Motilal Oswal Alternates

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Category PMS

Company Motilal Oswal Alternates

Fund Managers Raamdeo Agrawal

Motilal Oswal Alternates is the dedicated alternative investments platform of Motilal Oswal Group, one of India’s most respected equity investment houses. Focused on delivering long-term capital appreciation through India’s private markets, Motilal Oswal Alternates is deeply rooted in the group’s philosophy of research-based value investing and disciplined wealth creation. The platform is backed by Motilal Oswal’s diversified financial services legacy, which spans Private Equity (with an independent team), AMC & Wealth Management, Housing Finance, and Capital Markets. With an Equity AUM of INR 2,77,612 crore and a market cap of INR 39,120 crore, the group has over 38 years of experience in building wealth.

Investment Philosophy

First Institutional Investor in 28 of 50 deals for maximum upside.
Backed First-Generation Entrepreneurs in 39 of 50 investments.
Market Leaders in 34 of 50 cases for brand and scale advantages.
Profitable Track Record in 44 of 50 companies ensures strong business models.
Proprietary Deal Sourcing in 30 of 50 entries enables value buys.
Board Seats in 44 of 50 investments ensure governance and control.

Track Record:

Proven Performance in High-Quality Investing

Metrics	Fund I(INR 550 cr)	Fund II(INR 1,000 cr)	Fund III(INR 2,300 cr)	Fund IV(INR 4,500 cr)
Vintage	2007	2013	2018	2022
Gross IRR (INR)	26.7%	17.9%	27.5%	27.7%
Gross MOIC (INR)	6.0x	4.0x	3.7x	1.5x
Net MOIC (INR)	4.5x	3.3x	2.8x	1.3x
Distributed Capital (INR)	4.4x	2.4x*	0.3x	–
DPI + Liquid Shares (INR)	4.4x	2.4x*	0.7x¹	0.1x¹
Investments	13	11	11	13^
Exits	Fully Exited	6 Complete*	1 Partial	–

Note:Fund II data includes an expected IKF Finance exit in May 2025. Fund III has 4 listed companies, while Fund IV has 1. Net MOIC and DPI figures are post-expenses and carried interest, based on March 31, 2025 valuations by Grant Thornton. The metrics reflect only domestic funds (IBEF and IBEF II), and the track record for Fund I and II also includes funds advised by MO Alternate based in Mauritius.

IBEF V: Investment strategy

Focus on Mid-Market

Targeting mid-market companies with strong, sustainable growth, offering capital infusions or secondary deals with flexible exit options.

Preferred Sectors

Consumer (FMCG, retail, tech), Financial Services (lending, fintech, insurance), Life Sciences (formulations, medical devices), Niche Manufacturing (auto, hardware, materials).

First Gen Entrepreneur

Prefer founders with high wealth commitment, investor alignment, growth drive, and openness to strategic input.

Leadership Position

Back companies with strong market share, sector tailwinds, solid models, and resilience across cycles.

Fund Overview

Motilal Oswal Alternates (MO Alts) is a leading India-focused private equity fund manager with 19 years of experience and 4 growth capital funds under its belt. It has made 50 investments and completed 20 exits, managing an AUM of approximately INR 10,500 crore including co-investments. The platform has generated ~INR 7,500 crore in exits/liquidity, with a realized Gross MOIC of 5.3x and Gross IRR of 26.3%.

The investment strategy centers on providing growth capital to mid-market companies, guided by the Quality Growth Longevity Price (QGLP) philosophy. This approach emphasizes high-quality businesses and management, consistent growth in revenue, margins, and cash flows, long-term sustainability over 15–20 years, and attractive valuations with a high margin of safety.

MO Alts targets market leaders, preferably run by first-generation entrepreneurs, across four key sectors: Financial Services, Consumer, Life Sciences, and Niche Manufacturing.

Motilal Oswal Alternates