Nine Rivers – Aurum Rising India Fund

What Is Nine Rivers Aurum Rising India Fund?

Nine Rivers Aurum Rising India Fund is a close-ended Category II AIF (IN/AIF2/24-25/1630) from Nine Rivers Capital that provides growth capital to medium- to late-stage Indian companies, mainly unlisted pre-IPO businesses, along with selected PIPE deals in listed companies. Structured as a scheme of Nine Rivers AIF One Trust, it has a ₹300 crore target corpus with a green-shoe option of up to ₹150 crore, and is aimed at UHNIs and family offices.

Unlike a listed-equity PMS, the fund targets companies still moving towards public markets: businesses with established operations, clear growth opportunities and the potential for strategic or IPO exits. It is a private-market investment, not a mutual fund or listed-equity PMS.

Aurum Rising India Fund Snapshot

Aurum Rising India Fund Investment Strategy

Aurum Rising India Fund invests growth capital in emerging Indian companies through a stage-flexible approach that runs from pre-IPO to listed, with most capital going to medium- to late-stage, unlisted, high-growth businesses heading towards public markets. It focuses on three opportunity areas:

1. Unlisted pre-IPO growth companies: established or emerging businesses with room to scale further and the potential for strategic or IPO exits.
2. PIPE transactions: private investments in public equity, giving access to listed companies early in their growth cycle.
3. Opportunistic special situations: selective cases where the team sees potential for value unlocking. This does not make it a distressed-debt, merger-arbitrage or event-driven fund.

The typical investment cheque is ₹15–30 crore, depending on the opportunity and fund-level considerations. Learn more about private equity and unlisted and pre-IPO shares.

How Aurum Rising India Fund Selects High-Growth Companies

Aurum Rising India Fund selects companies on the strength of the underlying business rather than on how close they are to an IPO, using research-intensive analysis of business dynamics, earnings quality, financial models, management and ground-level checks. It looks for:

• Large addressable markets
• Strong, defensible business franchises
• Management teams with a proven execution record
• Profitable growth
• Strong cash-flow generation
• Operating leverage
• Healthy return ratios
• Visibility of future cash flows
• Room to scale in attractive sectors

In growth-capital investing, execution and the ability to scale largely determine the eventual value of an investment, which is why the process puts so much weight on management and business quality.

Aurum Rising India Fund Portfolio and Target Sectors

Aurum Rising India Fund is sector-agnostic but favours high-growth sectors benefiting from India's economic transformation, with manufacturing identified as a key opportunity area. Nine Rivers highlights the following portfolio companies:

These are portfolio highlights published by Nine Rivers and do not indicate any company's current weight in the fund.

Aurum Rising India Fund Minimum Investment, Fees, Tenure and Exits

Aurum Rising India Fund's minimum commitment, management fee, carried interest, hurdle and expenses are set in its Private Placement Memorandum (PPM) and contribution agreement; SEBI's minimum for any AIF investor is ₹1 crore. As a close-ended fund, it has a nine-year tenure, extendable to 11 years, and a 36-month commitment period, extendable by 12 months.

Investors should expect capital to stay committed for a long period. Possible exit routes include:

• Strategic sale
• Secondary transactions
• IPO or public listing
• Sale to another financial investor
• Other permitted exit mechanisms

None of these is guaranteed, and exit timing and valuation can vary significantly. The PPM sets out capital calls, distributions, extensions, transfer restrictions, exit mechanics and liquidity. For more on AIF costs, see ALTPORT's guide to AIF fees and charges.

Who Should Invest in Aurum Rising India Fund?

Aurum Rising India Fund is designed for UHNIs and family offices, and suits eligible HNIs and sophisticated investors who want growth-stage Indian private-market exposure and can accept a long horizon, limited liquidity and uncertain exit timing.

A Category II AIF should be considered only after weighing private-market valuation uncertainty, illiquidity and the possibility of capital loss. Investors comparing structures can read mutual fund vs PMS vs AIF, explore other pre-IPO funds such as Finvolve Pre-IPO Fund, or speak to an ALTPORT advisor.

Aurum Rising India Fund Risks

The main risks of Aurum Rising India Fund are illiquidity, valuation uncertainty, IPO and exit risk, business execution, concentration, sector exposure, long tenure, capital loss and regulatory or tax change.

Unlisted-company liquidity risk: Unlisted holdings cannot be sold on demand; exits depend on strategic buyers, secondary deals or listings.

Valuation uncertainty: Private-company valuations are observed less often than listed prices and can change sharply at the next funding round or transaction.

IPO and exit risk: A pre-IPO investment does not guarantee an IPO; listings can be delayed, repriced, cancelled or replaced by another exit.

Business execution risk: Growth-stage companies face challenges in expansion, working capital, competition, regulation, management and funding.

Concentration risk: A limited number of holdings means one weak investment can affect overall results.

Sector risk: Although sector-agnostic, the portfolio can become concentrated in certain themes or industries.

Long-tenure risk: The close-ended structure ties up capital for many years.

Capital-loss risk: Pre-IPO and private-equity investing can lead to partial or complete loss on individual investments.

Regulatory and taxation risk: AIF rules, tax, listing requirements and other regulations can change during the fund's life; take independent tax and legal advice.

Aurum Rising India Fund Investment Team

Aurum Rising India Fund is managed by Nine Rivers Capital's AIF team, led by founder Sandeep Daga.

• Sandeep Daga, Founder, Managing Director, CIO and Principal Officer: focuses on identifying businesses with strong fundamentals and growth prospects.
• Vinay Khatu, President, AIF: extensive transaction experience across private equity, domestic and international M&A, and corporate finance.
• Kunal Jadhwani, Portfolio Manager, AIF: experience in equity research and fund management across multiple sectors.

The formally designated decision-makers for the scheme are named in the latest PPM.

How to Invest in Aurum Rising India Fund

Investing in Aurum Rising India Fund through ALTPORT involves:

1. Checking investor eligibility
2. Reviewing the latest PPM and contribution documents
3. Completing KYC and investor documentation
4. Understanding capital commitments and capital calls
5. Completing subscription documents
6. Remitting capital as called under the fund structure
7. Receiving ongoing reporting and monitoring

Confirm current availability, the subscription window, minimum commitment and commercial terms before committing.