ValueQuest Tristar Fund crosses INR 1,500 crore target, activates INR 500 crore greenshoe on strong investor demand
ValueQuest today announced that the ValueQuest Tristar Fund has surpassed its target fund size of INR 1,500 crore, activating its greenshoe option of an additional INR 500 crore due to strong investor demand, including commitments and interest from large family offices. The Fund’s original target corpus of INR 1,000 crore was therefore increased to INR 2,000 crore to reflect the expanding investment opportunity.
Ravi Dharamshi, Founder & CIO, ValueQuest, said: “Tristar represents our strong-conviction view on India’s emerging industrial champions. We are not participating in these sectors; we are positioning ourselves to lead in them. With deep sector insight, long-standing relationships and disciplined underwriting, we believe we have both the conviction and the capability to win in this opportunity set.”
The ValueQuest Tristar Fund is a growth-stage private equity strategy focused on backing emerging industrial leaders. The thematic fund invests across sectors such as aerospace, defence, energy transition and precision engineering – industries at structural inflection points, with growing long-term revenue and profit potential.
Aniket Dharamshi, Managing Director and Fund Manager, Tristar Fund, ValueQuest added: “When resilient business models, strong management teams and structural tailwinds align early in the life of a profit pool, we see potential for meaningful return differentials. Our focus is on identifying these inflection points and partnering with technically differentiated businesses with the ability to scale. We support our portfolio companies across stages of growth through capital and strategic business inputs where appropriate.”
The Fund has completed two investments to date:
Rangsons Aerospace, a precision manufacturing and product technology company serving marquee domestic and global aerospace and defence clients, including OEMs.
Waaree Energy Storage Solutions, a manufacturer of utility-scale lithium-ion cells, battery packs and energy storage systems for Indian and global markets.
The Fund continues to build an active pipeline across manufacturing including, in the aerospace, defence, precision engineering, electronic manufacturing and energy transition domains. Similar to other ValueQuest private funds, Tristar may seek to provide eligible investors with co-investment opportunities alongside the Fund.
Dr. Arvind Ananthanarayanan, Fund Manager, Tristar Fund, ValueQuest noted: “Investing in complex industries requires a multi-faceted approach grounded in ecosystem mapping and rigorous underwriting. By understanding how sub-sectors evolve and profit pools expand, we aim to verify key investment hypotheses, identify sensitivities and value drivers and assess which businesses are best positioned to emerge as future leaders.”
