Nine Rivers - Aurum Rising India Fund

About Company

The firm is one of India's oldest small-cap-focused Portfolio Management Services (PMS) providers, boasting a 12+ year track record of delivering top-decile long-term returns. Recognized as a preferred investment manager for high-net-worth individuals (HNIs) and Family Offices, the firm applies private equity-level discipline and rigor to its investments in small and mid-cap companies. It focuses on identifying non-linear triggers for business and earnings momentum, leading to alpha generation and superior risk-adjusted long-term returns. Its non-consensus investment approach sets it apart from traditional institutions like mutual funds. The firm maintains a concentrated portfolio (~15 stocks) with a ~5-year holding period, ensuring that investment decisions are based on deep research rather than benchmark index compositions. By consciously avoiding momentum stocks and excessive portfolio churn, the firm ensures sustainable, long-term wealth creation. The team comprises seasoned professionals with deep sectoral expertise, working within a non-hierarchical structure that fosters open debate and nimble decision-making. This approach enables the firm to make high-conviction, risk-calibrated investments, ensuring a disciplined yet flexible strategy. At its core, the firm’s Private Equity Approach drives it to look beyond past numbers, proactively anticipating the future of target companies within industries benefiting from strong sectoral tailwinds.

Fund Snapshot

AIF Trust/Scheme	Nine Rivers AIF One / Aurum Rising India Fund
Fund Type	Cat ll Alternative Investment Fund (AIF)
Target Corpus	INR 300 crores with a green-shoe option of up to INR 150 crores
Investment Manager / Sponsor	Nine Rivers Capital Holdings Private Limited / NRC Alternate Investment Managers LLP, Sandeep Ramdas Daga and Anjana Sandeep Daga
Trustee	MITCON Credentia Trusteeship Services Limited
Organisational Expenses (Set-up cost)	Actuals subject to a cap of Rs 75 lacs*
Custodian & Fund Accountant	Nuvama Custodial Services Ltd
Legal / Tax Advisor	SSB Legal / BDO India

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About Fund Manager

Sandeep Daga

Sandeep Daga brings over 32 years of experience in public and private equity investing, along with a strong background in corporate finance. He has previously served as a Partner at Frontline Ventures and was the Head of B2B Investments at ICICI Ventures. Sandeep holds an MBA in Finance from NMIMS and is a graduate in Electronics Engineering from Amravati University.

Investment Strategy

The firm’s investment strategy is built on three key pillars: Thesis, Theme, and Criteria, ensuring a disciplined approach to identifying and supporting high-growth opportunities.

Thesis

Provides growth capital to emerging companies.
Maintains stage flexibility, investing in businesses from Pre-IPO to Listed stages.
Typical investment size ranges from ₹15-30 crore.

Theme

Focuses on growth companies with high visibility of cashflows in promising, fast-growing sunrise sectors.
Targets companies with low access to small cheque private equity (PE) but significant potential for scaling up.

Criteria

Seeks businesses operating in large addressable markets with a solid business franchise.
Prioritizes management teams with strong execution track records.
Invests in companies with profitable growth, strong cash flows, operating leverage, and healthy return ratios.

By adhering to these principles, the firm ensures strategic investments that unlock value, drive sustainable growth, and create long-term wealth.

Investment Approach

The firm follows a balanced investment approach, ensuring risk mitigation, value optimization, and strong governance. This approach is structured around three core principles:

1. Derisking Downside

Invests in both listed and unlisted companies, ensuring portfolio flexibility.
Implements sector diversification to reduce exposure to sector-specific risks.
Focuses on growth and late-stage investments, targeting companies with proven business models.
Maintains active oversight of operations, ensuring strategic alignment and risk management.

2. Optimizing Upside

Identifies exit options early to secure profitable opportunities.
Utilizes robust filters for opportunity identification, ensuring investments align with the firm’s strategic goals.
Provides support for portfolio companies, fostering long-term success and scalability.

3. Diligence & Governance

Backed by an expert investment team with deep industry experience.
Ensures rigorous investment committee adjudication for sound decision-making.

This structured and disciplined investment approach enables the firm to maximize returns while minimizing risks, ensuring long-term value creation for stakeholders.

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Fund Overview

The fund focuses on leveraging India’s rapidly growing economy, projected to expand from USD 3.6 trillion today to approximately USD 9 trillion by 2034. This growth creates significant high-growth opportunities, particularly in emerging sectors.

Fund Strategy and Allocation Focus:

Primary Allocation
The fund targets unlisted, medium to late-stage, pre-IPO companies that exhibit high growth potential. These investments are chosen for their scalability and ability to capitalize on India’s economic expansion.
SME Board/Pipe Deals
The fund identifies early-stage companies, focusing on opportunities that arise during their growth cycle. This includes investments in SME boards and private investment in public equity (PIPE) deals, which offer promising returns as companies evolve.
Opportunistic Special Situations
The fund seeks opportunities that provide disproportionate value unlocking through special situations. These are strategic investments that are positioned to generate significant returns due to unique circumstances in the market.

Why Invest in Aurum Rising India Fund?

Aurum Rising India Fund offers a unique and compelling investment opportunity to access early-stage growth companies that are typically out of reach for many investors

NRC’s rigorous approach in identifying companies with high growth potential over the long term has led to a proven track record over a decade

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