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
Targeting mid-market companies with strong, sustainable growth, offering capital infusions or secondary deals with flexible exit options.
Consumer (FMCG, retail, tech), Financial Services (lending, fintech, insurance), Life Sciences (formulations, medical devices), Niche Manufacturing (auto, hardware, materials).
Prefer founders with high wealth commitment, investor alignment, growth drive, and openness to strategic input.
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.
