Fourteen stages. No exceptions.

The Equisculpt Ventures network: SEBI-registered investment and merchant bankers, direct promoter relationships built over two decades, and sector-specialist scouts on the ground. Origination is proprietary by design — deals that arrive through open processes have already lost their pricing edge.

Sector and market-cap fit against the mandate; revenue and earnings trajectory; balance-sheet quality; promoter shareholding pattern; SEBI compliance validation; and preliminary valuation versus peers. A failure on any filter ends the process here.

Industry structure, competitive position, customer concentration, unit economics and the durability of demand — tested through industry expert interviews and channel checks, not only management narrative.

Background and track-record checks on promoters and key management: capital-allocation history, related-party dealings, past investor treatment and regulatory history. In the SMID universe, promoter quality is the single largest determinant of outcome.

A full three-year financial model — revenue build-up, margin bridge, working capital, cash conversion and funding needs — stress-tested against downside scenarios rather than management guidance.

Board composition and independence, auditor history, disclosure quality, pledging, and minority-shareholder treatment. Governance red flags are disqualifying, not discountable.

Litigation search, regulatory actions, licence status, and — for pre-IPO positions — the enforceability of the investment documentation and transfer restrictions.

Absolute and relative valuation against listed peers and precedent transactions, with the re-rating case stated explicitly: what multiple, on what trigger, by when. For negotiated entries, this stage sets the walk-away price.

Float, trading volumes, lock-in schedules and block-deal feasibility — sized against the intended position so the exit is executable in practice, not only in theory.

Primary and fallback exits — listing, block trade, strategic sale — each with an expected window and value. A position with no credible fallback exit is not taken, whatever the upside.

The IC reviews the full dossier against a risk-adjusted return model and approves, rejects or returns for further work — within a 48-hour window when allocation windows demand speed. See the committee section below.

Entry price negotiation, legal documentation and subscription mechanics — executed through the fund’s custodian and administrator so that asset movement and record-keeping stay independently controlled.

Results tracking against the entry model, catalyst progress, liquidity development and governance events — with quarterly NAV and portfolio reporting to investors, and escalation to the IC when a thesis breaks.

Execution of the pre-identified exit — or the fallback — followed by distribution or redeployment. Every exit closes the loop with a review of what the entry model got right and wrong.