White Oak Capital Management

What White Oak Capital Management does

White Oak Capital Management is a boutique investment management and advisory firm founded in June 2017 by Prashant Khemka, the former CIO and lead portfolio manager of Goldman Sachs Asset Management's India Equity and Global Emerging Markets Equity strategies. Headquartered in Mumbai, India, the firm provides investment management services for Indian equities through a multi-product platform spanning Portfolio Management Services (PMS), Category III Alternative Investment Funds (AIFs), domestic mutual funds, Ireland-domiciled UCITS funds, GIFT City funds, and segregated managed accounts for global institutional clients.

The firm's core offering is built on a bottom-up stock selection philosophy that targets outsized returns over time by investing in 'great businesses at attractive values,' combined with a balanced portfolio construction framework designed to ensure alpha is driven by stock selection rather than market timing or sector rotation. All strategies are underpinned by a proprietary cash-flow-based analytical and valuation framework called OpcoFinco, applied through a structured 'Opportunity Funnel' involving fundamental research, governance screening, plant visits, and management meetings. The investment team comprises 35 professionals, and the firm has been recognized with multiple industry awards including the Citywire AAA rating, Fund Calibre Elite rating, Best Long Only CAT 3 AIF for three consecutive years ending March 2021, and Best-Performing India UCITS Fund since inception at end of 2018.

White Oak operates a multi-channel distribution model targeting institutional investors (sovereign wealth funds, pension plans, endowments), high-net-worth individuals and family offices (minimum INR 50 lakh for AIF, INR 1 crore for PMS), retail investors (via mutual fund SIPs serving approximately 9.5 lakh unique investors as of December 2025), and global professional clients (via DIFC, Singapore, UK, Switzerland, and GIFT City vehicles). Revenue is generated through recurring AUM-based management fees, with UCITS share classes ranging from 50 bps to 175 bps. Group AUM stood at USD 11.90 billion as of May 2026, and the firm maintains regulated entities across India (SEBI), Singapore (MAS), Dubai (DFSA), and GIFT City (IFSCA), with sales and distribution offices in 13 Indian cities plus London, Geneva, and Singapore.

Name

White Oak Capital Management

Legal name

White Oak Capital Management Consultants LLP

Website

https://whiteoakindia.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

251–500 employees

Short description

White Oak Capital Management is a Mumbai-based boutique investment manager founded in 2017 that delivers India equity strategies through PMS, AIFs, mutual funds, UCITS, and GIFT City vehicles to institutional, HNI, family office, and retail clients globally, managing USD 11.9 billion in AUM via proprietary bottom-up research.

Ownership category

akta.pro rank

Product category

Investment Management (India-Focused Equity Asset Management)

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Style Equity — Value (Active) (FSAAAIAH)

akta.pro secondary industry

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Investment management services
• Portfolio management services
• Alternative investment funds
• Mutual fund management
• Indian equity advisory

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices21 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Portfolio Management Services (PMS): Separately managed accounts for high-net-worth individuals and institutional clients with AUM-based fee structure. PMS offerings are accessible through pms.whiteoakamc.com.
2. Alternative Investment Funds (AIF): Category III AIF products including White Oak India Equity Fund VI, White Oak India Equity Fund II, and White Oak India Select Equity Fund. Minimum investment of INR 50 lakh for AIF products.
3. Mutual Fund Management: WhiteOak Capital Mutual Fund offerings including Large Cap Fund, Flexi Cap Fund, Balanced Advantage Fund, and ESG Best-In-Class Strategy Fund launched in October 2024. Management fees and expense ratios constitute revenue.
4. Offshore Fund Management (DIFC): White Oak Capital Management (DIFC) Limited regulated by DFSA providing investment advisory and arranging deals in investments to Professional Clients in the Dubai International Financial Centre.
5. GIFT City Fund Management: Ashoka WhiteOak Capital Management (GIFT) LLP, registered as Fund Management Entity (Non-Retail) with IFSCA, offering the Ashoka WhiteOak India Multi Cap GIFT Fund and Multi Cap GIFT Fund (UCITS).

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels7 records

Core offering

White Oak Capital Management provides India-focused investment management and advisory services through Portfolio Management Services (PMS) for customized separately managed accounts, Category III Alternative Investment Funds (AIFs), domestic mutual fund schemes, and offshore vehicles including the Ireland-domiciled Ashoka WhiteOak India Opportunities Fund (UCITS) and GIFT City IFSCA-regulated funds. The firm employs a proprietary OpcoFinco cash-flow-based analytical framework and a bottom-up stock selection philosophy, investing in great businesses at attractive valuations for HNI, family office, institutional, and retail clients globally.

Product overview

White Oak Capital Management operates a multi-product investment management platform offering Portfolio Management Services (PMS), Alternative Investment Funds (AIF), mutual funds, and offshore UCITS/GIFT City funds. The core offerings include: WhiteOak India Equity Fund VI (WOIEF-VI) and White Oak India Select Equity Fund as Category III AIFs; WhiteOak Capital Balanced Advantage Fund, Flexi Cap Fund, and Large Cap Fund as domestic mutual funds; Ashoka WhiteOak India Opportunities Fund (AIOF) as an Ireland-domiciled UCITS fund; and Ashoka WhiteOak India Multi Cap GIFT Fund as a GIFT City fund. The firm also provides SEBI-registered investment advisory services. All strategies are unified by a bottom-up stock selection philosophy investing in great businesses at attractive valuations, employing a proprietary OpcoFinco™ analytical framework for cash-flow-based valuation.

Differentiator

Problem solved

Functional benefit

Brands

• Ashoka WhiteOak India Opportunities Fund (AIOF): Ireland-domiciled UCITS fund sub-fund of Ashoka WhiteOak ICAV, investing in Indian equity and equity-related securities seeking long-term capital appreciation.
• White Oak India Equity Fund VI (WOIEF-VI)
• WhiteOak Capital Mutual Fund
• Multi Cap GIFT Fund

Products and services

• WhiteOak India Equity Fund VI (WOIEF-VI) Category III AIF following a bottom-up, multi-cap diversified portfolio approach targeting sustained capital appreciation through investments in Indian equities, benchmarked against BSE 500 TRI.
• Ashoka WhiteOak India Opportunities Fund (AIOF) Ireland-domiciled UCITS fund (sub-fund of Ashoka WhiteOak ICAV) seeking long-term capital appreciation by primarily investing in equity and equity-related securities of Indian companies, available in multiple share classes (A, D, F) across USD, EUR, and GBP currencies.
• Ashoka WhiteOak India Multi Cap GIFT Fund Category III Restricted Scheme launched under IFSCA (Fund Management) Regulations, 2022, offering multi-cap exposure to Indian equities through the GIFT City platform for international investors.
• WhiteOak Capital Balanced Advantage Fund Dynamic asset allocation mutual fund that manages equity and debt exposure dynamically based on market valuations, aiming to provide balanced risk-adjusted returns across market cycles.
• WhiteOak Capital Flexi Cap Fund Flexi cap mutual fund with no bias towards any specific market cap, investment style or sector, focused on generating long-term wealth through bottom-up stock selection in great businesses at attractive valuations.
• WhiteOak Capital Large Cap Fund Large-cap focused equity mutual fund investing primarily in large-cap Indian equities.
• ESG Best-In-Class Strategy Fund ESG-focused equity fund applying a best-in-class strategy for stock selection, launched in October 2024 to address growing investor sustainability awareness.
• White Oak India Equity Fund (WOIEF-I) First domestic offering of White Oak Capital, awarded Best Long Only CAT 3 AIF across all categories for three years ending March 2021 by PMS AIF World.
• White Oak India Select Equity Fund Category III AIF registered with SEBI (IN/AIF3/19-20/0676) offering selectively chosen Indian equity investments.
• Portfolio Management Services (PMS) Separately managed accounts offering customized investment management for high-net-worth individuals and institutional clients, with minimum investment requirements of INR 50 lakh for standard accounts and INR 1 crore for certain strategies.
• SEBI-registered Investment Advisory Services SEBI-registered investment advisory services (INA000008659) providing investment guidance and recommendations.
• Emerging Markets ex-India Strategy International strategy targeting emerging markets excluding India, launched through GIFT City for global investor access.

Quantifiable outcome

• White Oak India Equity Fund (WOIEF-I) generated 48.3% cumulative returns (14.8% annualized) since inception, outperforming BSE 500 TRI benchmark of 47.9%
• +5 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Motilal Oswal Asset Management: Indian asset manager offering portfolio management services (PMS), mutual funds, and AIFs focused on Indian equities with bottom-up stock selection. WhiteOak CEO Aashish Somaiyaa was previously MD & CEO of Motilal Oswal AMC for eight years, and multiple zonal heads also moved from Motilal Oswal to WhiteOak, making this a particularly close direct peer in product set, distribution model, and people network.
• PPFAS Mutual Fund (Parag Parikh Financial Advisory Services): Boutique Indian asset manager built around a founder-led (Parag Parikh) value-investing philosophy offering PMS, mutual funds, and AIFs. Highly comparable to WhiteOak in product mix, fund philosophy (long-term, value-oriented), investor segments served, and boutique/AIF positioning — both compete for the same HNI/retail India-equity wallet.
• ASK Investment Managers: India-focused boutique offering PMS and AIF Category III products with a long-term, fundamental-investing philosophy and multi-cap strategies. Competes with WhiteOak in the HNI PMS and institutional segregated-mandate segments with a comparable founder-led, conviction-driven stock selection approach.
• Marcellus Investment Managers: Boutique Indian asset manager founded by former fund managers offering PMS and AIF products with a differentiated 'Consistent Compounders' and 'Kings of India' franchise. Comparable to WhiteOak as an alumnus-led boutique operating in the HNI PMS/AIF segment with proprietary research-driven frameworks and a focus on long-term compounding.
• Quantum Mutual Fund: Founder-led (Ajit Deshmukh / Quantum Advisors heritage) Indian boutique asset manager known for its value-investing philosophy and disciplined, benchmark-aware portfolio construction. Directly comparable to WhiteOak in founder-anchored, philosophy-driven equity management approach and HNI/UHNW client targeting.
• DSP Asset Managers: Founder/legacy-family-led Indian AMC founded in the 1860s (DSP Group heritage), offering mutual funds, PMS and AIFs across equity and fixed income with a fundamental, research-driven philosophy. Comparable to WhiteOak as an Indian-focused, fundamental-driven, multi-product manager serving both institutional and HNI clients.

Broad incumbents

• Kotak Mahindra Asset Management: Large, established Indian mutual fund and AMC offering a full suite of equity, hybrid, debt and ETF products with extensive retail distribution. WhiteOak Director Rohit Chordia joined from Kotak Institutional Equities; comparable to WhiteOak as an Indian equity manager though dramatically larger and broader in product scope.
• Nippon Life India Asset Management: One of India's largest AMCs offering mutual funds, AIFs and managed accounts. Several WhiteOak senior leaders (COO Bhalchandra Joshi, Zonal Head South Ajairaj Singh) were hired from Nippon India AMC; comparable to WhiteOak in offering Indian equity PMS/AIF/MF products though at much greater scale.
• HDFC Asset Management: India's largest AMC by retail AUM, offering comprehensive mutual fund, PMS and ETF products across active and passive strategies. Operates as a broad incumbent comparable to WhiteOak in equity product offering but with materially larger distribution scale, brand recognition, and institutional footprint.

Others

• 360 ONE Wealth (formerly IIFL Wealth): Wealth management and distribution platform catering to UHNW/HNI families in India, offering curated third-party PMS/AIF and mutual fund product selection including WhiteOak's funds. WhiteOak Head of Institutional Sales Shriraj Bhukhanwala joined from IIFL Wealth, making this a closely-adjacent ecosystem peer rather than a direct competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/white-oak-capital-management

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments16 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about White Oak Capital Management