Chanakya Opportunities Fund - II (Newly Launched - CAT - 2)

Chanakya Opportunities Fund II — India's Pre-IPO to Microcap Growth Fund

• Structure: Closed-ended Category II AIF, a scheme of Chanakya Fund Trust, managed by StepTrade Capital Pvt. Ltd. (SEBI Reg. No: IN/AIF2/22-23/1230)
• Strategy: Invests across the private-to-public journey — pre-IPO opportunities (40% allocation, 6–18 month listing horizon), late-stage growth (40%, 18–36 months), and IPO/QIP participation (20%) — targeting microcap companies (~₹500 Cr–₹10,000 Cr market cap) in India
• Thesis: Backs India's structural growth story (GDP heading toward $5T+, a $600B growth-capital gap, manufacturing/PLI tailwinds) and argues the most consistent alpha sits in the late-stage private-to-post-IPO window, where microcaps are under-covered and often mispriced relative to large caps
• Track record (Fund I): Launched Jul-23, ~30.32% XIRR and ~32.85% historical IRR as of recent reporting, with case studies like Cosmic PV Power and Sadbhav Futuretech showing markups from private entry toward expected IPO valuations
• Fund II terms: Target size ₹500 Cr + ₹500 Cr green shoe; 5-year tenure (extendable by two 1-year terms); sponsor commitment ₹5 Cr or 2.5% of corpus; management fee 1.5–2.0% p.a. depending on commitment tier (Class A1/A2/A3); 20% performance fee over a 12% hurdle, no catch-up; open to resident and non-resident investors including accredited investors, HNIs, family offices, and institutions
• Governance: Trustee — MITCON Credentia; Custodian — ICICI Bank; RTA — CAMS; Legal — IC RegFinn Legal Partners; Tax — EY
• Team: Led by Kresha Gupta (Founder & Fund Manager, CA) and Akshay Dawra (Fund Manager, CA), with an investment team spanning private equity and listed equity research

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