ValueQuest Tristar Fund, a private‑equity vehicle focused on India’s advanced manufacturing sector, has secured commitments exceeding Rs 2,100 crore, surpassing its original target and the full greenshoe allowance within 15 months of its first close.
Fund Strategy and Current Portfolio
The fund targets aerospace, defence, precision engineering and energy‑transition related manufacturing. To date it has invested in four companies: Hi‑Q Electronics, which supplies critical circuit boards for aerospace and defence; Rangsons Aerospace, a builder of fluid distribution systems and satellite communications equipment; Waaree Energy Storage Solutions, a battery‑energy‑storage provider; and Trusted Aerospace & Engineers (TASE Global), a precision‑engineering firm serving multiple industries across borders.
ValueQuest selects investments through detailed sector research and mapping of industrial value chains, aiming to identify manufacturers positioned to benefit from long‑term industry growth and business‑specific turning points.
Management Perspective
“India is at the beginning of a multi‑decade transformation in advanced manufacturing. Sector growth alone does not guarantee investment returns. The real differentiator is identifying the right businesses at the right stage of their evolution,” said Aniket Dharamshi, co‑founder and managing partner of ValueQuest Investment Advisors.
Dr. Arvind Ananthanarayanan, partner at ValueQuest Private Equity, added, “In advanced manufacturing, competitive advantage is built over years through process expertise, rigorous customer qualification and consistent delivery on quality and reliability. We seek businesses that can deepen customer relationships and translate industry growth into sustained, profitable growth.”
ValueQuest is also raising a second fund, SCALE Fund II, aimed at established businesses with clear competitive advantages and defined exit pathways for investors.
ValueQuest Private Equity, the private‑equity arm of ValueQuest Investment Advisors, manages over Rs 6,000 crore across two strategies, three funds and co‑investments. Its parent firm oversees about $3.4 billion in public and private markets.