In just three months, Ahmedabad-based Steptrade Capital has notched a headline-grabbing first close—₹100+ crore—for its ₹500 crore Chanakya Opportunities Fund II. The Category II AIF is already drawing strong interest from ultra-HNIs and family offices betting on India’s pre-IPO boom.economictimes.indiatimes+3

Deal Snapshot: Chanakya Opportunities Fund II

Fund Size (Target): ₹500 crore
First Close: ₹100+ crore (July 2026)
Launch: February 2026
Structure: SEBI-registered Category II AIF
Ticket Size: Typically ₹1 crore+
Deployment Start: August 2026

Metric	Figure
Time to First Close	3 months
Target Corpus	₹500 Cr
First Close	₹100+ Cr
Focus Sectors	Advanced Manufacturing, Energy Transition, Emerging Tech
Strategy	Pre-IPO & Growth-Stage Equity

Why This Fund Is a Magnet

Proven Track Record: Steptrade deployed ~₹177 crore across 63 IPOs in 24 months, averaging ~35% listing gains.
SME Mastery: 44% of capital went into SME issues—showing deep roots in India’s small-cap ecosystem.
Sector Tailwinds: Manufacturing, energy transition, and tech are hotbeds for pre-IPO value creation.economictimes.
Anchor Investor Cred: Known for strategic placements in both mainboard and SME listings.

Fund Performance DNA (From Earlier Steptrade AIFs)

Chanakya Fund I: Final close at ₹100 crore; structured 5-year exit playbook focused on SMEs and microcaps.
Revolution Fund-II: NAV 100.09 as of Aug 2025; 92%+ in unlisted assets, outperforming microcap benchmarks.
XIRR Benchmarks: 136%+ returns reported in prior Chanakya cycles (as of Jan 2024).

Who’s Backing It?

Ultra-HNIs & Family Offices: Seeking private equity-like exposure with India growth stories.
Strategic Investors: Aligning with Steptrade’s IPO anchor expertise.
Institutional Allocators: Viewing COF II as a pre-IPO sleeve in diversified portfolios.

The Bigger Picture

Steptrade isn’t just raising capital—it’s consolidating its position as India’s go-to pre-IPO and SME specialist. With ₹100 crore already in the door and deployments slated to begin this August, Chanakya Opportunities Fund II is poised to ride the next wave of India’s private market explosion.

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