For qualified investors only · Not available to residents of India ir@novemfund.com  ·  +66 81 489 8725
The Fund

Terms, structure & eligibility

An evergreen, USD-denominated sub-fund of a Mauritius variable capital company — regulated terms, independent service providers, and eligibility rules applied without exception.

At a Glance

Fund terms

Brand name
Equisculpt Novem FundThe name under which the sub-fund is offered
Legal entity
Novem Prime Incorporated VCC Sub-FundRegistrar of Companies, Mauritius — No. C234119
Umbrella vehicle
Equisculpt Novem Capital VCCVariable capital company under the Mauritius VCC Act 2022 — assets and liabilities segregated per sub-fund
Domicile
Republic of Mauritius
Regulatory status
FSC Global Business Licence · SEBI FPI Category I access routeLicence No. GB26205965 · Registrar of Companies No. C234119
Fund type
Evergreen — open entry and exit
Target corpus
USD 100 million
Target gross IRR
30–50% per annumPer the FSC-filed investment policy — an objective, not a forecast or guarantee
Currency
USD subscription & redemption · INR underlyingINR exposure managed via non-deliverable forwards and currency markets
Minimum investment
USD 25,000Smaller amounts accepted at the board’s discretion
Management fee
2% per annum
Performance fee
20% over a high watermark
Lock-in
12 months
Liquidity
Quarterly redemption windows after lock-in
Leverage
None — at any level of the fund
Administrator
KFS, Mauritius
Custodian
Orbis, India
Auditor
Independent statutory auditor
Investment manager
Dewberry Investments, MauritiusLeadership & investment team →
Reporting
Quarterly NAV and portfolio reporting

All terms are indicative summaries and are qualified in their entirety by the fund’s confidential offering documents, which alone govern any investment.

Eligibility

Who can invest — and from how much

Eligibility is determined case by case following KYC/AML and source-of-funds verification. Minimum tickets are indicative and subject to the offering documents and board discretion.

Investor typeMinimum ticketNotes
Individual / HNI$25,000High-net-worth individuals; lower amounts at the board’s discretion
NRI$25,000Non-resident Indians — same terms as HNI
Global citizen$25,000Globally mobile investors, accommodated under the HNI category
Family office$500,000Single and multi-family offices — dedicated reporting and relationship coverage
LP / Institutional$1,000,000Limited partners and institutions — bespoke terms available at scale
Compliance restriction. As a Mauritius FPI structure, the fund cannot accept India-resident investors under the Indian FEMA framework. Globally mobile Indians participate through the NRI or global-citizen route, in line with FEMA and SEBI FPI requirements. Across all investor types: USD-denominated subscription and redemption, KYC/AML and source-of-funds verification, 12-month lock-in with quarterly liquidity thereafter.
Structure

How the structure works

Each function — management, administration, custody, audit — sits with a separate firm, so no single party controls both the assets and the record of the assets.

Investor

Subscribes in USD to Equisculpt Novem Fund following KYC/AML and suitability checks. Holds shares of the sub-fund; NAV reported quarterly by the administrator.

Mauritius VCC sub-fund

The investor’s capital sits in Novem Prime Incorporated VCC Sub-Fund (the entity behind the Equisculpt Novem Fund brand), under the umbrella of Equisculpt Novem Capital VCC — FSC Global Business Licence, segregated assets and liabilities under the VCC Act 2022, administered by KFS, Mauritius.

SEBI FPI route into India

The fund invests in Indian securities through the SEBI FPI Category I framework, with custody of Indian assets held by Orbis, India, and INR exposure managed through the NDF market.

Indian growth equity

Capital is deployed across the five FSC-authorised strategies — anchor IPOs, small & micro-cap, pre-IPO secondaries, mid-caps and special situations — with an exit path identified before each deployment.