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

The structural case, not the cyclical one

India is the world’s fastest-growing major economy, with the deepest IPO market on earth and an equity culture compounding through 200 million demat accounts. The alpha, however, sits in a specific corner of it — and that corner is hard to reach.

The Economy

A growth story that is structural.

Demographics, digitisation, manufacturing relocation and capital-markets deepening reinforce one another — none is a one-cycle effect.

7%+
Annual GDP Growth
Fastest trajectory in the G20
65%
Population Under 35
The largest young workforce in the world
750M+
Internet Users
Mass digital adoption, formalising the economy
$165B
China+1 Investment
A manufacturing renaissance underway
The Capital Market

The world’s largest IPO market.

300+
IPOs in 2024
No. 1 globally by volume — ~200 on SME platforms
$19.5B
Raised on NSE in 2024
The largest IPO market by capital raised
200M+
Demat Accounts
The deepest retail equity culture in any emerging market
300+
IPOs in Pipeline
SEBI approvals in queue at record highs
Why now. Pre-IPO discounts reached five-year highs following the 2024–25 market consolidation, while the IPO pipeline sits at record levels — a combination of cheaper entry and abundant exit. Market statistics from public exchange and regulatory data.
The Segment

The alpha sits below ₹2,000 crore.

India’s small and mid-cap universe has delivered roughly three times the return of large caps over the last five years in USD terms. Sub-₹2,000 crore companies grow earnings at three to five times the rate of large caps — with far lower institutional ownership and thin analyst coverage.

  • Persistent mispricing — limited coverage means price discovery lags fundamentals.
  • Ownership transitions — re-rating follows institutional adoption; entering first is the edge.
  • The pre-IPO window — negotiated entry prices unavailable to any public-market investor.
Where the alpha sits
India small & mid-cap vs large-cap index · 5 years · USD terms · indexed to 100 (illustrative)
300250 200150 100 Y0Y1Y2 Y3Y5 SMID — ~3.0× Large caps — ~1.6×
Illustrative representation of relative index performance; not a projection of fund returns. Past performance is not indicative of future results.
The Barrier

Closed to most global capital — by structure, not by chance.

I

Hard access

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.

III

Prohibitive minimums

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

The structure is the solution

Equisculpt Novem Fund packages the access, the regulatory navigation and the execution into one FSC-regulated Mauritius vehicle on the SEBI FPI Category I route — from USD 25,000.