Investment funds in India

AZB & Partners

AZB & Partners is a leading firm for fund formation expertise for all manner of investors, including unique sovereign funds, family offices, private equity houses, pension funds and joint venture REIT (including affordable urban housing) platforms. Practice co-heads Ashwath Rau and Sai Krishna Bharathan, along with, Pallabi Ghosal assist with the full fund cycle, from structuring distressed fund ventures, mezzanine finance arrangements and offshore structures, to handling the closing and exit strategy. The team advises venture capital funds investing in startups in the fields of healthcare, agriculture, renewables and advanced technology innovations.

Practice head(s):

Ashwath Rau; Sai Krishna Bharathan

Other key lawyers:

Pallabi Ghosal


Technically sound, approachable and effective.

Pallabi Ghosal has great communication skills, knowledge and tenacity.

Ananya Sonthalia provides knowledge, focus and timeliness.


Key clients

Bain Capital Credit

Alkemi Venture Partners

Dr. Archana Hingorani

Avaana Capital Advisors

Cardpdiem Advisors

CDC Group

Clearwater investment Advisors India

Edelweiss Alternative Asset Advisors

Epventure Partners (India)

HDFC Property Ventures

Ivanhoe Cambridge

IDFC Alternatives

International Finance Corporation

Investec Bank

ICICI Prudential Asset Management Company


Leo Capital

Morgan Stanley Infrastructure

Filter Capital India Advisors

Reliance Industries

SCP India Advisors

SCP Holdings

Circle Park Capital Advisors

Work highlights

  • Assisted Aditya Birla and Värde Partners with establishing a distressed fund strategic joint venture.
  • Assisted HDFC Capital Affordable Real Estate Fund 2 with its investment platform which seeks to provide mezzanine finance to developers of mid-income and affordable urban housing projects.
  • Assisted CIIE Advisors with entering into an advisory agreement to provide investment services to Bharat Inclusive Technologies Seed Holdings.
  • Advised on the establishment of the India Office Assets Fund I which will make investments in commercial office assets located in Bangalore, Hyderabad, Chennai, Pune, National Capital Region and Mumbai Metropolitan Region.
  • Advised CIIE Advisors on the first closing of the Bharat Innovation Fund.

Cyril Amarchand Mangaldas

Cyril Amarchand MangaldasShagoofa Khan is a leading name in the fund of funds space, having handled the establishment of National Investment and Infrastructure Fund's fund of fund platform and subsequent downstream investments. Joint venture investment exercises are another strong point for the team for fund types including private equity, venture capital, distressed funds, REITs and infrastructure funds. The full lifecycle is managed by the firm, from the establishment of all manner of vehicles and ongoing regulatory compliance to the winding-up process. Domestic fund buyouts by foreign investors is another niche field of expertise. Ravindra Bandhakavi has joined from Trilegal.

Practice head(s):

Cyril Shroff; Shagoofa Rashid Khan

Other key lawyers:

Danish Kazi


The team is responsive, perspicacious and engaging.

Shagoofa Rashid Khan works swiftly and tirelessly and is a complete professional; the same can be said for Danish Kazi.

Key clients

National Investment and Infrastructure Fund

Canada Pension Plan Investment Board

Asian Infrastructure Investment Bank

Capital Dynamics

Fund Counsel for Edelweiss Infrastructure Yield Plus

IDFC Alternatives

The Phoenix Mills

AION India Investment Advisors

SSG Advisors LLP

Emso Asset Management

LICHFL Asset Management Company

UTI Capital

CLSA India

Samara Capital

Kotak Investment Advisors

Work highlights

  • Acted for National Investment and Infrastructure Fund on the establishment of its innovative fund of fund structure involving a INR3200 crore investment by the Indian Government.
  • Acted for Canada Pension Plan Investment Board on its investment in infrastructure development trust IndInfravit.
  • Advised Asian Infrastructure Investment Bank on its $150m investment into the North Haven India Infrastructure Fund AIF.
  • Advised Capital Dynamics in the buyout of of Asian Healthcare Fund and subsequent investment commitments.
  • Advising Edelweiss Alternative Asset Advisors as fund counsel for the structuring and set up of Edelweiss Infrastructure Yield Plus, an infrastructure focused AIF.

Khaitan & Co LLP

The market-leading 12-strong team at Khaitan & Co LLP handles the entire process of fund structuring and formation across the range of asset classes from angel investment and venture capital to private equity, REITs, distressed funds and mezzanines. Siddharth Shah leads the team with solid support from the likes of Divaspati Singh, Vivek Mimani and associate Gaurita Udiyawar; routine instructions are received by government bodies, international funds and domestic investors to establish their bespoke investment platforms.

Practice head(s):

Siddharth Shah

Key clients

Bain Capital-Piramal JV

Oman India Joint Investment Fund Management

Ascent Capital Advisors India

IIFL Wealth Management

Piramal Fund Management

Kotak Investment Advisors


TVS Capital Funds

Eastbridge Capital

Evolvence Capital

Franklin Templeton

Edelweiss Asset Management (Forefront Capital)

IDFC Alternatives

Peninsula Brookfield


Sundaram Alternatives

Motilal Oswal

Lightbox Ventures

Tata Asset Management

BPEA Investment Managers (Barings Private Equity)

Indiabulls Asset Management

JM Financial

Sanaka Capital

Elevar Capital

Convergent Capital

Endiya Fund Advisors

JB Cerestra Investment Management

HealthQuad Advisors

Quadria Capital

Centrum Capital

IvyCap Advisors

Kotak Asset Management

Work highlights

  • Assisted TVS Capital Funds with the establishment of its Category II AIF.
  • Assisted Ascent Capital Advisors with the establishment of its Category II AIF.
  • Acted as fund counsel to India Resurgence Fund (a distressed funds joint venture between Piramel Enterprises and Bain Capital Credit).
  • Advised on the structuring of he Motilal Oswal ICAV set of funds.
  • Assisted Tata Alternative Investment Funds with the establishment of its Category III AIF.

Nishith Desai Associates

Nishith Desai Associates has a solid reputation for establishing complex funds vehicles for US and European-based investors, advising on appropriate structures for all manner of funds including technology, infrastructure, real estate, multi-currency and regional funds.


Trilegal’s investment funds practice assists significant domestic and international private equity clients through the full fund lifecycle. Harsh Pais handles high-value fund formation exercises, subsequent investment transactions with target companies (including stake acquisitions and joint ventures) and exit strategy (including trade sales and IPOs). Nishant Parikh is a go-to name for distressed fund strategy and new additions to the partnership Ganesh Rao and Aditya Jha (both coming from AZB & Partners) further strengthens the firm’s asset management offering. Ravindra Bandhakavi has moved to Cyril Amarchand Mangaldas.

Key clients

Softbank Vision Fund

OMERS Infrastructure

India Resurgence Fund

National Investment and Infrastructure Fund

GIC of Singapore

Blackstone Group

Caisse de dépôt et placement du Québec

Khazanah Nasional Berhad

International Finance Corporation

Varde Partners Asia

Kotak Investment Advisors

H.I.G Capital

Work highlights

  • Advised Kotak Investment Advisors on the establishment of the $500m Kotak Special Situations Fund.
  • Advised Caisse de dépôt et placement du Québec on its INR1800 crore investment into the non-banking financial arm of Edelweiss Group.
  • Advising Varde Partners Asia on its $1bn distressed fund joint venture with Aditya Birla.
  • Advised private equity firms Blackstone Group on its $460m majority stake acquisition of Essel Propack.
  • Advised Softbank Vision Fund on its $200m investment in PolicyBazaar.

ALMT Legal

With an emphasis on the venture capital space, ALMT Legal’s investment funds practice (headed by Statira Ranina and Dhanya Menon) is regularly instructed to assist with transaction structuring, negotiations and regulatory compliance. The firm’s client list comprises both funds and business founders across industries such as real estate, manufacturing, food and beverages, education and technology.

Practice head(s):

Statira Ranina; Dhanya Menon


The professionalism of the team is excellent.

Siddhi Ghatlia is a fine professional, always delivering immaculate work.

Key clients

SIDBI Venture Capital

August Jewellery

Ventureast Funds

Aquasail Distribution Company

WRV Capital

Stellapps Technologies

Clix Capital

Techmed Health Care and Diagnostics

Astrome Technologies

Sanghvi Beauty & Technologies

Work highlights

  • Advised SIDBI Venture Capital on its INR350m investment in Mynd Solutions.
  • Advised August Jewellery on its venture capital investment from Lightbox Ventures.
  • Advised Sanghvi Beauty & Technologies on its INR130 crore investment by Bessemer India Capital Holding, LÓccitane International and the Kedar Mankekar family.
  • Advised Clix Capital in its INR80 crore venture debt financing to Samar Retail.
  • Advised SIDBI Venture Capital on its INR100m investment in Vaishno Devi Food Products.

Economic Laws Practice

The private equity and venture capital team at Economic Laws Practice has a strong client list of joint venture investors for which the team handles the full range of transactional support from structuring and negotiations to target due diligence and exit strategy. The team includes Suhail Nathani, Sujjain Talwar (joint practice heads) and Darshan Upadhyay, who supply ongoing support during a fund’s cycle, providing advice on regulatory changes, tax implications, corporate governance and compliance with investment agreements.

Practice head(s):

Suhail Nathani; Sujjain Talwar

Other key lawyers:

Darshan Upadhyay

Key clients

Samara Capital Partners Fund II and Samara Alternate Investment Fund

Samara Capital

Mayfield FVCI

SD Corporation

Mayfield India II

Seven Islands Shipping

Multi-Act Trade & Investments

Coventry Properties

Stellar Value Chain Solutions

Ambit Pragma Fund


Google Capital

New Silk Route Advisors

New Vernon Private Equity

Oman India Joint Investment Fund

Piramal Enterprises

Somerset Indus Capital Partners

State Bank of India/ The Neev Fund

Impresario Entertainment and Hospitality

Celox Pandion

Samara Capital Partners Fund II and Samara Alternate Investment Fund

Samara Capital

Seven Islands Shipping Limited

Multi-Act Trade & Investments

Coventry Properties

Stellar Value Chain Solutions

Ambit Pragma Fund

Google Capital

New Silk Route Advisors

New Vernon Private Equity

Oman India Joint Investment Fund

Piramal Enterprises

Somerset Indus Capital Partners

Work highlights

  • Represented Samara Capital Partners Fund II and Samara Alternate Investment Fund in its acquisition of Spoton Logistics by providing exit to private equity fund Indian Equity Partners.
  • Assisted SD Corporation with procuring a term loan from ICICI Bank to fund a real estate project in Kandivali, Mumbai.
  • Negotiated, drafted and reviewed the transaction documents for Mayfield India II’s INR1.74bn investment in Mynd Solutions.
  • Assisted Coventry Properties with its issuance of non-convertible debt to Motilal Oswal Real Estate Investment Advisors II.
  • Assisted Multi-Act Trade & Investments with its investment in Aureus Analytics.


IndusLaw is particularly active in the venture capital space for which the investment funds team advises both founders and investors on their transactions. The sizeable team provides advice on transaction structuring and use of appropriate instruments, deal documentation and exit strategy. Investee clients are sourced from a broad range of sectors including pharmaceuticals, e-commerce, real estate, tech and healthcare. Suneeth KatarkiAvimukt Dar and Kartik Ganapathy handle high-value private equity transactions.

Other key lawyers:

Avimukt Dar; Kartik Ganapathy

Key clients



CDH Vision Fund

CureFit Healthcare


LGT Capital Parters

Elevar Equity

ON Mauritius

Toppr Technologies

Accel India & Accel Growth

Aye Finance

Mahindra Partners

Nexus Venture Partners

Vertex Ventures

Zolostays Property Solutions

Chiratae Ventures (formerly IDG Ventures)

Orbimed Asia

Quicko Technosoft Labe

Sunshine Teahouse

Rakyan Beverages

Ummeed Housing Finance

Work highlights

  • Advised Oyorooms on $1bn of inward investment from a suite of new and existing investors including Sequoia Capital, SoftBank Vision Fund and A1 Holdings.
  • Advised FirstCry on $400m of inward investment from SoftBank.
  • Advised Mahindra Partners on its $32m investment into New Delhi Centre for Sight.
  • Advised Vertex Ventures on its $30m investment into OnEMI Technology Solutions.
  • Advised Bounce as the investee in $72m of inward investment by a suite of investors. Also represented Accel Partners India, Accel Partners USA, ON Mauritius and Qualcomm Asia Pacific as participants in a series C funding round.

J Sagar Associates

J Sagar Associates advises a range of domestic and international clients on establishing onshore and offshore funds including private equity, venture capital and REITS, as well as assisting with subsequent investment transations across a broad rangeof sectors.

L&L Partners Law Offices

The investment funds team at L&L Partners Law Offices advises venture capital firms, hedge funds, private equity funds, mezzanine funds and infrastructure funds on structuring investment vehicles, including sector specific funds such as technology, healthcare, infrastructure and real estate.

Shardul Amarchand Mangaldas & Co

Jay Gandhi heads Shardul Amarchand Mangaldas & Co’ investment funds, regularly handling private equity and venture capital transactions for domestic and international clients, including development fund anchor investors. The firm recently assisted with the establishment of an infrastructure fund.

Practice head(s):

Jay Gandhi

Work highlights

  • Assisting Mr. Gigi George and his Taking Off to the Future airport infrastructure-focused Cat II AIF with the establishment of its INR10,000 crore fund.
  • Assisted with Brookfield’s acquisition of Reliance Group’s gas pipeline through a SEBI registered Infrastructure Investment Trust.


ARA LAW ’s investment funds team handles fund establishment, operation and exit exercises for clients in the venture capital and private equity spheres. The team cites particular expertise in assisting domestic and international funds with their inward investments into the tech sector, often handling complex issues pertaining to tax efficient structuring for category three funds and pre-IPO investment operations. As of July 2019, Subharekha Ravi was brought in from Platinum Partners to co-head the practice alongside Rajesh N Begur.

Practice head(s):

Rajesh N. Begur; Rowena D’Souza

Other key lawyers:

Subharekha Ravi

Key clients

Malabar India Fund

Malabar Value Fund

Paysense Pte

Nexus Ventures III

Jungle Ventures II Investment Holding

Rubique Technologies India Private Limited

Shunwei Ventures (Mauritius) Limited

IIFL Seed Ventures Fund I and IIFL Select Equity Fund

Sixth Sense India Opportunities II

TrustLine Holdings Private Limited

IIFL India Private Equity Fund

Work highlights

  • Instructed by Malabar India Fund and Malabar Value Fund to structure, negotiate and draft a $17m investment in Affle India.
  • Advised Paysense and its investors with an $18m round of funding by PayU, Nexus Ventures and Jungle Ventures.
  • Assisted Shunwei Ventures with a $6m investment in Mohalla Tech .
  • Handled Sixth Sense India Opportunities II’s $3m investment in InnoCirc Ventures.
  • Assisted Trustline Holdings with setting up a Category III AIF named Deep Alpha Fund with the objective of investment in the listed space of the stock exchange.

DSK Legal

DSK Legal’s investment funds team is routinely instructed by funds clients in the private equity and venture capital space to handle their investment transactions. Recent mandates involved minority and majority stake acquisitions in sectors including real estate, pharmaceuticals, management services and retail. On the other side, practice head Aparajit Bhattacharya also assists founders and promoters with their high-value capital raising exercises.

Practice head(s):

Aparajit Bhattacharya

Key clients

True North

Gaja Capital

TA Associates

Siguler Guff

Aditya Birla Private Equity

Tata Capital

Peepal Capital

RPG Ventures

JSW Ventures

O3 Capital

ILP II Ventures VII (IndoSpace)

Shapoorji Pallonji Real Estate Fund


NSPIRA Management Services

Alpha Alternatives

JM Financial Credit Solutions

Flipkart Internet

National Infrastructure & Investment Fund

Hero Electric Vehicles

Work highlights

  • Advised Gaja Capital Fund II and Gaja Trustee Company on the INR1.5bn acquisition of Educational Initiatives by way of purchase of equity shares.
  • Advised ILP II Ventures VII on its INR3bn acquisition of Ishvara Logistics Park by way of equity shareholding purchase.
  • Advised NSPIRA Management Services on a $75m investment by Morgan Stanley into the company.
  • Advised JM Financial Credit Solutions on its INR8.7bn investment into Moraine Master Fund.
  • Assisting Hero Electric Vehicles and its promoters on its venture capital investments by Alpha Capital Advisors and V’ocean Investment.

Majmudar & Partners

Majmudar & Partners recently provided structuring, tax and regulatory advice to US-based venture capital clients entering the Indian market. Advice on private equity and venture capital transactions is also provided by the team, acting for both investors and founders. Cited sectors of expertise include healthcare, technology, financial services, consumer and retail.

Practice head(s):

Akil Hirani; N. Raja Sujith; Rukshad Davar

Key clients

RAG-Stiftung Beteiligungsgesellschaft

Social+Capital Partnership

Browndove Healthcare

Accelerator Enterprise

Work highlights

  • Advised German fund RAG-Stiftung Beteiligungsgesellschaft on its majority shareholder stake in SecurView’s Indian subsidiary.
  • Advised on Indian tax law issues regarding social impact fund Social+Capital Partnership’s entry into the Indian market.
  • Negotiated with the existing investors of Browndove Healthcare to finalise a bridge investment.
  • Advised Accelerator Enterprise on series B investments into the company by a suite of investors.

S&R Associates

S&R Associates’ investment funds practice has a number of private equity and venture capital firms on its client list, for which the team handles investment transactions across a multitude of sectors, often involving disruptive technology. The team recently advised a number of founders on their venture capital raising exercises.

Work highlights

  • Advised Bertelsmann Group on a number of private equity investment into companies including Eruditis Group, LetsTransport, India Property Online and Roposo.
  • Advised SAR Group on a venture capital investment into Mukunda Foods.
  • Advised Ashiana Housing on an agreement with International Finance Corporation to co-invest in affordable and middle-income residential projects.
  • Advised Aavishkar Venture Management Services on an INR2.25bn inward investment from the Teachers Insurance and Annuity Association of America.
  • Advised Aavishkar Bharat Fund in its INR64 crore investment in Altum Credo Home Finance.

Tatva Legal

Tatva Legal provides expertise in the impact investment space for clients from the US, UK and continental Europe, regularly handing private equity transactions in sectors such as technology, healthcare, retail and real estate. The team also offers niche experience in assisting domestic family offices with their investment mandates. Typical instructions involve conducting investee due diligence, transaction structuring, document drafting and transaction negotiations.

Practice head(s):

N.K. Dilip; Manav Nagaraj

Key clients

Aspada Investment Company

MEMG Family Office

RNT Associates and Tahoe Ltd.

Lightstone Global Fund

Manipal Integrated Services

Accion Frontier Inclusion Mauritius

Work highlights

  • Assisted MEMG Family Office with a multimillion-dollar investment in Aeon Learning.
  • Advised Aspada Investment Company as an existing investor in Dunzo Digital, on Google’s $12.5m investment in Dunzo Digital.  
  • Advised Lightstone Global Fund on its $8.3m investment in Umeed Housing Finance.
  • Advised Accion Frontier Inclusion Mauritius on its investment by way of a minority stake acquisition of Digikredit Finance.
  • Performed due diligence and drafted and finalised the documentation for RNT Associates and Tahoe Ltd.’s minority stake investment in Advamedica.

Vertices Partners

Vertices Partners assists a range of founders from industries such as financial services, healthcare and FMCG with their investment funds transactions. Practice heads Vinayak Burman and Archana Khosla are particularly active in the INR50-500 crore growth capital space. The steadily growing firm of up-and-coming professionals also has a number of funds clients on the roster; routine instructions involve transaction structuring for minority and majority equity stake acquisitions.

Practice head(s):

Vinayak Burman; Archana Khosla

Key clients

Tano Capital

Resonance Eduventures


Finova Capital

Norwegian Microfinance Initiative

Sindhuja Microfinance

Green Agrevolution



Utkarsh Small Finance Bank

Corona Remedies

Prosperfit Technologies

Flipspaces Technologies

Fitternity Technologies

Sixth Sense Ventures

Kapiva Ayurveda


Windlas Healthcare

Capital Float

Glasswall Systems

Work highlights

  • Assisted farming marketplace platform Green Agrevolution with an INR30 crore inward investment by PI Ventures, US-based agriculture investor AgFunder and several angel investors.
  • Represented health and fitness startup Fitternity in a $4m inward investment by Sixth Sense Ventures.
  • Handled Aavishkar Bharat Fund’s INR40 crore investment in logistics company Gobolt.
  • Advised interior design startup Flipspaces Technologies Labs on a INR25 crore investment by Carpediem Capital Partners.
  • Assisted Nordic Microfinance Initiative Fund with its INR45 crore investment in Svasti Microfinance.

Wadia Ghandy & Co

The investment funds team at Wadia Ghandy & Co has experience representing both private equity and venture capital funds, as well founders in their funds raising exercises.

Rajani Associates

Rajani Associates’ investment fund offering handles investment transactions for both investors and target companies across all levels including seed, mezzanine and matured funding.

Spice Route Legal

The client list of Spice Route Legal’s investment funds offering predominantly comprises startup investees for which the team advises on their venture capital arrangements. Core sectors of client growth are technology and media. A number of international investors also instruct the firm to advise on investment transactions.

Practice head(s):

Praveen Raju; Mathew Chacko


An emerging boutique led by energetic and capable partners who are able to provide high-level services cost effectively.

Praveen Raju is a technical and commercial operator with particular strength in private equity- very reliable and responsive.

Key clients

Sequoia Capital India

Rahi Care


G.C. Beverages

Prestellar Ventures Fund 1


Helix Investments

Foundamental VC


Brigade Group


Village Capital

xQ Capital

Work highlights

  • Advised Rahi Care on a 28% equity-stake investment by SBI Neev Fund.
  • Assisted Ronin Wines with an investment raising agreement with Titan VC.
  • advised G.C. Beverages on receiving growth capital funding through investments by private equity firm RB Investments Singapore.