ValueQuest Tristar Fund, a private equity fund focused on India’s advanced manufacturing sector, has secured over $221 million (Rs 2,100 crore) in investor commitments within 15 months of its first close, according to an announcement.
The fund has surpassed its original fundraising target, including the full greenshoe option, ValueQuest said in a statement.
Tristar invests across aerospace, defence, precision engineering and energy-transition-linked manufacturing. The fund has invested in four companies so far: Hi-Q Electronics, a manufacturer of mission-critical printed circuit boards for the aerospace and defence sectors; Rangsons Aerospace, which specialises in fluid distribution systems and satellite communications; Waaree Energy Storage Solutions, focused on battery energy storage; and Trusted Aerospace & Engineers (TASE Global), a precision engineering company serving multiple industries with cross-border manufacturing capabilities.
“India is at the beginning of a multi-decade transformation in advanced manufacturing. But sector growth alone does not guarantee investment returns. The real differentiator is identifying the right businesses at the right stage of their evolution. The work we do upfront gives us the conviction to partner with strong promoters and deepen our exposure as they deliver against milestones,” said Aniket Dharamshi, co-founder and Managing Partner, ValueQuest Investment Advisors.
“In advanced manufacturing, competitive advantage is built over years through process expertise, rigorous customer qualification and consistent delivery on quality and reliability. Once a supplier becomes integral to a customer’s critical programs, replacing it can involve significant time, cost and execution risk. We seek businesses that can build on these capabilities to deepen customer relationships and translate industry growth into sustained, profitable growth,” said Arvind Ananthanarayanan, Partner, ValueQuest Private Equity.
ValueQuest Private Equity is the private equity platform of ValueQuest Investment Advisors. It manages over Rs 6,000 crore across two investment strategies, three funds and co-investments. ValueQuest Investment Advisors manages approximately $3.4 billion across public and private markets.
