How We Invest

Two tracks, unlisted and listed, each with its own eligibility, its own mechanics, and its own version of what we call Value Creation. We keep them separate for the same reason we keep them separate in how we structure capital, blending them would misrepresent what’s actually true of each.

  • Governing principle, stated upfront, not buried in a proof point: everything below is built on one rule, value over volume. We measure ourselves by the quality and durability of the positions we hold, not the number of deals we close in a year. That’s why our numbers are concentrated rather than broad, and why we can say no to a company that fits the criteria on paper but not the discipline in practice.

Track One: Unlisted, Private Equity (₹20 to 200Cr revenue framework)

Most promoters we meet are running an income and survival model. Capital decisions get made when cash is tight, structured around keeping the business running rather than building it as something worth more tomorrow than it is today. Our investment exists to shift that, from survival to wealth and value creation.

Capital: Principal private equity investment. We deploy our own capital directly into the company, we are not an intermediary raising money on your behalf, and not an advisor charging a fee to help you find it.

Structure: Every position carries real downside protection, asset-backed preference structuring, quasi-collateral using tangible assets like plant, machinery, or inventory, and phased disbursement tied to performance and compliance milestones rather than a single lump sum. Capital is released as the company hits agreed markers, not before.

Regulatory and Governance Discipline: This is not SEBI or BSE compliance work, that belongs to a company once it’s listed. At this stage, it means Companies Act compliance, financial reporting rigor, and board and decision-making structure, the institutional habits that make a company fundable and, eventually, listable, if that’s the right path for it.

Value and Wealth Creation: The capital blueprint starts here. We position a company for a future raise or listing as part of the investment thesis from day one, not as a bolt-on once the business has grown. This is the deeper shift, from a business run to generate income, to a business built to hold and grow value.

A first-time promoter usually doesn’t know what a PE process actually looks like, and that uncertainty is often the biggest barrier to starting the conversation. Here’s the sequence:

  • We assess the business, its financials, its governance, and its growth trajectory against our ₹20 to 200Cr framework.
  • Term Sheet. We agree the shape of the investment, structure, protections, and milestones, before either side commits significant time to diligence.
  • Financial, legal, and operational diligence confirms what the term sheet assumed.
  • Definitive Agreements. Binding documentation, shareholder agreements, structuring instruments, governance terms.
  • Structured Deployment. Capital moves in phases, tied to the milestones agreed at term sheet stage, not all at once. This is also where the ongoing relationship starts, not where it ends.
Two Woman Brainstorming

Track Two: Listed, IPO & Preferential Allotments/Rights Issues

Many listed companies raised once at IPO and stopped there, still operating with a private company mindset while sitting inside the capital markets. Our capital comes with a capital blueprint, a systematic, ongoing fundraise calendar for the company and its promoters, built specifically because being listed should be an advantage a company keeps using, not a milestone it checked off once.

Capital: Principal investment through primary issuance only, IPO participation and, post-listing, preferential allotments and rights issues. Every position is capital going directly into the company, not bought from another shareholder.

Structure: The framework governing how a primary issuance is priced and allotted, SEBI ICDR pricing norms for preferential allotments, rights entitlement structuring, lock-in periods, and allotment tranching tied to the company’s capital blueprint. This is a different discipline from the unlisted track’s asset-backed preference structuring, every rupee goes directly into the company as fresh capital.

Regulatory and Governance Discipline: Ongoing listed-company fluency, SEBI ICDR and LODR compliance, Companies Act requirements for rights issues, disclosure obligations, and the governance discipline that shapes when and how a primary allotment is structured.

Value Creation: Our core thesis on this track. A capital blueprint means building the systematic fundraise calendar most listed MSMEs never had in the first place, understanding when the company can access follow-on capital, what governance and disclosure discipline that requires, and how the promoter’s own capital position fits into that calendar. Being listed opens the door. Most companies never learn to walk back through it a second time. We build the plan that does.

No investment happens in isolation. Every position on either track draws on the Oakwood Circle, our intermediary-facing platform for merchant bankers, auditors, company secretaries, debt specialists, and others who fit our criteria of attitude, integrity, and promoter access. The people who make a structure real, not just theoretical.