SPVH Value Discovery Fund
Category II AIF  ·  SEBI Reg. No: IN/AIF2/22-23/1248

Discover India's
Next 10X Growth Story.

SME Focused Pre-IPO Alternative Investment Fund

A disciplined, research-led Category II AIF that identifies high-potential SMEs at their pre-IPO stage — entering at deep discounts and exiting post-listing to deliver superior, risk-adjusted returns for sophisticated investors.

Target Corpus: ₹250 Cr Min. Investment: ₹1 Cr Target IRR: 45%+ CAGR Holding: 12–48 Months
Schedule a Call with Fund Manager Fund Terms
Fund at a Glance
₹250 Cr
Target Corpus
Green-shoe option up to ₹50 Cr
45%+
Target IRR (CAGR)
Absolute return mandate
10X
Target Return Multiple
36–48 month investment horizon
8
Successful Exits (Track Record)
Avg. multiple: 7.7X across exits
Fund Vision

Capitalising the 10X Dream.

To capitalise on India's vibrant SME ecosystem by identifying and nurturing tomorrow's market leaders at their pre-IPO stage — leveraging strategic partnerships, deep promoter relationships, and institutional-grade research to generate superior alpha while democratising access to India's most promising growth stories.

The SPVH Value Discovery Fund is not a passive allocator. We are active partners in the pre-IPO journey — supporting governance, disclosure readiness, and investor positioning to unlock value systematically at every stage of the IPO lifecycle.

Value + Discovery 12–48 Month Holding Framework Disciplined Exit Strategy Gain Recycling Model
10X

Target return on pre-IPO investments over a 36–48 month horizon through a disciplined entry, hold, and exit framework.

60%
Pre-IPO
25%
Anchor Book
15%
Public Equities
The Opportunity

The Goldmine in India's SME Ecosystem.

India's SME IPO market is in its golden era — generating wealth that traditional listed equities simply cannot replicate at this stage of the economic cycle.

241
SME IPOs launched on NSE Emerge & BSE SME in 2024
72%
Average listing day gain across SME IPOs in 2024
22
SME IPOs that delivered 10X+ returns in 2024 alone
₹1.8L Cr+
Cumulative market cap raised on NSE Emerge since inception
45%
Projected CAGR in SME listings through 2028
₹2.25L Cr
Targeted SME aggregate market cap by 2030
India's SME IPO market is entering its next explosive growth cycle — 250–300 IPOs per year, average listing gains of 200–300%, and cumulative wealth creation potential of 600–1,200% for pre-IPO investors over 5–6 years. The opportunity is structural, not cyclical.
Fund Structure & Terms

Structured for Institutional Rigor.

A transparent, SEBI-compliant Category II AIF structure with clearly defined terms, independent oversight, and investor-first governance.

Fund NameSPVH Value Discovery Fund
Fund CategoryCategory II AIF (SEBI Registered)
SEBI RegistrationIN/AIF2/22-23/1248
Fund ManagerSPVH Asset Management Company
Target Corpus₹250 Crore (Green-shoe: ₹50 Cr)
Minimum Investment₹1 Crore per investor
Fund Tenure4 Years (extendable by 1+1 years)
Investment PeriodFirst 2 years post first close
Target IRR45%+ CAGR (absolute return)
Hurdle Rate8% p.a. (preferred return)
Carry20% above hurdle (high-water mark)
Management Fee2% p.a. on committed capital
Distribution WaterfallReturn of Capital → Preferred Return → Carry
CustodianSEBI-Registered Independent Custodian
AuditorBig-4 Empanelled Statutory Auditor
RegistrarSEBI-Registered RTA
Quarterly
NAV Reporting
Semi-Annual
Distributions
Annual
Audited Accounts
Investor Eligibility
Resident Individuals (HNIs & UHNIs) Indian residents with ₹1 Cr+ investable capacity meeting SEBI's accredited investor criteria
Family Offices & Trusts Registered family offices, private trusts, and HUFs with appropriate investment mandates
NRIs & OCIs Non-Resident Indians and Overseas Citizens of India under RBI/FEMA Schedule IV compliant structures
Corporates & Institutions Corporate bodies, LLPs, and institutional investors with board-approved investment policies
KYC & Compliance CKYC-compliant investors with PAN, Aadhaar, and source-of-funds documentation as per PMLA
Investment Framework

The SUJI Framework.

The SPVH Value Discovery Fund pursues a disciplined, high-alpha strategy by identifying high-potential SMEs at their pre-IPO stage, entering at discounted P/E multiples, participating in anchor book allocations, and executing structured exits within 12–24 months post-listing. Gains are recycled into the next pipeline, maintaining a rolling portfolio of 6–10 active investments targeting a consistent 10X value-unlocking strategy. Every investment must pass all four pillars of the SUJI framework before capital is deployed.

SUJI
Framework
S
Scalability & Sector Tailwinds
We target high-growth sectors with strong macroeconomic support — manufacturing, energy, infra, fintech, and export-led industries — with inherently scalable business models capable of 3–5x revenue growth over 4 years.
U
Underlying Financial Strength
High ROE/ROCE (typically >20%), strong and consistent cash-flow generation, low debt-to-equity (<0.5x), historically expanding margins, and clean books. No turnaround bets — only proven performers entering their next growth phase.
J
Judicious Valuation
Entry at deep discounts to listed peers — typically at 30–60% discount to sector P/E multiples — ensuring significant valuation arbitrage upon listing. We run full DCF models with conservative assumptions to validate every entry price.
I
IPO Readiness & Exit Visibility
Robust corporate governance, clean promoter background with no legal encumbrances, DRHP-ready financials, designated banking and legal conduits in place, and a confirmed SEBI filing timeline before any capital is committed.
Portfolio Construction

Three Buckets. One Strategy.

Capital is deployed across three complementary buckets with different risk-return and liquidity profiles — maximising alpha while managing liquidity at the fund level.

36M
Avg Hold
Pre-IPO Placement
60%
Anchor Book Allocation
25%
Listed SME Equities
15%
Pre-IPO Placement
60%
Core alpha driver. Private placements in SMEs 12–24 months before their IPO filing. Entered at 30–60% discount to IPO price. Lock-in period of 6 months post-listing under SEBI regulations. Primary source of 10X return generation.
Anchor Book Allocation
25%
Strategic allocation in the Anchor investor portion of SME IPOs — entered at IPO price with 30-day lock-in. Lower discount vs Pre-IPO but higher certainty and faster liquidity. Target: 2–4X returns over 12–24 months.
Listed SME Equities
15%
Tactical allocation in recently-listed SMEs with strong post-listing momentum and undervalued vs. growth potential. Provides near-term liquidity, active portfolio management, and alpha generation between pre-IPO deal deployments.
Value Unlocking Journey

The Moonshot — Pre-IPO to Exit.

Our structured investment journey is mapped to five key value inflection points — each stage designed to capture a distinct layer of returns from the same underlying investment.

1X
Entry
Month 0
Pre-IPO Entry
Private placement at a 30–60% discount to IPO price. SUJI screening complete. DRHP filing imminent.
2–2.5X
Listing Pop
12–15 Months
IPO Listing Day
Typical 70–150% listing gains on IPO price translate to 2–2.5X on our pre-IPO entry. Lock-in commences.
3–4X
Lock-In Free
12–24 Months
Anchor/QIB Unlocked
Post lock-in expiry, tactical partial exits initiated. Momentum continues as institutional coverage builds.
5–7X
Re-Rating
24–36 Months
Valuation Trigger
Sector re-rating, earnings upgrades, and broader market recognition drive compounding value. Majority held.
7–12X
Full Exit
36–48 Months
Exit Trigger
Structured full exit upon reaching target valuation or time trigger. Gains recycled into next vintage.
Our Edge

Proprietary Deal Flow. Institutional Discipline.

The pre-IPO opportunity is access-driven. Our deal flow engine is built on relationships cultivated over two decades — giving SPVH first-mover access to opportunities before they reach the broader market.

Promoter & Founder Network
Direct relationships with 200+ SME promoters across manufacturing, energy, logistics, and services built over 20 years. First-call access to pre-IPO rounds before merchant bankers are engaged.
Proprietary Access
Investment Banker Tie-Ups
Formal co-investment agreements with 15+ SEBI-registered merchant bankers specialising in SME IPOs. Priority allocation in anchor books and preferred access to pre-IPO placement rounds.
15+ IB Partners
Proprietary Screening Engine
A quantitative pre-screening model covering 1,200+ SMEs — tracking financials, promoter actions, IPO filings, and sector momentum. Filters the universe to 40–50 investment-grade opportunities per quarter.
1,200+ SMEs Tracked
Sector Expert & Advisory Network
25+ domain experts across energy, pharma, manufacturing, and logistics who provide on-ground intelligence, channel checks, and order-book validation before every investment decision is finalised.
25+ Domain Experts
1,200+
SMEs Tracked
~150
Qualified Annually
~40
Deep Due Diligence
~12
IC Approval
6–10
Active Portfolio
Proven Track Record

Real Deals. Real Returns.

Select transactions from our pre-fund track record demonstrating the consistent application of the SUJI framework across market cycles.

7.33X
Return Multiple
20 Months
Danish Power Limited
Electrical Equipment & Power Infrastructure
₹150
Pre-IPO Entry
₹380
IPO Issue Price
₹1,050
Exit Price
Sectoral Tailwinds
Strong Financials
Valuation Comfort
10.3X
Return Multiple
17 Months
Kaycee Energy & Infra
Energy Infrastructure & EPC
₹35
Pre-IPO Entry
₹54
IPO Issue Price
₹365
Exit Price
Anchor Backing
Low Debt Base
Order Book Surge
5.6X
Return Multiple
16 Months
Owais Metal & Minerals
Metals, Mining & Industrial Commodities
₹45
Pre-IPO Entry
₹87
IPO Issue Price
₹254
Exit Price
Commodity Cycle
Capex Completion
Margin Expansion
7.7X
Average Exit Multiple
Across 3 disclosed transactions
17.7M
Average Holding Period
Well within 36-month target
8
Successful Exits (All Exits)
Zero capital loss on any position
100%
Exit Success Rate
8 of 8 investments exited profitably

Past performance does not guarantee future results. Returns are based on specific transactions and are indicative only. Detailed track record available on request.

Risk Management

Protecting Capital. At Every Stage.

Pre-IPO investing carries inherent risks. Our risk management framework is designed to identify, quantify, and mitigate these risks at both the deal and portfolio levels — before capital is ever deployed.

Promoter Background Verification
Every promoter undergoes CIBIL, litigation, MCA registry, and media checks. A dedicated legal team conducts reference checks with banks, creditors, and customers before the IC meets.
Independent Financial Audit
We commission independent forensic-level financial reviews of target companies prior to investment — validating revenue, EBITDA, receivables, and contingent liabilities separately from statutory auditors.
Contractual Downside Protection
All pre-IPO investments are backed by shareholder agreements including anti-dilution rights, drag-along provisions, put options (in select cases), and penalty triggers for IPO timeline breaches.
Concentration & Position Limits
No single pre-IPO position exceeds 15% of fund corpus. Sector concentration capped at 30%. Minimum 6 active investments maintained. Listed SME bucket provides intra-fund liquidity buffer.
Board-Level Portfolio Monitoring
SPVH nominates a board observer in every investee company. Monthly operational updates, quarterly financial reviews, and real-time monitoring of IPO timeline milestones by the investment team.
Structured Exit Planning
Every investment has a pre-defined exit waterfall — primary exit (IPO), secondary exit (strategic sale or block deal), and contingency exit (put option or secondary market) — ensuring capital return in all scenarios.
Fund Management Team

The People Behind the Fund.

A team of experienced investors, operators, and capital market professionals united by a single mission — generating exceptional pre-IPO returns for our investors.

Sujay Prakash
Founder & General Partner
Veteran investor with 20+ years navigating Indian public and private markets. Renowned for identifying systemic mispricing early in the economic cycle. Architected the SUJI Framework and leads the Investment Committee as Chairman.
20+ Years · 3 Fund Cycles
Jimit Majithia
Partner & Fund Manager
Specialist in SME pre-IPO structuring, anchor book allocations, and post-listing value acceleration. Holds a stellar track record of 8 consecutive successful exits over 4 years with zero capital loss. Leads deal origination and due diligence.
8/8 Profitable Exits
Karan Nagda
Director – AMC Business
Manages institutional distribution, investor relations, and operational compliance frameworks for SPVH AMC. Brings global family office management expertise and deep relationships with UHNI and family office allocators across India and the GCC.
Global Family Office Network
How to Invest

Seamless Onboarding. Secure Investment.

From first conversation to active fund participant — our onboarding is designed to be efficient, fully compliant, and typically completed within 10–15 working days.

Who is this Fund for?

HNIs & UHNIs seeking alpha beyond listed markets Investors with ₹1 Cr+ seeking exposure to pre-IPO returns not available through mutual funds or PMS
Family Offices with alternative allocation mandates Family offices looking to add an unlisted/pre-IPO bucket (typically 10–20% of total AUM) to their portfolio
NRIs & OCIs investing in India growth story Non-residents seeking structured, regulated exposure to India's SME boom with full repatriation rights
Investors with 4-year+ investment horizon Capital that can be locked in for 3–4 years to maximise pre-IPO return extraction across the full value cycle
Sophisticated investors comfortable with illiquidity risk Investors who understand that pre-IPO investments carry liquidity risk and are suitable only for accredited investors

Onboarding Process

1
Introductory Call with Fund Manager
30-minute call with Jimit Majithia or Sujay Prakash to understand the fund strategy, track record, and alignment with your investment objectives.
2
Private Placement Memorandum (PPM)
Receive and review the SEBI-mandated Private Placement Memorandum detailing fund strategy, risk factors, fees, and legal terms.
3
KYC & Documentation
Complete CKYC, source-of-funds verification, and FATCA declarations. NRIs submit additional FEMA/RBI compliance documents.
4
Subscription Agreement
Sign the Contribution Agreement and Unit Subscription Agreement. Capital commitment confirmed. Drawdown notice issued upon fund close.
5
Fund Active — Investor Portal Access
Receive login credentials to the investor portal for real-time portfolio updates, quarterly reports, NAV statements, and capital call notices.
Ready to Invest in India's Pre-IPO Opportunity?

Your Gateway to India's Next
Market Leaders.

Minimum ₹1 Crore · Category II AIF · SEBI Registered. Speak with our fund manager today and reserve your allocation before the fund closes.

Schedule Consultation Download Fund Deck
SEBI Registered Cat II AIF — IN/AIF2/22-23/1248
Independent SEBI-Registered Custodian
SEBI (AIF) Regulations 2012 — Compliant
Investments in AIFs carry risk. Past performance is not indicative of future results.