India Inflection Opportunity Trust (IIOT), managed by Pantomath Capital Management, has rolled out its second Category-II alternative investment fund.
The new vehicle, the Bharat Value Fund, has a targeted corpus of Rs 2,000 crore (about $240 million). This includes a base amount of Rs 1,000 crore and a greenshoe option of an equal amount. The fund has received commitments of over Rs 1,000 crore in the first close itself. With this, the group’s assets under management have crossed $250 million.
Led by Madhu Lunawat, the fund aims to fill the void in the mid-market core economy segment by backing entrepreneurs with sustainable growth visions, the company said Monday. The fund is supported by sovereign funds, global investment firms, and Indian family offices, it said, without disclosing their names.
The fund, launched in April 2024, aims to capitalise on pre-IPO investment opportunities in growth-stage enterprises. It will target companies that promote the ‘Made in India’ ethos, focusing on import substitution, supporting exports and supporting rural consumption.
“Bharat Value Fund is designed to capitalize on the massive demographic opportunities in the mid-market segment that the Indian economy presents. We are confident that BVF will deliver robust returns and become a cornerstone of our investors' portfolios, helping them achieve long-term growth and financial success,” said Lunawat.
IIOT's inaugural scheme, the India Inflection Opportunity Fund (IIOF), had a corpus of Rs Rs 500 crore and was deployed within eight months of its final closure. It made 12 investments, with eight of these occurring in the last eight months.
The firm claims that one of the first fund’s notable successes includes a 10x valuation exit, with proceeds distributed to investors during the drawdown phase itself. It also claims that, to date, the first fund has returned over 60% of the invested amount to its investors. Its portfolio companies include Inventys Research Company, Silver Consumer Electricals, MKC Agro Fresh, SAR Televenture, and Vikran Engineering & Exim.
Lunawat, the chief investment officer of India Inflection Opportunity Trust, is also the co-founder of Pantomath Financial Services Group. She has experience in corporate finance, treasury operations, investment banking, valuations and asset reconstruction.
