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Investment Strategy and Approach

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    Scale of
    Opportunity

    Structural demand drivers and multiple growth vectors

  • icon for characteristics
    Business Quality

    Moats through complexity and customer embeddedness

  • icon for investment Structure
    Promoter

    Visionary in scope and astute in operation

  • icon for value creation
    Margin of Safety

    A multi-stage investment

Where we Invest

Strategic manufacturing is shifting from a niche allocation to a structural and significant opportunity in India

  • 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

    Click here for a
    Deep Dive report.

Tristar Fund Highlights

  • Fund Size

    Target INR 2,000 Cr plus INR 500 Cr greenshoe

  • Fund Tenure

    8 years from Initial Close (June 2025)

  • Investee Companies

    3

  • Fund Status

    Active Deployment

Leadership Team

  • Ravi
    Ravi Dharamshi

    Founder & CIO – ValueQuest

  • Sameer Shah
    Sameer Shah

    Co-Founder & Fund Manager - ValueQuest

  • Aniket
    Aniket Dharamshi

    Co-Founder & Managing Partner – Private Equity

  • Dr. Arvind Ananthnarayanan
    Dr. Arvind Ananthnarayanan

    Partner – Private Equity

  • Sachin Mehta
    Sachin Mehta

    Partner – Private Equity

  • Niyati Tanna
    Niyati Tanna

    Partner – Private Equity

Investee Companies

Rangsons Aerospace

Precision manufacturing and product technology company: Fluid Distribution Systems, Thermal Management Systems, and Satellite Communications

AEROSPACE & DEFENCE

Waaree Energy Storage Solutions

A subsidiary of Waaree Energies Ltd. Manufactures Lithium-ion and/or Sodium-ion Cells, Packs and Battery Energy Storage Solutions (BESS)

ENERGY STORAGE

Hi-Q Electronics

Manufacturer of complex, high-reliability PCBs for mission-critical industries such as Aerospace & Defence

ELECTRONICS MANUFACTURING

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