ValueQuest Tristar Fund

VQ Private Equity is ValueQuest’s dedicated private-markets platform, managing over INR 6,000+ Cr in AUM including co-investments across 3 funds (S.C.A.L.E. Fund I, S.C.A.L.E. Fund II, Tristar Fund) and 20 portfolio companies to date with a dedicated team of 16 investment professionals.

The platform is part of the larger ValueQuest Group, which manages over USD 3.2 billion across public and private markets, built on a long-standing research and investment legacy dating back to the firm’s founding in 2010. That legacy of deep proprietary research, an investor mindset, and institutional discipline is what VQ Private Equity draws in sourcing, underwriting, and building portfolios that deliver the desired outcome for its clients.

• SEBI Registration No: IN/AIF2/24-25/1737

• Structure: Close-ended

• Fund Leadership: Ravi Dharamshi (Founder & CIO, ValueQuest Group) and Aniket Dharamshi (Co-Founder & Managing Partner, Private Equity)

• Target Fund Size: INR 4,000 Cr (including greenshoe)

• Typical Investment Size: INR 150-350 Cr

• Typical Ownership: Minority stake

• Fund Tenure: 8 years from Initial Close (Jun 2025), +1+1 year extensions available per SEBI AIF Regulations

Tristar tests every investment candidate against four criteria: scale of opportunity (a large addressable market with structural demand drivers and multiple growth vectors), business quality (moats built on complexity, customer embeddedness, and operating leverage), promoter quality (execution discipline, governance orientation, and institutional ambition), and valuation (a margin of safety, approached through multi-stage investment).

The team’s edge is built before capital is deployed. Sector thesis, deep value-chain mapping and promoter networks let the team trace structural shifts through the value chain to identify where value is most likely to accrue and be retained via research-led sourcing, partnership-led value creation, and discipline-led capital allocation.

• High conviction, thematic mandate across five adjacent sectors chosen for its complexity, criticality, tight tolerances, long lead times, tribal knowledge and adjacency-led compounding potential

• Backed by structural tailwinds: policy support and import substitution, global supply-chain diversification, and India’s geopolitical alignment and improving cost, engineering, and infrastructure position

• Staged, conviction-based underwriting: initial entry when thesis, capability, and customer traction are visible, followed by re-underwriting and follow-on capital as execution milestones are demonstrated

• Targets significant minority stakes in founder-led companies providing capital alongside institutional partnership for capacity expansion, capability build-out, and governance

• Rangsons Aerospace – A precision manufacturing and product technology company serving Aerospace & Defence.

• Waaree Energy Storage Solutions – Battery Energy Storage Solutions (BESS).

• Hi-Q Electronics – A PCB manufacturer serving Aerospace & Defence.

• Trusted Aerospace & Engineering (TASE Global) – A global precision manufacturing company serving the aerospace, defence, medical, and precision industrial sectors.

• Illiquidity: capital is locked for the fund’s tenure (8 years, extendable by up to 2 further years); units are not listed or freely transferable.

• No assurance of returns or capital

• Concentration: a thematic mandate concentrated across five adjacent sectors means outcomes are more exposed to sector-specific and macro conditions.

• Policy dependence: the fund’s core thesis in some sectors relies materially on continued government policy support (import substitution, defence indigenization, PLI-linked incentives)

• Valuation: unlisted investments are valued periodically by independent third parties; interim values may differ from eventual realizable value.

• Regulatory and tax: changes in SEBI AIF regulations or applicable tax treatment could affect the fund or its returns.

• Suitability: intended for sophisticated investors on a private-placement basis; read the Private Placement Memorandum and related fund documents in full before investing.