- Pan-India Presence
2,500+ business locations and a 400+ LFA network enable wide deal acces – ~60% of deals sourced this way; 29 of 47 investments were exclusive.
- Experience
Backed by 38+ years of equity investment expertise and the Group’s own first-generation success—resonating strongly with entrepreneurs.
- Reputed Brand
An aspirational partner for promoters; companies backed by MO are highly regarded by investors.
- Research-Led
Supported by one of India’s top research houses, with over 30,000 reports published.
- Edge in IPO Exits
Seamless collaboration between IB, IE, and Retail teams delivers optimized public market exit strategies.
Backed by a reputed equity house in India, we offer a distinct advantage in sourcing, investing, and exiting—across the full investment lifecycle.
Our Investment Approach
– Provide growth capital to mid-market companies
-We follow the Quality-Growth-Longevity-Price (QGLP) framework, a time-tested approach that guides every investment decision:
- Quality of business and leadership
- Sustainable growth in revenue, market share, profitability, and cash flows
- Longevity of business fundamentals over a 15–20 year horizon
- Fair price, ensuring valuation aligns with growth potential and safety margin
–We back market leaders—especially those founded by first-generation entrepreneurs—who bring ambition, resilience, and vision to build enduring businesses.
Sector Focus
- Financial Services
- Consumer
- Life Sciences
- Niche Manufacturing
Proven Track Record in High-Quality Investing
Motilal Oswal Alternates has consistently delivered strong outcomes across market cycles. Each fund showcases disciplined deployment, value creation, and timely exits.
| Fund |
Fund I |
Fund II |
Fund III |
Fund IV |
| Fund Size |
₹550 Cr |
₹1,000 Cr |
₹2,300 Cr |
₹4,500 Cr |
| Vintage |
2007 |
2013 |
2018 |
2022 |
| Gross IRR |
26.7% |
17.9% |
27.5% |
27.7% |
| Gross MOIC |
6.0x |
4.0x |
3.7x |
1.5x |
| Net MOIC |
4.5x |
3.3x |
2.8x |
1.3x |
| Distributed Capital |
4.4x |
2.4x* |
0.3x |
– |
| DPI + Liquid Shares |
4.4x |
2.4x* |
0.7x¹ |
0.1x¹ |
| Investments |
13 |
11 |
11 |
13^ |
| Exits |
Fully Exited |
6 Complete* |
1 Partial |
– |
* Includes expected exit in IKF Finance by May 2025
^ Includes IKF Finance investment, completion expected May 2025
1 Fund III: 4/11 listed; Fund IV: 1/13 listed
Net MOIC, DPI, and DPI + Liquid Shares are post-expense and post-carry, for domestic funds (IBEF & IBEF II in Fund I & II).Performance as of March 31, 2025, per Grant Thornton valuation. Fund I & II include Mauritius-advised funds in track record
Anchors of our Strategy
- First Institutional Investor
28 out of 50 investments
→ Maximum Upside Potential
- First-Generation Entrepreneur
39 out of 50 investments
→ Desire for Success
- Market Leadership
34 out of 50 investments
→ Brand & Scale Benefits
- Profitability Track Record
44 out of 50 investments
→ Superior Business Model
- Proprietary Deal Sourcing
30 out of 50 investments
→ Reasonable Entry Valuation
- Board Seat(s)
44 out of 50 investments
→ Better Governance & Control
Each of these six pillars reflects Motilal Oswal Alternates’ focused and disciplined approach to identifying, nurturing, and scaling high-potential businesses across India.
Summary
- Target Fund Size: ~INR 8,000 Cr (including INR 1,500 Cr green shoe option)
- Investment Manager: MO Alternate Investment Advisors Private Limited
- Strategy: Growth capital to mid-market Indian companies across:
- Consumer
- Financial Services
- Life Sciences
- Niche Manufacturing
- Target Investments: 12–16 companies
- Hurdle Rate:
- 10% p.a. pre-tax (INR)
- 8% p.a. pre-tax (US$)
- Minimum Commitment:
- INR 5 Cr (domestic)
- US$ 1 million (offshore)
- Sponsor & Team Commitment: 10%+ of the target fund
- Tenure: 11 years from initial closing
- Commitment Period: 5 years from final close (extendable by 12 months)
- Management Fees:
- 2% (plus taxes) on committed amount during commitment period
- 2% (plus taxes) on invested amount thereafter
- Carried Interest: 20% with catch-up
- Legal Structure: AIF Category II
- Auditor: S R Batliboi (affiliate of Ernst & Young)
- Legal Advisor: Khaitan & Co.
- One-time Setup Cost: 2% (plus GST) of capital commitment
Motilal Oswal Alternates (MO Alts) has distinguished itself within the Indian private equity sector through its strategic approach, characterized by entrepreneurial leadership and extensive market involvement. The firm’s key attributes include: First, the enterprise is founded and directed by first-generation entrepreneurs, providing a unique perspective on Indian business objectives. Second, the organization leverages the MO Group’s brand prestige and the founders’ established equity investment standing to secure early access to enterprises with significant growth potential. Third, a substantial alignment of interests is ensured through MO Alts’ commitment of 10-15% of the fund’s capital. Fourth, an active engagement model is employed, involving close collaboration with portfolio companies across various functional domains to facilitate accelerated growth and value augmentation. Fifth, MO Alts is recognized for its distinct expertise in public market exits, positioning it as a preferred collaborator for companies and management teams. Lastly, the firm possesses a record of nearly two decades of successful capital acquisition, high-caliber investments, and minimal loss, consistently generating favorable returns for its stakeholders.
