Gaja Alternative Asset Management Limited

1. Overview

Gaja Alternative Asset Management Limited ("Gaja Capital") is a well-established, independent and home-grown alternative asset management company ("AMC") with 20 years of vintage. The Company operates as an investment manager to India-focused funds — spanning Category II and Category I Alternative Investment Funds ("AIFs") — and additionally acts as an advisor to offshore funds that channel capital into Indian companies.

The Company was incorporated in 1999 and has built its franchise around a mid-market private equity strategy. Its portfolio of investments across managed and advised funds is diversified across EEE (Education, Employment & Enterprise), financial services, consumer and digital technology. As of March 31, 2026, the funds oversaw 18 portfolio companies (up from 15 in FY24), predominantly headquartered in Western India (44.4%) and Southern India (33.3%), with the balance in Northern India and a single overseas entity.

Gaja Capital sits within one of India's fastest-growing managed-product categories. Industry AIF commitments have compounded at ~29.2% CAGR between March 2019 and March 2026 to reach ₹16.9 trillion (₹16,90,000 Crore), and are projected to grow at 25–27% CAGR to ₹41–44 trillion by March 2030. Category II AIFs — Gaja's core arena — command 75.2% of commitments raised as of FY26, underscoring the Company's positioning in the structurally dominant segment.

Financially, the Company scaled Revenue from Operations to ₹135.53 Crore in FY26 (from ₹95.64 Crore in FY24) and delivered Profit After Tax of ₹81.96 Crore at a PAT Margin of 51.94% — a profitability profile characteristic of a capital-light, fee-plus-carry AMC model.

2. Business Model and Revenue Streams

Revenue Architecture

Gaja Capital derives income from three distinct streams, giving it a blend of recurring and performance-linked economics:

Management Fee — recurring, AUM-linked fee income; the stable annuity base of the model.

Carried Interest — performance fee earned on fund returns above hurdle; lumpy and event-driven.

Income from Sponsor Commitment / investments in funds — returns on the Company's own capital co-invested alongside LPs ("skin-in-the-game").

The table below sets forth the income mix across the three reported fiscals:

# Income from Sponsor Commitment was Nil in FY25, primarily on account of a fair value loss.

Structural Observations

Shift toward performance economics: The revenue base has rotated decisively from Management Fee to Carried Interest. Management Fee fell from 72.96% of total income in FY24 to 38.07% in FY26, while Carried Interest rose from 17.69% to 47.79% — signalling maturing vintages harvesting gains, but also introducing greater earnings volatility, since carry timing is unpredictable.

Single reportable segment: Operating results are monitored as one business segment, disclosed geographically across India and Mauritius.

Customer construct: The Company serves two customer sets — Limited Partners (LPs) who commit capital, and Portfolio Companies that receive it. Revenue-concentration-among-top-five-customers disclosure is not applicable under the AMC construct.

Sponsor co-investment scale: Fair market value of Sponsor Commitments in Gaja Capital Funds stood at ₹243.62 Crore (FY26), ₹201.54 Crore (FY25) and ₹220.48 Crore (FY24) — a material own-balance-sheet alignment with investors.

3. Products and Service Portfolio

Gaja Capital's "products" are its fund vehicles and the investment management/advisory mandates attached to them.

Fund Platform

Category II AIFs and Category I AIFs — India-focused, mid-market private equity strategy.

Advisory mandates to offshore funds — extending the Company's reach to global capital pools investing into India.

Named vehicles referenced in the Objects of the Offer: constituent funds of Fund IV (including Gaja Capital India Fund 2020 LLP and Gaja Capital India Fund 2021), the proposed Fund V, and a Secondaries Fund.

Portfolio Operating Data

4. Key Business Strengths

• Established, differentiated AMC franchise — a 20-year-vintage, independent and home-grown platform with a business model focused on driving enterprise value.
• Proven, consistent fund track record — delivering performance across the Gaja Capital Funds, with a Weighted Average Return on Net Worth of 13.90% over the last three fiscal years.
• Large structural headroom — anchored in the high-growth Indian alternative asset industry (₹16.9 trillion, growing 25–27% CAGR), squarely within the dominant Category II AIF segment.
• Invest-and-collaborate philosophy — active value addition to portfolio companies rather than passive capital deployment.
• Strong alignment of interest — meaningful Sponsor Commitments (₹243.62 Cr FMV) ensure "skin-in-the-game" with fund investors.
• Experienced promoter and management bench — led by MD & CEO Mr. Gopal Jain (co-founder, ex-SEBI AIPAC member) and Executive Vice-Chairman Mr. Ranjit Jayant Shah.
• Diverse global LP relationships — long-standing, well-established industry relationships across a global investor base.
• Robust financial profile — strong balance sheet with Net Worth of ₹606.51 Crore and low Debt-to-Equity of 0.07x in FY26.

5. Future Growth Strategy

• Compound enterprise value — leverage the existing business model and deliver on identified key value drivers.
• Ride the AIF wave — capitalize on AIF-segment growth and deepen focus on high-growth mid-market sectors of the Indian economy.
• Extend the flagship PE strategy — sustain investment performance and growth in the core private equity franchise.
• Launch adjacent strategies — deploy expertise into new growth strategies (including the proposed Fund V and Secondaries Fund).
• Strengthen talent proposition — enhance the employee value proposition to attract and retain investment talent.
• Broaden investor reach — expand LP relationships across India and globally, reinforcing industry relationships.