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..
Carnelian India Multi Strategy Fund
Fund Snapshot
|
Category |
Category-III AIF |
|
Registration Number |
IFSC/AIF2/2025-26/0253 |
|
Date of Registration |
07-May-2025 |
|
Provider Name |
Carnelian Asset Management & Advisors |
|
Fund Name |
Carnelian India Multi Strategy Fund |
Investment Framework
Quality
- Business (PROFITS)
- Management (IMPRESS)
Growth
- Magic—accelerated earnings growth & valuation re-rating
- Compounder – stable earnings growth
Forensic Analysis - CLEAR
- Cash flow analysis
- Liability analysis
- Earnings quality analysis
- Asset quality analysis
- Related party & governance issues
Valuation
- Reasonable valuation
- relative to growth
The portfolio will be designed to leverage opportunities arising from 7 megatrends that we see emerging across 5 sectors.
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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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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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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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The Carnelian India Multi Strategy Fund is a Category III Alternative Investment Fund (AIF) managed by Carnelian Asset Management & Advisors. It follows a multi-strategy equity approach, combining growth investing, quality businesses, forensic analysis, and valuation discipline to identify long-term wealth creation opportunities.
The fund focuses on investing in high-quality businesses with strong management teams, sustainable earnings growth, healthy cash flows, and reasonable valuations. It aims to benefit from both stable compounders and companies experiencing accelerated earnings growth and valuation re-rating.
Risk management is embedded through detailed forensic analysis, including cash flow assessment, liability evaluation, earnings quality checks, asset quality reviews, and scrutiny of governance and related-party transactions before investment decisions are made.
The portfolio is designed around seven long-term megatrends identified by the investment team across five major sectors of the Indian economy. These themes are expected to benefit from structural changes and evolving economic opportunities over the coming years.
The fund may be suitable for sophisticated investors seeking exposure to a professionally managed, high-conviction equity strategy with a long-term investment horizon and the ability to participate in India's structural growth story through a Category III AIF vehicle.
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