The ValueQuest Tristar Fund has garnered commitments worth Rs 1,500 crore, activating the greenshoe option of an additional Rs 500 crore, it said in a statement on Wednesday.
The fund, which had initially set a target corpus of Rs 1,000 crore, saw strong investor demand, including commitments and interest from large family offices, it added.
“Tristar represents our strong-conviction view on India’s emerging industrial champions,” said Ravi Dharamshi, founder and CIO, ValueQuest.
“We are not participating in these sectors; we are positioning ourselves to lead in them. With deep sector insight, long-standing relationships and disciplined underwriting, we believe we have both the conviction and the capability to win in this opportunity set,” he added.
The ValueQuest Tristar Fund, managed by ValueQuest, is a growth-stage private equity (PE) strategy focused on backing emerging industrial leaders. The thematic fund invests across sectors such as aerospace, defence, energy transition, and precision engineering— industries at structural inflection points with growing long-term revenue and profit potential.
“When resilient business models, strong management teams, and structural tailwinds align early in the life of a profit pool, we see potential for meaningful return differentials. Our focus is on identifying these inflection points…” said Aniket Dharamshi, Managing Director and Fund Manager, Tristar Fund, ValueQuest.
Similar to other ValueQuest private funds, Tristar may seek to provide eligible investors with co-investment opportunities alongside the fund.
