, as she juggles a demanding job with her roles as an entrepreneur and a family leader.
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Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
No. It is the legal trust entity registered with SEBI. You cannot invest directly in the trust itself; instead, you invest in the specific active schemes launched under this trust. Each scheme will have its own distinct private placement memorandum (PPM), investment horizon, and target sector allocation.
Because the trust is registered as a Category III AIF, it is legally permitted by SEBI to use leverage (up to 2 times the NAV) and trade in derivatives. While Carnelian's philosophy is primarily "long-only equity" (buying and holding shares), the Category III trust structure gives them the tactical freedom to use index derivatives to hedge and protect investor capital during severe macro crashes.
Each scheme under the master trust is treated as a completely separate pool of assets with its own bank account, demat account, and independent NAV calculation. Even if you hold investments in two different Carnelian AIF schemes, their performances, expense ratios, and capital call schedules are tracked completely independently.
To protect investor interests, SEBI mandates that an independent corporate trustee (a third-party financial institution) oversees the trust. The trustee ensures that Carnelian Asset Management strictly adheres to the legal mandates, investment limits, and risk guardrails outlined in the fund's offering documents, acting as an institutional watchdog for your capital.
Yes. NRIs and Foreign Portfolio Investors (FPIs) can invest in schemes under the Carnelian Alternative Investment Trust, provided they comply with standard RBI and FEMA guidelines. The capital contributions must flow through an NRE or NRO account, and the fund-level tax deductions (MMR) apply similarly, simplifying tax compliance for overseas investors.
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