Carnelian Capital intends to enter the private equity space by raising a maiden fund of Rs 2,000 crore. The investment manager currently oversees about ₹18,300 crore in portfolio management services and alternative investment funds.
The firm plans to launch the fund within the next 12 to 18 months. It will target profitable companies that need between ₹100 crore and ₹300 crore in growth capital.
Carnelian Capital believes this segment has become underserved because many private equity funds have shifted toward larger deals. The new fund aims to fill that gap for mid-sized Indian businesses.
The announcement reflects a strategic move to expand the manager's offerings beyond its existing portfolio management and alternative investment activities.