Alternative Investment Funds

Our highest-conviction ideas
found their home.

Two funds. ₹1,970.48 CR.

AlternativeInvestmentFund

Category III AIF · Open

Niveshaay Hedgehogs Fund

A SEBI-registered Category III AIF, managed by Niveshaay Investment Management Pvt. Ltd. and launched on 9 October 2024.

Entrepreneur-led and scuttlebutt-driven: a 100% small-cap portfolio of 56 listed and unlisted companies, concentrated in data centers, aerospace and defence, energy storage and electronics/EMS.

₹1,068.75 crore in AUM, benchmarked against the NIFTY Smallcap250, with 34.28% post-tax returns since inception (15 September 2026).

Performance

Niveshaay Pre Tax NAVNIFTY Smallcap250

9 Oct 2024,Dec 2024,Mar 2025,Jun 2025,Jul 2025,Aug 2025,Sep 2025,Oct 2025,Nov 2025,Dec 2025,Jan 2026,Feb 2026,Mar 2026,Apr 2026,May 2026,Jun 2026,Jul 2026,Aug 2026,15 Sep 2026

1000,1115.5,993.9,1081.8,1114.8,1113.4,1093.6,1136.5,1085.5,1086.0,1004.4,1008.2,936.1,1104.7,1236.5,1272.9,1266.2,1341.61,1343.54

1000,974.3,834.3,983.1,947.0,911.7,922.1,956.4,924.3,921.6,870.7,877.2,789.2,924.1,938.5,978.8,989.8,1041.81,988.34

75013801250,1000,8000,4,8,12,18See Returns34.2810.2038.8418.14

PeriodPre Tax NAVSmallcap250

Periodic Returns

Since Inception34.28

3 Months10.20

6 Months38.84

1 Year18.14

Post tax & fees · Updated on 15 September, 2026

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Category II AIF

Niveshaay Sambhav Fund

A SEBI-registered Category II AIF, managed by Niveshaay Investment Management Pvt. Ltd. and launched on 11 December 2024.

Entrepreneur-led and scuttlebutt-driven: a portfolio of 57 companies blending listed securities (54.43%) with unlisted positions (40.45%), across energy storage, consumption, data centers, recycling, and aerospace and defence.

₹901.73 crore in AUM at a NAV of 1277.77, with roughly 27.8% returns since inception (31 August 2026).

Performance

Niveshaay Sambhav NAV

Feb 2025,Apr 2025,Jun 2025,Aug 2025,Oct 2025,Dec 2025,Feb 2026,Apr 2026,Jun 2026,Aug 2026

985.56,1002.40,1004.19,1003.18,1006.83,996.54,962.93,1034.35,1183.37,1277.77

94013001200,1100,10000,3,6,9See Chart

PeriodPre Tax NAVSmallcap250

Fund Status

StatusClosed-ended

Portfolio57

AUM (₹ Cr)901.73

NAV1277.77

Closed-ended · Inception 11 Dec 2024 · As of 31 Aug 2026

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Bold companies
we're proud of backing

Years of scuttlebutt,
deepening every year.
The roots grow before the shoot.

Just like how Bamboo Grows

Research Spend

Year 1

Year 2

Year 3

Year 4

Year 5

Here’s how an

AIF works

We take fewer investors.

Which means fewer opinions to manage and no pressure to look busy.

We buy what we’ve studied.

Not what screened well. Not what’s working this quarter.

We don’t flinch.

When small caps fell 21%, we stayed 100% small cap.

Not by accident. This is capital that goes to work and stays at work.

These funds will not look diversified, and that's the point. They will look nothing like an index.

There will be times when nothing seems to move. Often, that's exactly when the work is paying off.

This page is information, not advice. Please read the fund documents in full before deciding anything.

A minimum of ₹1 Crore, and more importantly, money you can leave untouched while the thesis plays out. If it's capital you might need in a hurry, this is the wrong place for it.

We don't think in quarters, and neither can you. The businesses we back take time to become what we saw in them. There is no fast version of this.

The patience to hold when nothing seems to be happening. The conviction to stay still when the market gets loud. If that unsettles you, this may not be your seat. If it sounds like how you already think, you'll be at home here.