ValueQuest Investment Advisors has raised a ₹2,000 crore private equity fund focused on advanced manufacturing sectors including aerospace, defence, and energy transition, marking one of the largest rupee denominated sector focused pools in this space.
The Mumbai-based investment firm said its new fund, ValueQuest Tristar, surpassed its initial target corpus of ₹1,500 crore and activated a ₹500 crore greenshoe option, taking the total size to ₹2,000 crore. The fund is backed entirely by domestic limited partners (LPs) and is expected to complete fundraising within the current calendar year.
Focus on Advanced Manufacturing and Strategic Sectors
The fund will invest in 8–12 growth stage companies, with cheque sizes ranging between ₹150 crore and ₹400 crore. ValueQuest aims to deploy the capital over the next 18–24 months.
According to the firm, the strategy is to back businesses that have already achieved product market fit, demonstrate positive unit economics, and maintain established customer relationships. The focus sectors aerospace, defence, and clean energy are aligned with India’s push for self-reliance, export-led growth, and strategic manufacturing capabilities.
ValueQuest believes this is an opportune time to deploy capital, as several advanced manufacturing firms are witnessing strong order books, policy support, and increasing participation in public markets through IPOs.
Early Bets in Aerospace and Energy Storage
The fund has already deployed capital in Rangsons Aerospace, a precision manufacturing company serving domestic and global aerospace and defence clients. It has also invested in Waaree Energy Storage Solutions, which manufactures lithium-ion cells, battery packs, and energy storage systems for both Indian and international markets.
In addition, ValueQuest has taken early positions in defence public sector undertakings such as Mazagon Dock, Cochin Shipyard, Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), and Garden Reach Shipbuilders & Engineers, positioning itself ahead of broader policy momentum in the defence sector.
With the launch of this ₹2,000 crore fund, ValueQuest is doubling down on India’s advanced manufacturing ecosystem, aiming to build scale-driven, globally competitive industrial champions over the next growth cycle.
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