Key Takeaways
- • ValueQuest's Tristar Fund secured more than ₹2,100 crore (about $221 million) in investor commitments, surpassing its original target including the full greenshoe option, according to HedgeCo.Net.
- • The milestone was reached within 15 months of the fund's first close.
- • Tristar is a closed-ended Category II Alternative Investment Fund managed by Quest4Value Investment Managers LLP, with ValueQuest Investment Advisors as sponsor, focused on aerospace, defence, precision engineering and energy-transition-linked manufacturing.
- • The fund has four portfolio investments: Hi-Q Electronics, Rangsons Aerospace, Waaree Energy Storage Solutions and Trusted Aerospace & Engineers (TASE Global).
- • ValueQuest, which moved into private equity in 2023, manages more than ₹6,000 crore and is raising SCALE Fund II for growth and late-stage deals.
Summary
ValueQuest Tristar Fund, an Indian private equity fund focused on advanced manufacturing, said on Monday that it has secured more than ₹2,100 crore, or about $221 million, in investor commitments. According to HedgeCo.Net, the total surpasses the fund's original target and includes the full greenshoe option, and the milestone was achieved within 15 months of the fund's first close.
Tristar is a closed-ended Category II Alternative Investment Fund. It is managed by Quest4Value Investment Managers LLP, with ValueQuest Investment Advisors acting as sponsor. The fund invests across aerospace, defence, precision engineering and energy-transition-linked manufacturing.
The fund has made four investments. Hi-Q Electronics makes mission-critical printed circuit boards for aerospace and defence. Rangsons Aerospace specializes in fluid distribution systems and satellite communications. Waaree Energy Storage Solutions is focused on battery storage, and Trusted Aerospace & Engineers (TASE Global) is a precision engineering company with cross-border manufacturing capabilities.
Aniket Dharamshi, co-founder and managing partner of ValueQuest Investment Advisors, said that "sector growth alone does not guarantee investment returns." He added that the firm's upfront work allows it to partner with promoters and deepen exposure as they deliver against milestones.
ValueQuest, a public-markets manager that moved into private equity in 2023, manages more than ₹6,000 crore across two strategies, three funds and co-investments. The firm is also raising SCALE Fund II for growth and late-stage deals. The close adds to evidence that domestic and global limited partners are increasingly committing to India's manufacturing build-out, a theme driven by supply chain diversification and the localization of defence procurement.
Tristar is a closed-ended Category II Alternative Investment Fund. It is managed by Quest4Value Investment Managers LLP, with ValueQuest Investment Advisors acting as sponsor. The fund invests across aerospace, defence, precision engineering and energy-transition-linked manufacturing.
The fund has made four investments. Hi-Q Electronics makes mission-critical printed circuit boards for aerospace and defence. Rangsons Aerospace specializes in fluid distribution systems and satellite communications. Waaree Energy Storage Solutions is focused on battery storage, and Trusted Aerospace & Engineers (TASE Global) is a precision engineering company with cross-border manufacturing capabilities.
Aniket Dharamshi, co-founder and managing partner of ValueQuest Investment Advisors, said that "sector growth alone does not guarantee investment returns." He added that the firm's upfront work allows it to partner with promoters and deepen exposure as they deliver against milestones.
ValueQuest, a public-markets manager that moved into private equity in 2023, manages more than ₹6,000 crore across two strategies, three funds and co-investments. The firm is also raising SCALE Fund II for growth and late-stage deals. The close adds to evidence that domestic and global limited partners are increasingly committing to India's manufacturing build-out, a theme driven by supply chain diversification and the localization of defence procurement.
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