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ValueQuest Tristar Fund

Growth, Terminal
Value & Predictability

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Portfolio Strategy and Approach

  • Portfolio
    construction

    8-12 mid-to late-stage companies

  • Characteristics

    Strong unit economics with proven model

  • Investment
    Structure

    Substantial minority stake

  • Value Creation

    Companies at growth inflexion point

Key Facts

  • Target Fund Size

    ₹600 cr plus
 ₹400 cr (greenshoe)

  • Minimum Investment

    ₹1 crore

  • Fund Tenure

    8 years (+ 1 year + 1 year)
Tristar Leadership Image

Leadership Team

  • Ravi
    Ravi Dharamshi

    Founder & CIO

  • Aniket
    Aniket Dharamshi

    MD & Fund Manager

  • Arvind
    Arvind Ananthanarayanan

    Director Investments & 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
    Aerospace

    Click here for a
    Deep Dive report.
  • Defence
    • Strategic position of India
    • Push to deep indigenization
    • Budgetary constraints
    • Upgrade and electronics push
    Defence

    Click here for a
    Deep Dive report.
  • Precision Engineering
    • GoI initiative
    • China + 1 strategy
    • Indian cost structure
    • Demand-supply mismatch
    • High switching costs
    Precision Engineering
  • Manufacturing
    • GoI initiative
    • China + 1 strategy
    • Indian cost structure
    • Economy of scale
    Manufacturing
  • Energy Transition
    • Demand-supply mismatch
    • Skilled low cost labour
    • GoI initiative
    • China + 1 strategy
    Energy Transition

Focus of the Fund

Modus operandi of the fund

Strategy Icon
Strategy
  • Identify Companies on winning path

    Technology, execution, scale

    Winning Companies
  • Revisit the hypothesis

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

    Revisit the hypothesis
  • Partner with the right promoter

    Visionary in scope. Astute in operations

    Partner with the right promoter
  • Cherish the right opportunity

    Right to participate in further rounds as needed

    Cherish the right opportunity

Defining the Sauce of Success

How the fund takes its decisions

Company Expertise
Company Expertise
  • Capital use
  • Margin/growth
  • Project selection
  • Knowledge & Talent
High Quality Promoter Team
High Quality Promoter Team
  • Competent
  • High ethics and CG
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 1
    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 2
    Product Complexity
    • High mix, low volume
    • Complex products with tight tolerances
    • 'Tribal knowledge' base
  • Icon 3
    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