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..
What Is the Carnelian India Amritkaal Fund?
The Carnelian India Amritkaal Fund is a USD-denominated, open-ended Category III AIF domiciled in GIFT IFSC / GIFT City. The fund provides eligible offshore investors with access to a concentrated portfolio of Indian equities built around India’s long-term structural growth opportunity.
The strategy is long-only, flexi-cap and sector-agnostic, with approximately 30 stocks selected through a QGARP — Quality Growth at Reasonable Price approach. It combines fundamental stock selection with Carnelian’s proprietary forensic research process to assess business quality, management, cash flows, liabilities, earnings quality, asset quality and governance.
Launched on 8 August 2024, the fund is designed to capture opportunities emerging from India’s seven megatrends across five sectors during the Amritkaal period from 2025 to 2047. The fund is USD-denominated, offers a hedged unit class and follows a fortnightly allotment structure. The minimum initial investment for offshore investors is USD 150,000.
Carnelian India Amritkaal Fund: Key Facts at a Glance
| Particular | Details |
|---|---|
| Fund Type | Long-only, flexi-cap, sector-agnostic |
| Investment Theme | Companies benefiting from India’s structural megatrends |
| Portfolio | Approximately 30 stocks |
| Investment Style | Concentrated QGARP – Quality Growth at Reasonable Price |
| Category | Category III AIF |
| Forensic Research | Detailed forensic analysis of portfolio companies |
| Fund Structure | Open-ended offshore fund |
| Minimum Investment | USD 150,000 |
| Denomination | USD |
| Hedging | Hedged unit class available |
| Subscription / Exit | Fortnightly allotment / exit window |
| Inception Date | 8 August 2024 |
| Benchmark | MSCI India Index (USD) |
| Risk Profile | Medium |
| Domicile | GIFT International Financial Services Centre (GIFT IFSC), India |
| Eligible Investors | Offshore investors, including NRIs, foreign nationals, institutions and family offices, subject to applicable eligibility |
Source: Factsheet from Carnelian Asset Management & Advisors.
What Is Amritkaal? India’s 25-Year Vision Explained
Amritkaal refers to India’s 25-year development vision leading up to 2047, when the country marks 100 years of independence. The Carnelian India Amritkaal Fund is built around the investment opportunities that could emerge as India moves through this period of economic and structural transformation.
The broader vision focuses on:
- World-leading GDP and per-capita income growth
- Balanced urban and rural development
- Advanced and efficient infrastructure
- Rapid adoption of emerging technologies
- Greater global geopolitical and economic significance
- Sustainable and climate-sensitive growth
For investors, the key idea is not simply India’s overall economic growth. It is identifying businesses positioned to benefit from the specific changes taking place across industries as the economy expands and evolves.
The 7 Megatrends and 5 Sectors Behind the Amritkaal Fund
The Carnelian India Amritkaal Fund is designed to leverage opportunities arising from seven megatrends emerging across five broad sectors.
1. BFSI and Financialisation
India’s growing formal financial ecosystem is creating opportunities across banking, insurance, lending, wealth management and capital markets. Rising financial participation, greater credit penetration and increasing household savings can support long-term growth across the sector.
2. Manufacturing and Make in India
India’s manufacturing ecosystem is undergoing structural change as domestic production expands and global companies diversify their supply chains. This creates opportunities across manufacturers, industrial businesses and companies supporting the broader production ecosystem.
3. Infrastructure and Capital Goods
Infrastructure development remains an important part of India’s long-term growth story. Roads, railways, power, logistics, urban infrastructure, defence and industrial capacity can create sustained demand for capital goods and infrastructure-linked businesses.
4. Services Exports and Technology
India’s services economy continues to evolve beyond traditional IT services. Technology, engineering research and development, digital services and other knowledge-driven businesses can benefit from India’s growing role in global service delivery.
5. Consumption and Premiumisation
Rising incomes, urbanisation and changing consumer preferences are reshaping India’s consumption landscape. As purchasing power increases, demand can shift towards discretionary, premium and branded products and services.
The fund remains sector-agnostic, allowing the portfolio to focus on businesses where Carnelian identifies stronger combinations of quality, growth and valuation rather than maintaining rigid sector allocations.
Carnelian India Amritkaal Fund Investment Framework
Carnelian follows a structured investment framework built around Quality, Growth, Forensic Analysis and Valuation.
Quality
The first layer evaluates both the business and its management.
Business – PROFITS
Carnelian assesses the ability of a company to generate sustainable profits and build a strong underlying business model.
Management – IMPRESS
Management quality, execution capability, governance and capital allocation form an important part of the assessment.
Growth
The framework identifies two broad types of growth businesses.
Magic – Accelerated Earnings Growth
Companies where earnings growth can accelerate and potentially result in valuation re-rating.
Compounder – Stable Earnings Growth
Businesses capable of generating relatively stable and sustainable earnings growth over longer periods.
Forensic Analysis – CLEAR
Carnelian’s forensic research framework provides an additional layer of risk assessment.
CLEAR examines:
- Cash flow analysis
- Liability analysis
- Earnings quality analysis
- Asset quality analysis
- Related-party transactions and governance issues
This process helps identify financial, accounting and governance concerns that may not be apparent from headline financial statements alone.
Valuation
The final layer considers whether a company’s valuation is reasonable relative to its growth prospects.
The objective is to avoid paying excessive prices even for fundamentally attractive businesses.
Together, these elements support the fund’s concentrated QGARP investment strategy, balancing quality, growth, forensic comfort and valuation discipline.
Carnelian India Amritkaal Fund Fees, Hurdle Rate and Exit Load
The reported fee structure for the Carnelian India Amritkaal Fund is as follows:
| Commitment Amount | Management Fee p.a. | Hurdle Rate | Performance Fee |
|---|---|---|---|
| Up to USD 1 million | 1.50% | 6% | 15% |
| USD 1–5 million | 1.25% | 6% | 15% |
| Above USD 5 million | 1.00% | 6% | 15% |
Exit Load
| Exit Period | Exit Load |
|---|---|
| Within 24 months | 2% |
| After 24 months | Nil |
The tiered structure means the management fee reduces as the commitment size increases. Investors should also consider the impact of performance fees and other applicable fund expenses when evaluating the overall cost of the investment.
Recommended Investment Horizon for the Carnelian India Amritkaal Fund
The Carnelian India Amritkaal Fund is built around a long-term structural investment thesis, rather than short-term market movements.
A holding period of at least five years can provide greater alignment with the strategy, while a 10–12 year or longer horizon is more closely aligned with the broader Amritkaal investment theme.
A longer investment horizon can give portfolio companies more time to:
- Grow their earnings
- Scale their businesses
- Benefit from structural industry changes
- Improve profitability
- Experience potential valuation re-rating
- Navigate different market cycles
However, a longer horizon does not eliminate market risk. Investors should consider their own liquidity requirements and risk tolerance before allocating capital.
Who Should Consider the Carnelian India Amritkaal Fund?
The fund may suit investors who:
- Are eligible for the GIFT IFSC offshore structure.
- Are NRIs or other eligible offshore investors seeking Indian equity exposure.
- Prefer USD-denominated investment exposure.
- Have a long-term investment horizon of five years or more.
- Are comfortable with a concentrated portfolio.
- Prefer active, high-conviction equity investing.
- Understand the volatility associated with equity markets.
- Value fundamental and forensic research.
- Can accommodate fortnightly subscription and exit windows.
- Are family office investors evaluating India-focused offshore equity exposure.
The fund is particularly structured for investors seeking participation in India’s long-term growth story while investing through a GIFT City-based offshore vehicle. NRIs can also review AIF for NRI options to understand how alternative investment structures may fit their India allocation plans.
Key Risks of the Carnelian India Amritkaal Fund
Equity Market Risk
The fund invests in equities, which can experience significant price fluctuations because of economic conditions, interest rates, corporate earnings, geopolitical developments, market sentiment and regulatory changes.
Concentration Risk
The portfolio consists of approximately 30 stocks. A concentrated portfolio can have greater exposure to individual company and sector-specific developments than a broadly diversified market index.
Currency Risk
The fund is denominated in USD while its underlying portfolio consists of Indian equities. Changes in the INR/USD exchange rate can affect returns when measured in an investor’s base currency.
A hedged unit class is available for investors seeking a different approach to currency exposure.
New-Fund Risk
The fund commenced operations on 8 August 2024 and therefore has a relatively short live track record compared with long-established investment strategies.
Liquidity Risk
The fund follows a fortnightly allotment and exit structure, rather than offering daily liquidity. Investors should account for the dealing schedule when planning their investment and redemption requirements.
Thematic Risk
The strategy is linked to India’s long-term structural transformation and identified megatrends. If these trends develop differently from expectations, the performance of related businesses may be affected.
Valuation Risk
Even fundamentally strong businesses can deliver weak investment returns if purchased at excessively high valuations. The fund’s valuation discipline is therefore an important part of its investment process.
How to Invest in the Carnelian India Amritkaal Fund via ALTPORT
Eligible investors can access the Carnelian GIFT City fund through ALTPORT.
Step 1: Check Fund Eligibility
Understand the applicable eligibility criteria for investing in the offshore GIFT IFSC structure.
Step 2: Complete Investor Documentation
Submit the required KYC, identity, tax residency, banking and other investor documents.
Step 3: Arrange USD Funding
The fund is USD-denominated, so the investment is structured around the applicable foreign-currency funding process.
Step 4: Complete ALTPORT Onboarding
ALTPORT’s investment team can assist with the fund onboarding and documentation requirements.
Step 5: Subscribe During the Fortnightly Window
The fund follows a fortnightly allotment structure, with subscriptions aligned to the applicable dealing dates.
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Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
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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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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Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
The Carnelian India Amritkaal Fund is a USD-denominated, open-ended Category III AIF based in GIFT IFSC. It follows a long-only, flexi-cap and sector-agnostic strategy focused on India's long-term structural growth opportunities.
The Amritkaal fund minimum investment is USD 150,000 for offshore investors.
Yes. The Carnelian India Amritkaal Fund is structured as an open-ended Category III AIF through GIFT IFSC.
The fund is structured for eligible offshore investors, including NRIs, foreign nationals, institutions and family offices, subject to the applicable eligibility requirements.
The fund is domiciled in GIFT International Financial Services Centre (GIFT IFSC), India.
The fund follows a concentrated QGARP investment strategy, combining quality, growth and reasonable valuations with Carnelian's forensic research process.
The portfolio comprises approximately 30 stocks, giving the fund a concentrated, high-conviction approach.
The strategy focuses on opportunities emerging across five broad sectors: BFSI, manufacturing, infrastructure and capital goods, services exports and technology, and consumption and premiumisation.
The fund follows a fortnightly allotment and exit structure.
The reported management fee is 1.50% for commitments up to USD 1 million, 1.25% for USD 1–5 million and 1.00% above USD 5 million. The reported hurdle rate is 6%, with a 15% performance fee.
The reported exit load is 2% for exits within 24 months, while exits after 24 months carry nil exit load.
The strategy is designed for long-term investing. A five-year-plus horizon provides better alignment with the investment approach, while 10–12 years or longer corresponds more closely with the broader Amritkaal thesis.
No. It is sector-agnostic, allowing the portfolio to allocate capital across sectors based on the investment opportunity, business quality, growth prospects and valuations.
Yes. The Carnelian India Amritkaal Fund is a USD-denominated fund and also offers a hedged unit class.
Key risks include equity-market volatility, concentration risk, currency risk, thematic risk, valuation risk, liquidity risk and the relatively short live track record of the strategy.
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