Shepherd's Hill

What Shepherd's Hill does

Shepherd's Hill is an India-based, privately held investment advisor and asset manager founded in 2011 and headquartered in Pune, with an additional office in Mumbai. The firm serves high-net-worth individuals (HNIs), non-resident Indians (NRIs), and foreign citizens, offering two core SEBI-regulated products: a discretionary Portfolio Management Service (PMS, minimum ₹50 lakhs) and a Category III Alternative Investment Fund — India Private Investment Fund (minimum ₹1 crore). Both products employ the firm's proprietary 'Value Magno' strategy — a market-cap agnostic, long-only equity approach with a 5+ year time horizon and concentrated 15-20 position portfolios selected via proprietary screening tools and a red-flag investment checklist.

The firm's go-to-market is direct-to-client with no agents, distributors, or wealth platforms. Distribution relies on content marketing (a blog covering value investing philosophy and macro commentary), SEO-driven web presence, direct relationship management, and Rishi Gupta's YouTube channel for overseas prospects. Its fee model is highly differentiated: PMS charges zero fixed management fees — only a 22% performance fee on profits above a 6% annual hurdle — creating strong alignment between the fund manager and clients. AIF fees are also performance-based, and both vehicles impose 5-year minimum commitments with graduated early-withdrawal penalties.

Shepherd's Hill is founder-led by Rishi Gupta, a Stanford graduate and former private equity professional with 20+ years of capital markets experience. The firm holds four SEBI registrations (Investment Advisor, Portfolio Manager, AIF Cat III, AIF Cat II) and reports an auditor-verified 21.41% annualized track record since 2011. Beyond core PMS/AIF, the Shepherd's Hill Group has begun participating as a private equity investor in external startup rounds (Wealthy, Novio) and has launched an offshore feeder fund to reach foreign citizens, indicating measured expansion beyond its traditional PMS/AIF franchise.

Name

Shepherd's Hill

Legal name

Shepherd's Hill Group

Website

https://info.shepherdshill.in

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Shepherd's Hill is a SEBI-registered, Pune-based investment advisor managing PMS and AIF Category III products for high-net-worth individuals, NRIs, and foreign citizens through a proprietary long-only value investing strategy ('Value Magno') with zero fixed fees and 5-year commitments.

Ownership category

akta.pro rank

Product category

Investment Management / Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Equity Capital Introduction & Prime Services (FSACAFAK)

Keywords

• Portfolio management services
• Alternative investment fund
• Value investing strategy
• Wealth management services
• Asset management advisory

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. PMS Management and Performance Fees: Shepherd's Hill PMS charges only a performance fee of 22% of profits over a hurdle rate of 6% per annum. There is no fixed management fee. If return in any year is less than 6%, the shortfall is added to the subsequent year's hurdle. This creates strong alignment between the fund manager and clients. For AIF, fees are performance-based with high alignment between client and fund manager.
2. AIF Management and Performance Fees: AIF Category III fees are designed to create high interest alignment between client and fund manager. The specific fee structure is performance-based, with no fixed fees charged to clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Shepherd's Hill provides discretionary Portfolio Management Services (PMS) and an Alternative Investment Fund (AIF) Category III for high-net-worth investors seeking long-term exposure to Indian equities. The PMS requires a minimum investment of ₹50 lakhs with no fixed management fee and only a 22% performance fee on profits above a 6% hurdle, while the AIF requires a minimum of ₹1 crore. The firm also offers an Offshore Feeder Fund accepting a minimum of $100,000 from foreign citizens. All offerings use the proprietary "Value Magno" value-investing strategy with a 15-20 position portfolio across market caps.

Product overview

Shepherd's Hill is an India-based investment advisor and asset manager offering two core investment products: Portfolio Management Services (PMS) and Alternative Investment Fund (AIF) Category III. The PMS is a discretionary portfolio management service with a minimum investment of ₹50 lakhs, charging only performance fees with no fixed management fee. The India Private Investment Fund is an open-ended AIF Category III launched in April 2019 with a minimum investment of ₹1 crore. For foreign investors, Shepherd's Hill offers an Offshore Feeder Fund accepting dollar-denominated investments. All products employ a long-term value investing approach focused on Indian equity securities with market-cap agnostic and sector-agnostic strategies.

Differentiator

Problem solved

Functional benefit

Brands

• Value Magno: The value-focused, market-cap agnostic investment approach used by Shepherd's Hill PMS.

Products and services

• Portfolio Management Services (PMS) Discretionary portfolio management service enabling HNW investors to participate in Indian equity markets through a long-term value-investing approach. Minimum investment ₹50 lakhs with a 5-year commitment; charges only a 22% performance fee on profits above a 6% annual hurdle rate with no fixed management fee.
• India Private Investment Fund (AIF Category III) Open-ended Category III Alternative Investment Fund focused on long-term active value investing in Indian public equity using a sector-agnostic and flexicap strategy. Minimum investment ₹1 crore; performance-based fee structure with strong client alignment and no fixed management fee.
• Offshore Feeder Fund Offshore fund structure that accepts dollar-denominated investments and routes capital to India for foreign citizens seeking Indian equity exposure. Minimum investment $100,000; serves foreign citizens without family connections to India who face difficulties obtaining Indian tax identification numbers and filing annual Indian taxes.

Quantifiable outcome

• 21.41% annualized returns since inception (July 2011) vs 10.62% benchmark — nearly double the index return
• +3 more outcomes

Named customers7 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

Partnerships

Seven partnerships are on record, tiered core and minor.

• Kotak Mahindra BankcoreOthersKotak Mahindra Bank serves as the SEBI-registered custodian for Shepherd's Hill PMS client accounts. It is one of India's largest private sector banks.
• DBS BankminorOthersDBS Bank is listed as a trusted service provider partner in Shepherd's Hill's partner ecosystem.
• CAMS (Computer Age Management Services)coreOthersCAMS is a leading registrar and transfer agent for mutual funds and investment services, listed as a trusted service provider partner.
• JM FinancialminorOthersJM Financial is a financial services firm listed as a trusted service provider partner in Shepherd's Hill's ecosystem.
• HDFC BankcoreOthersHDFC Bank is one of India's largest private sector banks, listed as a trusted service provider partner.
• NSDL (National Securities Depository Limited)coreOthersNSDL provides depository services and is listed as a trusted service provider partner for Shepherd's Hill.
• Centrum Financial ServicesminorOthersCentrum Financial Services is listed as a trusted service provider partner in Shepherd's Hill's ecosystem.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Marcellus Investment Managers: India-based boutique PMS and AIF manager focused on long-term, high-conviction investing in listed Indian equities. Very similar in business model (PMS + AIF Cat-III, founder-led, long-only equity, HNW-focused) and is among the most comparable boutique competitors in the Indian PMS universe.
• White Oak Capital Management: India-based boutique PMS/AIF firm founded by Prashant Khemka (ex-Goldman). Offers PMS, AIFs, and offshore funds focused on high-quality Indian equities. Direct competitor in the founder-led, value-quality boutique segment targeting HNW and NRI clients.
• ASK Investment Managers: One of India's largest PMS and AIF providers, offering multiple equity and fixed-income strategies to HNW clients. Competes in both PMS and AIF Cat-II/III categories with a similar multi-product, multi-strategy boutique-platform model.
• Multi-Act Trade & Securities (Multi-Act PMS): India-based boutique offering PMS and advisory services in Indian equities. Competes in the same HNW PMS segment with a similar long-term, fundamentally-driven approach to investing.
• Ambit Investment Advisors: Indian boutique asset management arm of the Ambit Group offering PMS and AIF products focused on fundamental/quality Indian equities. Overlaps in HNW client base, fee structure, and long-only investment philosophy.
• Sundaram Alternates: India-based alternatives platform (part of Sundaram Group) running AIF Category II and III funds. Direct competitor in the AIF Cat-III equity space and a comparable scaled boutique-alternatives player.
• ValueQuest Investment Advisors: India-based boutique PMS firm running value-investing strategies in Indian equities. Competes head-to-head with Shepherd's Hill for HNW investors seeking value-style, bottom-up, flexicap approaches to Indian public markets.

Broad incumbents

• Kotak Mahindra Asset Management: One of India's largest AMCs offering PMS, AIF, and mutual fund products. Overlaps with Shepherd's Hill in PMS and AIF, but operates as a broad incumbent with significantly larger AUM and distribution scale.
• PPFAS Mutual Fund (Parag Parikh Financial Advisory Services): Indian AMC known for value-oriented flexicap and index strategies with a long-term, low-turnover philosophy. Comparable investment philosophy (long-term value, low portfolio turnover) and shares the HNW retail target, though much larger AUM scale.
• Motilal Oswal Asset Management: Large Indian AMC with both mutual fund and PMS/AIF offerings across multiple strategies. Competes for HNW investors but is a much larger, broader-play incumbent rather than a focused value boutique.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/shepherds_hill_

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments2 records

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

Frequently asked questions about Shepherd's Hill