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ValueQuest Tristar Fund Growth, Terminal Value & Predictability

Growth, Terminal
Value & Predictability

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Portfolio Strategy and Approach

  • icon for portfolio construction
    Portfolio
    construction

    8-12 mid-to late-stage companies

  • icon for characteristics
    Characteristics

    Strong unit economics with proven model

  • icon for investment Structure
    Investment
    Structure

    Substantial minority stake

  • icon for value creation
    Value Creation

    Companies at growth inflexion point

Key Facts

  • Target Fund Size

    ₹1500 cr plus
 ₹500 cr (greenshoe)

  • Fund Manager

    Aniket Dharamshi and Arvind Ananthanarayanan

  • Minimum Investment

    ₹1 crore

  • Fund Tenure

    8 years (+ 1 year + 1 year)

Tristar Leadership Image

Leadership Team

  • image of Ravi Dharamshi
    Ravi Dharamshi

    Founder & CIO

  • image of Aniket Dharamshi
    Aniket Dharamshi

    Co-Founder & Managing Partner

  • image of Arvind Ananthanarayanan
    Arvind Ananthanarayanan

    Managing Director & Fund Manager

Resource Drivers

Key sectors that the fund shall invest in

  • Aerospace

    • Demand-supply mismatch
    • Skilled low cost labour
    • OEM avoid China for IP reasons
    • High switching costs

    Click here for a
    Deep Dive report.

  • Defence

    • Strategic position of India
    • Push to deep indigenization
    • Budgetary constraints
    • Upgrade and electronics push

    Click here for a
    Deep Dive report.

  • Precision Engineering

    • GoI initiative
    • China + 1 strategy
    • Indian cost structure
    • Demand-supply mismatch
    • High switching costs

  • Manufacturing

    • GoI initiative
    • China + 1 strategy
    • Indian cost structure
    • Economy of scale

  • Energy Transition

    • Demand-supply mismatch
    • Skilled low cost labour
    • GoI initiative
    • China + 1 strategy

Focus of the Fund

Modus operandi of the fund

Strategy

  • Identify Companies on winning path

    Technology, execution, scale

  • Revisit the hypothesis

    Stress test the hypothesis in a timely manner to avoid blind spots

  • Partner with the right promoter

    Visionary in scope. Astute in operations

  • Cherish the right opportunity

    Right to participate in further rounds as needed

Defining the Sauce of Success

How the fund takes its decisions

Company Expertise

Company Expertise

  • Capital use
  • Margin/growth
  • Project selection
  • Knowledge & Talent
Icon for High Quality Promoter Team

High Quality Promoter Team

  • Competent
  • High ethics and CG
Icon for Sustained growth & high returns

Sustained growth & high returns

  • Sustained competitive advantage
  • Low competition
  • Low risk of disruption
  • High return ratios
  • Cash generation:
    Can be reinvested for growth or M&A
  • Icon for Sustained demand supply mismatch

    Sustained demand supply mismatch

    • Time and/or failure critical parts (OEM or aftermarket)
    • Long lead times/high switching cost to onboard new vendors/capacity
  • Icon for Product Complexity

    Product Complexity

    • High mix, low volume
    • Complex products with tight tolerances
    • 'Tribal knowledge' base
  • Icon for Regulations

    Regulations

    • Complex regulatory approvals
    • High bar of internal quality audits by customers
    • Long lead time to obtain certifications

ValueQuest Tristar Fund is a scheme of ValueQuest Tristar Trust, registered with SEBI as a Category II AIF vide registration number IN/AIF2/24-25/1741.

Quest4Value Investment Managers LLP is the Investment Manager of the Fund and ValueQuest Investment Advisors Private Limited is the Sponsor of the Fund.

Trustee - Axis Trustee Services Limited