{"id":14512,"date":"2026-08-19T10:26:55","date_gmt":"2026-08-19T10:26:55","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14512"},"modified":"2026-08-20T10:38:19","modified_gmt":"2026-08-20T10:38:19","slug":"gaja-capital-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/gaja-capital-ipo\/","title":{"rendered":"Gaja Capital IPO: India\u2019s First PE Firm to Go Public"},"content":{"rendered":"<p>Gaja Alternative Asset Management Limited is filing a \u20b9550 Cr IPO on August 19, 2026. Gaja has raised three institutional funds worth a combined \u20b94,276 Cr since 2007, run by a core investment team of 23, and two of those funds, Fund III and Fund IV, already rank in the first quartile among comparable Indian AIFs on returns.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!lBuB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d167eaa-7d0d-4fc2-a912-c4db7cb78dff_1680x1284.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!lBuB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d167eaa-7d0d-4fc2-a912-c4db7cb78dff_1680x1284.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lBuB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d167eaa-7d0d-4fc2-a912-c4db7cb78dff_1680x1284.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lBuB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d167eaa-7d0d-4fc2-a912-c4db7cb78dff_1680x1284.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lBuB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d167eaa-7d0d-4fc2-a912-c4db7cb78dff_1680x1284.png 1456w\" alt=\"\" width=\"603\" height=\"460.94711538461536\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/3d167eaa-7d0d-4fc2-a912-c4db7cb78dff_1680x1284.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1113,&quot;width&quot;:1456,&quot;resizeWidth&quot;:603,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"industry-overview\">Industry Overview<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>India\u2019s alternative investment fund (AIF) industry has grown from a small corner of private markets into a mainstream allocation for wealthy investors and institutions.<\/p>\n<p><mark data-color=\"#ffe599\">AIFs were 1.5% of India\u2019s GDP in fiscal 2019 and rose to 4.9% by fiscal 2026.<\/mark><\/p>\n<p>Gaja Alternative Asset Management operates within this industry as an India-focused alternative asset manager.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"business-model-explained\">Business Model Explained<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>Gaja Alternative Asset Management Limited has 20 years of experience as an investment manager and advisor.<\/p>\n<p>It manages Category II and Category I alternative investment funds domiciled in India and also advises offshore funds that channel capital into Indian companies.<\/p>\n<p>Its promoters and management are some of the astute alumni from prestigious colleges like IIM Ahmedabad\/IIM Calcutta.<\/p>\n<p>Since inception, Gaja Capital has run four investment vehicles:<br \/>\n1. Prior Investments (2005 to 2007, deal-by-deal, \u20b921 Cr invested)<br \/>\n2. Fund II (formed 2007, fund size \u20b9902 Cr)<br \/>\n3. Fund III (formed 2015, fund size \u20b91,598 Cr)<br \/>\n4. Fund IV (formed 2021, fund size \u20b91,775 Cr).<\/p>\n<p><mark data-color=\"#ffe599\">Two of its funds, Fund III and Fund IV, rank in the first quartile among Indian AIFs of comparable vintage on both TVPI and IRR.<\/mark><\/p>\n<blockquote><p><em><mark data-color=\"#ffe599\">Vintage year<\/mark>\u00a0is\u00a0a\u00a0term used in PE\/VC which refers to the year when fund makes its first investment.<\/em><\/p>\n<p><em><mark data-color=\"#ffe599\">Total Value to Paid-In Capital (TVPI)<\/mark>\u00a0is a metric used to measure the overall performance of an investment fund.<br \/>\nCalculated as:<br \/>\n<strong>(total value of cash returned + remaining portfolio value) \/ capital investors paid in<\/strong><\/em><\/p><\/blockquote>\n<p>They have made 29 sector-agnostic investments till date into companies like Eggoz, Fractal Analytics, Avendus, RBL Bank etc.<\/p>\n<p><strong>Gaja earns income in three ways:<\/strong><br \/>\n1.<mark data-color=\"#ffe599\">\u00a0Management Fee<\/mark>\u00a0is charged at approximately 2% of capital committed to or invested in a fund.<br \/>\n2.\u00a0<mark data-color=\"#ffe599\">Carried Interest\u00a0<\/mark>is a 20% share of a fund\u2019s profits once the fund clears a specific hurdle return rate.<br \/>\n3. Income from\u00a0<mark data-color=\"#ffe599\">Sponsor Commitment<\/mark>\u00a0is the gain on company\u2019s own capital invested alongside its Limited Partners (LPs).<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!iRtB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ab6b43-241b-4ca2-bd4c-aa47bd54a3b3_379x245.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iRtB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ab6b43-241b-4ca2-bd4c-aa47bd54a3b3_379x245.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iRtB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ab6b43-241b-4ca2-bd4c-aa47bd54a3b3_379x245.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iRtB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ab6b43-241b-4ca2-bd4c-aa47bd54a3b3_379x245.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!iRtB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ab6b43-241b-4ca2-bd4c-aa47bd54a3b3_379x245.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!iRtB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ab6b43-241b-4ca2-bd4c-aa47bd54a3b3_379x245.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iRtB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ab6b43-241b-4ca2-bd4c-aa47bd54a3b3_379x245.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iRtB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ab6b43-241b-4ca2-bd4c-aa47bd54a3b3_379x245.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iRtB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ab6b43-241b-4ca2-bd4c-aa47bd54a3b3_379x245.png 1456w\" alt=\"\" width=\"537\" height=\"347.1372031662269\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/b8ab6b43-241b-4ca2-bd4c-aa47bd54a3b3_379x245.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:245,&quot;width&quot;:379,&quot;resizeWidth&quot;:537,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<p>The company funds its capital requirements with 298 LPs who commit capital<\/p>\n<ul>\n<li>139 based in India<\/li>\n<li>159 overseas across more than 20 countries<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!OLel!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5f23e553-9385-42ab-a19c-4ccf1c03fd47_726x511.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OLel!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5f23e553-9385-42ab-a19c-4ccf1c03fd47_726x511.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OLel!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5f23e553-9385-42ab-a19c-4ccf1c03fd47_726x511.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OLel!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5f23e553-9385-42ab-a19c-4ccf1c03fd47_726x511.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!OLel!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5f23e553-9385-42ab-a19c-4ccf1c03fd47_726x511.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!OLel!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5f23e553-9385-42ab-a19c-4ccf1c03fd47_726x511.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OLel!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5f23e553-9385-42ab-a19c-4ccf1c03fd47_726x511.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OLel!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5f23e553-9385-42ab-a19c-4ccf1c03fd47_726x511.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OLel!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5f23e553-9385-42ab-a19c-4ccf1c03fd47_726x511.png 1456w\" alt=\"\" width=\"628\" height=\"442.0220385674931\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/5f23e553-9385-42ab-a19c-4ccf1c03fd47_726x511.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:511,&quot;width&quot;:726,&quot;resizeWidth&quot;:628,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<p>IPO proceeds are being proposed to start new funds which will generate revenue in coming years.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operating-metrics\">Operating Metrics<\/h2>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Revenue mix:<\/mark><\/strong><mark data-color=\"#ffe599\">\u00a0<\/mark>Share of steadier management fee income is decreasing. This is a shift toward a performance-linked, less predictable income stream.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!udVn!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c5908c6-f324-4e59-854b-e1bae52634b8_769x476.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!udVn!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c5908c6-f324-4e59-854b-e1bae52634b8_769x476.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!udVn!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c5908c6-f324-4e59-854b-e1bae52634b8_769x476.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!udVn!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c5908c6-f324-4e59-854b-e1bae52634b8_769x476.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!udVn!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c5908c6-f324-4e59-854b-e1bae52634b8_769x476.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!udVn!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c5908c6-f324-4e59-854b-e1bae52634b8_769x476.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!udVn!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c5908c6-f324-4e59-854b-e1bae52634b8_769x476.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!udVn!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c5908c6-f324-4e59-854b-e1bae52634b8_769x476.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!udVn!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c5908c6-f324-4e59-854b-e1bae52634b8_769x476.png 1456w\" alt=\"\" width=\"625\" height=\"386.86605981794537\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/0c5908c6-f324-4e59-854b-e1bae52634b8_769x476.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:476,&quot;width&quot;:769,&quot;resizeWidth&quot;:625,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Fund Performance by Vintage:<\/mark>\u00a0<\/strong>Each fund has been larger than the one before it, and Fund III and Fund IV both rank in the first quartile among Indian AIFs of comparable vintage on TVPI and IRR.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!4glP!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F751943bf-73c1-46d6-b190-08bf798dc231_2048x929.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4glP!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F751943bf-73c1-46d6-b190-08bf798dc231_2048x929.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4glP!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F751943bf-73c1-46d6-b190-08bf798dc231_2048x929.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4glP!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F751943bf-73c1-46d6-b190-08bf798dc231_2048x929.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!4glP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F751943bf-73c1-46d6-b190-08bf798dc231_2048x929.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!4glP!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F751943bf-73c1-46d6-b190-08bf798dc231_2048x929.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4glP!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F751943bf-73c1-46d6-b190-08bf798dc231_2048x929.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4glP!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F751943bf-73c1-46d6-b190-08bf798dc231_2048x929.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4glP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F751943bf-73c1-46d6-b190-08bf798dc231_2048x929.png 1456w\" alt=\"\" width=\"727\" height=\"329.5467032967033\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/751943bf-73c1-46d6-b190-08bf798dc231_2048x929.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:660,&quot;width&quot;:1456,&quot;resizeWidth&quot;:727,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h6><em>*Prior Investments totalled \u20b921.09 Cr invested on a deal-by-deal basis between 2005 and 2007, not as a pooled fund.<br \/>\n**Fund IV\u2019s MOIC is not representative of a mature fund, since only 62% of its capital was deployed and none of it realized as of March 31, 2026.<\/em><\/h6>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-financial-stuff-from-revenue-to-pat\">The Financial Stuff: From Revenue to PAT<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!TCPU!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F090dcbde-d584-4aaa-a9c3-29b6c001a680_2048x1703.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!TCPU!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F090dcbde-d584-4aaa-a9c3-29b6c001a680_2048x1703.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!TCPU!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F090dcbde-d584-4aaa-a9c3-29b6c001a680_2048x1703.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!TCPU!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F090dcbde-d584-4aaa-a9c3-29b6c001a680_2048x1703.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!TCPU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F090dcbde-d584-4aaa-a9c3-29b6c001a680_2048x1703.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!TCPU!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F090dcbde-d584-4aaa-a9c3-29b6c001a680_2048x1703.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!TCPU!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F090dcbde-d584-4aaa-a9c3-29b6c001a680_2048x1703.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!TCPU!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F090dcbde-d584-4aaa-a9c3-29b6c001a680_2048x1703.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!TCPU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F090dcbde-d584-4aaa-a9c3-29b6c001a680_2048x1703.png 1456w\" alt=\"\" width=\"613\" height=\"509.85096153846155\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/090dcbde-d584-4aaa-a9c3-29b6c001a680_2048x1703.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1211,&quot;width&quot;:1456,&quot;resizeWidth&quot;:613,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Total income grew from \u20b9104 Cr in FY24 to \u20b9158 Cr in FY26, while PAT grew faster at CAGR of 35%.<\/li>\n<li>Metrics like ROE have been steadily rising whilst cost-to-income ratio has been in a healthy range.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"gaja-capitals-peers\">Gaja Capital\u2019s Peers<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!_PmA!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5e2d695-e98a-4a7f-b1fc-94ce8f8d614a_1917x2048.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_PmA!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5e2d695-e98a-4a7f-b1fc-94ce8f8d614a_1917x2048.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_PmA!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5e2d695-e98a-4a7f-b1fc-94ce8f8d614a_1917x2048.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_PmA!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5e2d695-e98a-4a7f-b1fc-94ce8f8d614a_1917x2048.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!_PmA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5e2d695-e98a-4a7f-b1fc-94ce8f8d614a_1917x2048.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!_PmA!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5e2d695-e98a-4a7f-b1fc-94ce8f8d614a_1917x2048.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_PmA!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5e2d695-e98a-4a7f-b1fc-94ce8f8d614a_1917x2048.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_PmA!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5e2d695-e98a-4a7f-b1fc-94ce8f8d614a_1917x2048.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_PmA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5e2d695-e98a-4a7f-b1fc-94ce8f8d614a_1917x2048.png 1456w\" alt=\"\" width=\"633\" height=\"676.040521978022\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/d5e2d695-e98a-4a7f-b1fc-94ce8f8d614a_1917x2048.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1555,&quot;width&quot;:1456,&quot;resizeWidth&quot;:633,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Gaja\u2019s FY26 revenue from operations of \u20b9136 Cr is the smallest among listed peers.<\/li>\n<li>On RoNW, Gaja\u2019s 13% is above UTI AMC and 360 One WAM, but below the remaining peers.<\/li>\n<\/ul>\n<blockquote><p><em>Gaja\u2019s income mix is inclined more towards volatile carried interest, which differs from AMC peers that earn from steady management fees, so it is not a\u00a0<strong>like-for-like comparison<\/strong>.<\/em><\/p><\/blockquote>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"key-risks\">Key Risks<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p><strong>Income concentration and dependence on fund performance<br \/>\n<\/strong>Because carried interest is tied to fund performance, it causes swings in the company\u2019s income.<\/p>\n<p><strong>Concentrated and partly overseas LP base<br \/>\n<\/strong>As of March 31, 2026, the top 10 Limited Partners contributed ~63% of total commitments, and of the company\u2019s 298 LPs, 159 were located outside India. A pull-back by LPs could affect the company\u2019s ability to raise its next fund.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"conclusion\">Conclusion<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>Gaja Alternative Asset Management is built on 20 years of private equity investing in India. Its income mix has shifted from steady Management Fee toward more volatile Carried Interest, which accounts for most of its FY24-to-FY26 profit growth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gaja Alternative Asset Management Limited is filing a \u20b9550 Cr IPO on August 19, 2026. Gaja has raised three institutional funds worth a combined \u20b94,276 Cr since 2007, run by a core investment team of 23, and two of those funds, Fund III and Fund IV, already rank in the first quartile among comparable Indian [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gaja Capital IPO: India\u2019s First PE Firm to Go Public - InCred Money<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/gaja-capital-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gaja Capital IPO: India\u2019s First PE Firm to Go Public - InCred Money\" \/>\n<meta property=\"og:description\" content=\"Gaja Alternative Asset Management Limited is filing a \u20b9550 Cr IPO on August 19, 2026. 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