First Water Capital

First Water Capital is an India-focused investment manager, founded in 2018, that runs the First Water India Fund, a long-only Indian public equity fund built on a value investing philosophy.

Approach: The team looks for well-run businesses in the "building blocks of a growing nation", such as infrastructure, industrials and consumption. It buys them at reasonable prices, and only where a catalyst (a policy change, a business-cycle turn or an earnings unlock) can unlock value. The portfolio is concentrated, at around 35 stocks, with each idea sized for at least 100% upside. It is actively managed: winners are trimmed and capital is redeployed into the next wave of undervalued names. The stated horizon is 5 to 7 years, and the team aims to look past headlines on geopolitics, elections and short-term volatility.

Conviction: First Water believes India is entering a multi-decade growth phase, driven by a young population, rapid digitisation, large-scale infrastructure spending, supply-chain diversification away from China, and a growing base of domestic investors.

People: The firm is co-founded by Arun Chulani, who has worked in audit, corporate finance and private equity (including running a USD 400m PE fund). Ricky Kirpalani is Lead Advisor. The team had grown to 10 people by 2024.

Recognition: The fund won the India Equity (Below $500m) category at the With Intelligence HFM APAC Performance Awards 2024. It has also been ranked among the top long-only equity funds globally in BarclayHedge's database.

Reach: The firm serves investors from India and the UAE, and set up a Delaware-based feeder fund to serve US investors.