On February 18, 2026, Mumbai-based ValueQuest Investment Advisors announced the successful close of its ₹2,000-crore private equity fund, ValueQuest Tristar.
Originally targeting ₹1,500 crore, the fund saw significant oversubscription from domestic Limited Partners (LPs), including Ultra-High-Net-Worth Individuals (UHNIs) and family offices, prompting the activation of its ₹500-crore greenshoe option. The fund is 100% rupee-denominated, signaling strong domestic confidence in India’s industrial “Renaissance.”
Investment Strategy: The “Advanced Manufacturing” Lens
The Tristar fund is designed to bridge the gap between venture-backed startups and public markets, focusing on “profitable scale-ups” rather than loss-making ideas.
- Target Sectors: Aerospace, Defence, Energy Transition, and Precision Engineering.
- Cheque Sizes: ₹150 crore to ₹400 crore.
- Portfolio Concentration: Aiming to back 8–12 companies over a deployment cycle of 18–24 months.
- Philosophy: Funding capex and working capital for businesses with proven product-market fit and positive unit economics.
Early Deployments & Portfolio
ValueQuest has already made high-profile moves from this corpus to anchor its presence in the “Make in India” supply chain:
| Company | Sector | Investment | Role in Ecosystem |
| Rangsons Aerospace | Aerospace & Defence | ₹100 Crore | Maiden investment; provider of high-complexity sub-systems for global OEMs. |
| Waaree Energy Storage (WESSPL) | Energy Transition | ₹125 Crore | Manufacturing lithium-ion and sodium-ion cells/battery packs (20 GW target). |
Why Now? The “Manufacturing Renaissance”
Founder and CIO Ravi Dharamshi argues that India is moving from “efficiency-driven” to “resilience-driven” globalization.
- Import Substitution: Capturing the $300 billion global CRDMO (pharma) and aerospace markets where India has low but growing market share.
- Public Market Synergy: Leveraging the trend of specialized manufacturing firms (like HAL, BEL, and Mazagon Dock) successfully tapping the IPO route.
- Capex Cycle: Aligning with the massive multi-billion dollar capex cycles currently being undertaken by conglomerates like Tata, Adani, and Reliance.
“India may require between ₹2.5–10 lakh crore over the next decade to build manufacturing capacity—not to beat China, but to compete meaningfully.” — Aniket Dharamshi, MD & Fund Manager, ValueQuest.
