Negen Capital: Complete Guide for Investors

When it comes to wealth management in India only a few firms stand out for combining innovative thinking with disciplined execution and Negen Capital Services Pvt. Ltd. is one of them.

Founded by Mr. Neil Bahal in 2017, Negen Capital Services is a Mumbai based and a SEBI registered Investment Management Firm.

Introduction

Negen Capital is a boutique investment manager that offers both PMS and AIF platforms giving investors access to listed equities as well as private market opportunities.

• As of June 2025, Negen Capital manages around INR 2100 crore in total AUM with INR 1200 crore in PMS which is led by their flagship Special Situations & Technology Fund and INR 900 crore in AIF & Angel Fund strategies
• The firm focuses on value unlocking events or special situations such as demergers, mergers and promoter changes alongside technology driven businesses

About the Founder and Team

1) Mr. Neil Bahal Founder of Negen Capital is a seasoned investor having over 20 years of experience in the equity market. He began investing at the age of 15 and his passion for investing into equities later shaped his vision for creating one of India’s most distinctive PMS strategies

• He is the fund manager of their flagship Special Situations & Technology PMS strategy which predominantly focuses on small and midcap companies
• He envisioned the idea of capitalizing on special situations within companies while aligning them with technology driven growth opportunities
• He believed that special situation opportunities may act as short term catalysts while tech companies provide sustainable and compounding growth which will help generate alpha returns in the portfolio avoid value traps and stay resilient across market cycles

2) Mr. Jigar Dinesh Shah, Director and Fund Manager at Negen Capital. He manages the Undiscovered Value Fund which is a Cat III AIF. He brings over 16+ years of experience in capital markets including equity research, business development, risk management, client profiling and communications

The team at Negen Capital brings together experienced professionals who drive its PMS and AIF strategies with strong research and disciplined risk management.

They primarily focus on small and midcap opportunities while keeping a client centric approach that ensures their investors stay informed and engaged timely basis

Investment Philosophy and strategy

• Identifying Special situations– Negen Capital looks for opportunities in demergers, mergers, and promoter changes. These events often act as catalysts, creating entry points at attractive valuations and unlocking long-term value
• Tech as a Growth Driver– With India’s digital adoption rising rapidly, Negen Capital envisages to invest in technology led businesses that generate strong cash flows, high returns on capital and sustainable compounding growth
• Balancing Triggers with Trends– The strategy blends short term opportunities from special situations with long term secular growth in technology thus ensuring the portfolio stays relevant and resilient
• Risk Management at the Core– The firm avoids cyclical sectors and PSUs. It holds cash when markets are uncertain and prioritizes a margin of safety which protects investor capital while pursuing growth

Awards and Recognitions

• In 2024, Negen’s Undiscovered Value Fund (Category III AIF) delivered one of the highest returns in its segment which generated about 57% returns and earned a spot in the Economic Times AIF Tracker’s list of the top five performing funds

• In 2022 and 2023, Negen’s flagship PMS strategy, the Special Situations & Technology Fund consistently earned top PMS Bazaar & CRISIL ratings which reflects its steady performance, strong risk management and resilience through market volatility
• In 2021, Negen’s PMS strategy Received a 5 Star rating from PMS Bazaar & CRISIL for strong performance in the multi-cap PMS category
• In 2020, Negen’s PMS was ranked as the best performing PMS in India for December 2020 in the special situations category

Product Offerings

Portfolio Management Services

Special Situations & Technology Fund (Flagship PMS strategy)

• This strategy blends event driven opportunities like demergers, promoter changes, open offers and delisting with a technology led growth focus.

• Inception Date- 10th August 2017

• AUM & Positioning- Manages an AUM of around INR 1100–1200 crore. The portfolio leans towards small and midcap companies with a portion kept in cash for flexibility and risk management as of June’2025

• Minimum Investment – INR 50 lakh which is the minimum ticket as mandated by SEBI

• Best Suited for- Investors who have an investment horizon of over 3-5 years and wish to seek differentiated and high conviction opportunities in the small and midcap space

• Exit load- No exit load

Alternate Investment Fund – Category III Long only AIF

Negen Undiscovered Value Fund- A Category III AIF

• This AIF is a long only and open ended AIF that focuses on undervalued opportunities backed by clear triggers such as special situations arising from pre IPO investments and anchor allocations in IPOs
• Inception Date- July 2023
• AUM & Positioning- Manages an AUM of around INR 585 crores as of June’2025
• Minimum Investment- INR 1 Crore is the minimum ticket size
• Best Suited for- investors with an investment horizon of about 3-5 years as the fund targets risk adjusted returns through catalysts like pre IPOs and management changes rather than chasing risky short term gains
• Exit load – Fund has a 12 month lock in with an exit fee of 1% if redeemed between 12-24 months, 0.5% between 24-36 months and no fee thereafter

Angel Funds- Category I AIF

Negen Tech Opportunities Angel Fund & Negen Startup Opportunities Angel Fund (Category I Angel Funds)

• These Angel Funds invest in early to growth stage, tech enabled and consumer facing startups typically 5-7 curated deals per year
• Inception Date- First Angel Fund registered in 2022 and additional Angel fund approvals followed in 2023-2024
• AUM & Positioning- The fund had a total capital commitment of about INR 55 crore as of August’22. It operates as pooled angel platforms where Negen co invests alongside its investors. AUM is not disclosed like PMS/AIF but portfolios include well known startups like Blue Tokai, Snapmint, Burger Singh and many more
• Minimum Investment- INR 25 lakh which is a regulatory minimum for Angel Funds
• Best Suited for- HNIs and family offices interested in startup investing with professional fund management, due diligence and co investment alignment with Negen Capital
• Exit Load- Angel funds typically follow deal based exits depending on startup timelines so no standard exit load but investments are illiquid with long holding periods somewhere between 5-7 years

Conclusion

Negen Capital stands out as a boutique manager that has successfully combined event driven alpha opportunities with future ready technology investments. With their proven track record and research driven approach, the firm appeals to investors seeking sustainable wealth creation with utmost transparency and goes beyond traditional investment routes.

Whether through its flagship PMS, innovative Category III AIF or Angel Funds Negen continues to bring a fresh perspective to India’s wealth management landscape

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