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Equisculpt Novem Fund
Mauritius · India · Global Investors

Lead the upside.

Institutional access to India’s next generation of growth — a Mauritius-domiciled, FSC-regulated fund giving qualified global investors disciplined exposure to India’s pre-IPO, anchor and under-researched listed equity opportunities — within a single regulated structure.

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Fund Snapshot
Structure
Mauritius VCC sub-fund · evergreen
Regulation
FSC GBL · SEBI FPI Cat I route
Target corpus
USD 100M · 24 months
Minimum
USD 25,000
Lock-in / dealing
12 months · quarterly
Fees
2% · 20% over HWM
Reporting
Quarterly NAV · KFS (Mauritius)
FSC Mauritius · GBL GB26205965 SEBI FPI Category I Route VCC Act 2022 · No. C234119 USD Denominated Independent Administration
$100M
Target Corpus · 24 Months
First close open — $10M targeted this financial year
30–50%
Target Gross IRR†
Per FSC investment policy — an objective, not a forecast
$25,000
Minimum Subscription
HNI / NRI / global citizen
12 mo
Lock-in Period
Quarterly liquidity thereafter

† Target returns are investment objectives under the fund’s FSC-filed policy. They are not projections, forecasts or guarantees, and capital is at risk.

The Opportunity

The world’s fastest-growing major economy — and its least accessible corner.

India’s growth is structural, not cyclical. Yet the segment where that growth compounds fastest — companies below ₹2,000 crore in market value, and the pre-IPO window before they list — has remained closed to most global capital.

7%+
Annual GDP Growth
Fastest trajectory in the G20
300+
IPOs in 2024
No. 1 globally by volume
$19.5B
Raised on NSE in 2024
World’s largest IPO market by capital
200M+
Demat Accounts
The deepest retail equity culture

Sources: NSE and SEBI primary-market statistics (calendar 2024); CDSL & NSDL demat data; MOSPI national accounts. Figures rounded, as published.

Three barriers have kept global capital out

I

Hard access

Traditional vehicles offer only index-level exposure. Anchor allocations and pre-IPO placements — where entry pricing is set — are effectively closed to offshore investors acting alone.

II

Fragmented regulation

Direct participation means navigating SEBI, FEMA, RBI and Mauritius FSC frameworks simultaneously — a burden that deters even sophisticated institutions.

III

Prohibitive minimums

The most attractive opportunities have historically required $500,000-plus commitments per transaction, excluding most qualified global investors.

Equisculpt Novem Fund addresses all three — a regulated Mauritius FPI structure, institutional-grade execution, from USD 25,000.

Where the alpha sits
India small & mid-cap vs large-cap index · 5 years · USD terms · indexed to 100 (illustrative)
300 250 200 150 100 Y0Y1 Y2Y3 Y5 SMID — ~3.0× Large caps — ~1.6×
Illustrative representation of relative index performance over the last five years; not a projection of fund returns. Sub-₹2,000 crore companies grow earnings at 3–5× the rate of large caps, with far lower institutional ownership.
Investment Approach

Five complementary strategies. One discipline.

Allocations follow the fund’s FSC-authorised investment policy. Alpha is pursued where liquidity and ownership are in transition — not in fully efficient markets — with an exit pathway identified before capital is deployed.

QIB & Anchor InvestmentsIPOs, FPOs & public issues — core strategy
30–40%
Small & Micro-Cap ListedRe-rating candidates below institutional radar
20–30%
Pre-IPO & Unlisted SecondaryLate-stage private, negotiated entry
15–25%
Mid-Cap Listed EquitySustainable growth & re-rating
10–20%
Special SituationsPreferential allotments, rights, dislocations
5–10%
Cash & Liquidity BufferNo leverage at any level of the fund
5–10%
Read the Full Strategy
The Novem Edge

Institutional execution. Boutique agility.

Agility

The Investment Committee can approve a position within 48 hours when an allocation window opens — speed that larger, slower-moving vehicles cannot match.

Access

Cultivated relationships with SEBI-registered investment bankers, promoters and merchant bankers provide privileged allocation access across anchor and pre-IPO windows.

Information

Proprietary research combining quantitative screening, an on-ground intelligence network and direct management access across the under-covered SMID universe.

Group Advisory Record

A record you can verify against the exchange.

Between March 2024 and February 2025 the Equisculpt Ventures group advised on thirteen anchor IPO positions on the NSE Emerge and BSE SME platforms. Every listing, issue price and exit window is verifiable against public exchange filings — including the one position that lost money.

Advisory track record of the Equisculpt Ventures group, a related entity — not the track record of Equisculpt Novem Fund, which is recently constituted and pre-launch. Past performance is not indicative of future results.

Examine the Full Record
13
Anchor Positions
Mar 2024 – Feb 2025
12 / 13
Profitable Exits
92% win rate
+112%
Avg. Absolute Return
Median +93% · range −14% to +362%
132
Avg. Hold (Days)
Defined exits, high capital velocity
Investment Process

From idea to exit — a six-filter discipline.

The exit pathway is identified before capital is deployed. No leverage, no speculation, no benchmark drift.

Deal sourcing

Group network: SEBI-registered bankers, promoter relationships, sector scouts.

Initial screen

Six-filter quantitative screen with compliance validation and promoter checks.

Deep diligence

Three-year financial model, legal review, expert interviews, site visits.

Investment Committee

Risk-adjusted return model, entry negotiation — 48-hour decision window.

Portfolio & exit

Continuous monitoring, quarterly NAV, execution of the pre-identified exit.

The Full Process
Governance & Structure

Built as institutions expect.

Dual-regulated

A sub-fund of a Mauritius variable capital company holding an FSC Global Business Licence, accessing India through the SEBI FPI Category I route — the framework used by sovereign funds and global asset managers.

Independent oversight

Administration by KFS, Mauritius. Custody with Orbis, India. An independent statutory auditor. NAV computed and reported quarterly — functions deliberately separated from the investment manager.

Aligned terms

2% management fee and 20% performance fee over a high watermark. USD-denominated subscription and redemption, with INR exposure managed through the NDF market. No leverage at any level.

Governance & Regulation Full Fund Terms
Leadership

Who manages the capital.

Jitendra Agrawal, founder of the fund and its research analyst, alongside Dewberry Investment Management Ltd, Mauritius — the FSC-licensed investment manager. More than seventy years of combined experience across Indian capital markets, offshore fund management and cross-border fiduciary oversight.

Jitendra Agrawal

Jitendra Agrawal

Founder · Novem Fund

Mithilesh Soobarah

Mithilesh Soobarah

Director

Devendra Seebaluck

Devendra Seebaluck

Partner

Maariyah Bahemia-Hossany

Maariyah Bahemia-Hossany

Director

About the Manager

The right structure, the right market, the right moment.

Jitendra Agrawal
Founder — Equisculpt Novem Fund

For the confidential investor deck, due-diligence material and subscription documents, contact investor relations. First close is open; founding terms apply to the earliest commitments.

Request the Investor Deck ir@novemfund.com