Target 20–25 % net IRR over 10 years by backing capital-efficient Indian start-ups that already earn revenue, buying at disciplined valuations, and guiding them to profitable scale.
Track Record & Portfolio Highlights

• Proprietary seed book (50 cos.) – 68 % IRR since 2016.

• Series-1 (₹ 170 Cr, 2023 vintage) – 18 active positions; median NAV uplift +42 % YoY; first IPO exit (New Jaisa, NSE-SME) realised +95 % price pop.

Select valuation uplifts since entry
Alt Mobility ×5.0, Unorg ×3.0, Pantherun ×2.0, University Living ×2.0. Past performance may not sustain.

1. Stage & Ticket – Pre-Series A cheques (₹ 3–7 Cr) into companies with ≥ ₹ 3 Cr ARR and a credible lead investor on the cap-table.
2. AI-Driven Funnel – From ~1000 annual inbound pitches, Yoda.ai’s 18-factor score narrows the list to ≈ 30; full-stack diligence trims it to 5-7 investments/yr.
3. Diversified Core – Equal-weighted positions across eight verticals (AI-SaaS, Fin-tech, EV, Spacetech, Consumer, Supply-chain, Cyber-security, Chip-design).
4. Active Stewardship – monthly MIS, quarterly founder forums, access to public-market networks and later-stage VCs.
5. Disciplined Exits – strategic sale, large up-round (≥ 10×) or IPO; no automatic reinvestment—capital returned to LPs at exit.

Piper Serica believes that businesses with real revenues and prudent governance out-compound burn-driven peers; data science minimises selection bias while human insight catalyses growth.
Risk Mitigation & Governance

• Zero exposure to loss-making “blitz-scale” models.

• SPV per deal isolates risks; no cross-contagion.

• 5-layer diligence – business, tech, customer, competitor, forensic.

• Annual independent valuation; LPs receive online dashboards + monthly e-statements + quarterly deep-dive webinars.

Key Fund Terms

Deal-Sourcing Edge (“The Moat”)

• Deep ecosystem network spanning VC funds, investment banks, incubators & accelerators for co-investing and proprietary pipeline.

• 7,000+ early-stage deals screened over 8 yrs; very low mortality across 70 live investments.

Ideal Investor Profile

• Angels & family offices seeking curated, data-driven early-stage exposure.

• HNWIs preferring profitability discipline over high-burn hyper-growth.

• Portfolios looking to complement public equities with AI-selected private brands.