This milestone marks a significant expansion of the firm's footprint in alternative investments.  

The fund, launched in February 2023 with a target of ₹700 crore (plus a ₹300 crore greenshoe option), saw overwhelming interest from limited partners (LPs), prompting an upward revision to ₹1,350 crore. It secured its first close at ₹105 crore in March 2023 and has now reached full deployment capacity.  

Sector-Agnostic Approach with a Strong Growth Focus

VQ S.C.A.L.E. Fund follows a sector-agnostic strategy, investing across growth and late-growth-stage companies in both traditional and new economy sectors. The fund has already backed 13 companies, including notable names like Waaree Energies, Sabine Hospital, Jupiter International, Unimech Aerospace, and Rentomojo.  

At least five portfolio companies have successfully gone public, while two more have filed IPO papers, signaling strong liquidity potential for investors. Currently, 68% of the fund is deployed, with a goal of building a 16-18 company portfolio.  

A Unique Edge: Balancing Liquidity & Returns  

“What sets us apart is our unique investment approach—striking the right balance between returns and liquidity in the portfolio,” said Pushkar Jauhari, Managing Director and Head of Private Equity at ValueQuest. “We are confident that our existing investments and future additions will drive strong value creation for our investors.”  

Jauhari, who joined ValueQuest in September 2023 after a stint as Director of Investments at Oman India Joint Investment Fund, brings deep expertise in mid-market private equity.  

From Public to Private Markets: A Strategic Evolution

Founded in 2010 by Ravi Dharamshi, ValueQuest manages over $2 billion in assets, primarily through a long-only India-dedicated public equities fund. Expanding into private equity was a natural next step.  

“Our private equity strategy is an extension of our strong public equities track record,” said Dharamshi, Founder & CIO of ValueQuest. “Engaging in both private and public markets gives us a deeper, more holistic understanding of businesses, market cycles, and capital flows—enhancing our edge in identifying high-potential opportunities.”  

With a robust investment pipeline and strong LP interest, ValueQuest’s private equity foray signals a growing appetite for alternative investments in India.