India is on track to become a USD 10 tn economy by 2035 (~2.5x growth from today), and this expansion is creating a new generation of high-growth, private companies well before they ever reach public markets. Over 3,000 PE/VC-backed companies have already attracted more than INR 7 lakh crore of capital, and 1,900+ unlisted companies growing at 25%+ with positive EBITDA are approaching the point where they will need institutional capital, governance, and strategic support to get listing-ready. Investing in this pipeline today is an opportunity to partner with tomorrow’s market leaders before the world discovers them — much like the early backers of India’s most successful listed businesses did.
It is this perspective that led us to Carnelian Private Growth & Innovation Fund, designed to partner with entrepreneurs building high-growth, differentiated, and innovative businesses that seek strategic value beyond capital. The Fund follows a differentiated Growth-to-PIPE construct — investing across the Growth, Late-stage (Pre-IPO) and PIPE (listed) stages of a company’s journey — built to maximise IRR, preserve capital, and return capital to investors earlier than a traditional single-stage private equity fund.
