Aequitas

What Aequitas does

Aequitas Investment Consultancy Pvt. Ltd. is a Mumbai-based boutique asset management firm founded in 2012 by Siddhartha Bhaiya. The firm offers discretionary Portfolio Management Services (PMS) under the Aequitas India Opportunity Product with a minimum ticket size of INR 25 crore, a Category III long-only Alternative Investment Fund (Aequitas Equity Scheme 1, minimum INR 3 crore, launched March 2019), and an IFSCA-registered GIFT City offshore fund (Aequitas India Trust) for NRIs and global investors. International equity exposure is provided through the Far East Fund (Hang Seng equities, launched 2024) and the Global Value Fund (developed markets, launched 2025). The investment approach is fundamentally research-driven and discretionary, anchored on a three-pillar philosophy of Growth, Value, and Contrarian stock selection with a bottom-up focus on small and mid-cap Indian listed equities. The firm applies strict valuation discipline, margin of safety, no use of derivatives or IPO-driven strategies, and an average holding period exceeding 5 years with portfolio churn below 20%.

Aequitas monetizes via a hybrid fee model: 2% fixed annual management fees on daily average AUM plus 10% performance fees above a high-water mark, with 18% GST applied to both components. Operating expenses on the PMS product are capped at 0.50% of daily average AUM. The firm's go-to-market is sales-led and direct, distributing through offices in Mumbai (headquarters at BKC), GIFT City, and Dubai. The client base is concentrated among ultra-high-net-worth individuals, family offices, and select global investors, with a deliberate capacity cap of approximately 25 new clients per year and over 100 active client relationships. The firm reports a 10-year PMS CAGR of 29–35% and a flagship product return of 41.81% in 2025 and over 43% in FY26, placing it among the top PMS providers in India according to Preqin and Barclay Hedge rankings.

Following the unexpected death of founder Siddhartha Bhaiya on December 31, 2025, Bhavna Jhunjhunwala was elevated to Managing Director. AUM stood at approximately INR 7,700 crore (~USD 920M) as of January 2026, growing from INR 10 crore at inception. The firm's competitive positioning is built on a 13-year multibagger track record (notably Avanti Feeds 120x, Apar Industries 37x, GAEL 27x) and a tightly held client roster, with key-person risk now a central overhang for prospective investors and acquirers.

Name

Aequitas

Legal name

Aequitas Investment Consultancy Pvt. Ltd.

Website

https://aequitasindia.in

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Aequitas is a Mumbai-based boutique asset management firm offering discretionary Portfolio Management Services, Category III AIFs, and offshore funds to ultra-high-net-worth individuals, family offices, and global investors, specializing in Indian small and mid-cap equities via a fundamental, bottom-up research-driven approach.

Ownership category

akta.pro rank

Product category

Wealth Management and Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Construction & Asset Allocation Advisory (FSAEAAAC)

akta.pro secondary industry

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Portfolio management services
• Alternative investment funds
• Wealth management
• Equity asset management
• Small cap investing

Headquarters

HQ city

Bandra

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Portfolio Management Services (PMS) - Management Fees: Fixed management fees charged at 2% on daily average AUM, plus GST at 18% on management fees. This is a recurring revenue stream based on assets under management.
2. Portfolio Management Services (PMS) - Performance Fees: Performance fees of 10% of profits made above high-water mark, plus GST at 18% on performance fees. Charged only when portfolio exceeds its previous highest value, aligning manager and investor interests.
3. Alternative Investment Fund (AIF) - Management & Performance: AIF operates as a pooled investment fund with taxation handled at the fund level. Minimum ticket size of INR 3 crore with 1-year lock-in period. Revenue generated through fund management similar to PMS structure.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Aequitas Investment Consultancy provides discretionary Portfolio Management Services (PMS), a Category III Alternative Investment Fund (AIF), and an IFSCA-registered GIFT City offshore fund, all investing primarily in listed Indian equities with a small/mid-cap multibagger focus. The firm manages bespoke portfolios for ultra-high-net-worth individuals (minimum INR 25 crore for PMS; INR 3 crore for AIF), and also offers international equity funds (Far East Fund and Global Value Fund) for global investors. Revenue is earned through a 2% fixed management fee plus 10% performance fee on a high-water mark basis, supported by an in-house research-driven, three-pillar (Growth, Value, Contrarian) investment philosophy.

Product overview

Aequitas is a leading asset management company in India offering specialized investment services including Portfolio Management Services (PMS), Alternative Investment Funds (AIF), and Offshore Fund Management. The core offerings include Aequitas India Opportunity Product (PMS with INR 25 crore minimum), Aequitas Equity Scheme 1 (Category III AIF with INR 3 crore minimum), and Aequitas India Trust (offshore fund via GIFT City). International equity exposure is available through Far East Fund (China equities) and Global Value Fund (developed markets). All products follow the same investment philosophy focused on valuation discipline, margin of safety, and identifying multibagger opportunities in small and mid-cap companies.

Differentiator

Problem solved

Functional benefit

Brands

• Aequitas India Opportunities Product: Portfolio Management Services (PMS) product offering Indian equity exposure with minimum investment of INR 25 crore.
• Aequitas Equity Scheme 1
• Aequitas India Trust
• Far East Fund
• Global Value Fund

Products and services

• Portfolio Management Services (PMS) - Aequitas India Opportunity Product A discretionary portfolio management service offering bespoke investment portfolios in Indian listed equities, focusing on small and mid-cap stocks with multibagger potential. Minimum ticket size is INR 25 crore; charges include 2% fixed management fee plus 10% performance fee on a high-water mark basis. Targeted at UHNIs and family offices seeking direct securities ownership and transparent reporting.
• Aequitas Equity Scheme 1 (AIF) A Category III long-only Alternative Investment Fund with exposure in listed Indian equities, following the same investment philosophy as Aequitas's PMS. Minimum ticket size is INR 3 crore with a 1-year lock-in period. Designed for HNWIs and family offices seeking pooled fund access to Aequitas's multibagger strategy with fund-level taxation.
• Offshore Fund (Aequitas India Trust) A dollar-denominated fund registered with IFSCA at GIFT City, designed for international investors including NRIs, FPIs, and FIIs to invest in Indian markets. Provides tax efficiency benefits including no 18% GST on fund management. Targeted at global investors seeking regulated, tax-efficient Indian equity exposure.
• Far East Fund A China equity-focused investment opportunity providing direct exposure to Hang Seng listed equities for both Indian residents and global investors via GIFT City. Built on Aequitas's three-pillar investment philosophy applied to Far East markets.
• Global Value Fund An international equity fund investing in overlooked, undervalued, and unloved direct equities in developed markets. Applies Aequitas's three-pillar (Growth, Value, Contrarian) philosophy to developed market opportunities for global and Indian investors.

Quantifiable outcome

• INR 1 million invested in Feb 2013 grew to INR 44.3 million as of May 2026 (44.3x returns) vs INR 4.6 million from Nifty 50 TRI
• +4 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators11 records

Recent moves13 records

Expansion highlights6 records

Direct peers

• Marcellus Investment Managers: Boutique India-focused PMS and AIF manager with a similarly concentrated, fundamentals-driven philosophy targeting consistent compounding for HNI clients. Most direct like-for-like competitor in the small/mid-cap quality PMS space.
• ASK Investment Managers: Established Indian PMS and AIF manager serving HNIs and family offices across multiple strategies including small/mid-cap equity. Directly competes with Aequitas for UHNI mandate flows and AIF allocations.
• ValueQuest Investment Advisors: Indian boutique PMS/AIF focused on small- and mid-cap value investing with concentrated portfolios. Closely comparable in strategy, philosophy, and target UHNI client base.
• White Oak Capital Management: Boutique Indian PMS/AIF manager founded by Prashant Khemka with a similar philosophy of bottom-up, high-conviction stock picking for UHNI clients. Comparable in product mix, client profile, and investment approach.
• PPFAS Mutual Fund (Parag Parikh Financial Advisory Services): Indian asset manager built on a value-investing, contrarian philosophy very similar to Aequitas's Growth/Value/Contrarian framework. Competes for the same UHNI mindshare through mutual funds and direct equity offerings.
• Multi-Act Equity Consultancy: India-focused boutique offering PMS and AIF products to HNI/UHNI clients with concentrated equity strategies. Directly competes for mandate allocation in the same Indian wealth management channel.

Broad incumbents

• Motilal Oswal Asset Management: Large incumbent Indian asset manager offering PMS strategies alongside mutual funds. Overlaps with Aequitas in HNI PMS and small/mid-cap offerings but operates at much greater scale and product breadth.
• Kotak Mahindra Asset Management: One of India's largest AMCs with PMS/AIF businesses serving HNI/UHNI clients. Competes for the same client wallet but offers a much wider product shelf and distribution scale than Aequitas.

Emerging players

• Ambit Asset Management: Indian boutique asset management arm of the Ambit Group, offering PMS and AIF products with a research-intensive, value-leaning approach. Comparable in boutique positioning and philosophy though smaller in AUM.
• Capitalmind.in: Emerging India-focused portfolio manager and research platform offering PMS and direct equity strategies to retail and HNI investors. Smaller scale than Aequitas but overlaps on bottom-up Indian equity mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/aequitasl
• Facebookfacebook.com/aequitasinvestment
• LinkedInlinkedin.com/company/aequitas-investments

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Aequitas