Carnelian Asset Management launches 1st private equity fund targeting ₹2000cr
Carnelian Asset Management just kicked off its first private equity fund, aiming to raise ₹2,000 crore to back India's growing mid-sized companies.
They've already locked in half (₹1,000 crore) from local family offices and wealthy investors.
Umesh Agarwal, managing partner for private equity at Carnelian Asset Management and a former 360 One executive, says they're hoping to wrap up the fundraising by December 2026.
Fund targets ₹100-300cr manufacturing pharma healthcare
This fund is looking to support companies that need between ₹100 crore and ₹300 crore, with a focus on manufacturing, pharma, and healthcare, areas where Carnelian has solid experience.
About 60% of investments will go into growth-stage businesses, plus some pre-IPO and public-market picks.
The plan is to make 15 to 18 investments and aim for strong returns (25% to 30%), with flexibility to switch between private and public markets depending on what makes sense at the time.
Initial bets have already been placed in consumer and white-goods manufacturing and auto ancillary sectors.