ValueQuest Tristar Targets Aerospace, Defence, Energy Transition Investments
ValueQuest Investment Advisors has raised a Rs 1,500 crore private equity fund, ValueQuest Tristar, focused on advanced manufacturing sectors such as aerospace, defence, and energy transition. The Mumbai-based firm has also activated a greenshoe option of Rs 500 crore, aiming to close the full fundraising within the current calendar year amid strong investor interest in India’s manufacturing and deeptech ecosystem.
Fund to Back 8–12 Advanced Manufacturing Companies
The ValueQuest Tristar fund will invest in 8–12 companies with cheque sizes ranging between Rs 150 crore and Rs 400 crore. The firm expects to deploy the capital over the next 18–24 months, targeting businesses with proven product-market fit, strong unit economics, and established customer relationships. The fund will primarily focus on companies building core manufacturing capabilities aligned with India’s push toward self-reliance and export-led growth.
Early Investments Signal Strategic Sector Focus
ValueQuest has already deployed capital from the fund into Rangsons Aerospace, a precision manufacturing firm serving domestic and global aerospace and defence clients. It has also invested in Waaree Energy Storage Solutions, which develops lithium-ion cells, battery packs, and energy storage systems for Indian and international markets.
The firm has a strong track record in defence investing, having backed public sector leaders such as Mazagon Dock, Cochin Shipyard, HAL, BEL, and Garden Reach Shipbuilders ahead of the sector’s recent growth momentum.
ValueQuest believes advanced manufacturing is entering a structural growth phase, supported by government policies, rising global supply chain diversification, and increasing IPO activity. Through this fund, the firm aims to support India’s emergence as a global manufacturing hub while backing companies building critical industrial infrastructure.
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