ValueQuest Tristar Fund, which backs advanced manufacturing in India, has raised over ₹2,100 crore in investor commitments. It reached this amount within 15 months of its first close. The fund exceeded its original target and its full greenshoe.
Initial investments
The fund invests in aerospace, defense, precision engineering, and energy-transition manufacturing. It has backed four companies so far. Hi-Q Electronics makes mission-critical circuit boards for aerospace and defense.
Investment approach
Tristar combines sector research with industrial value-chain mapping. This helps it identify specialized manufacturers. It looks for businesses positioned to benefit from industry growth and company-specific inflection points.
Broader platform
ValueQuest Private Equity manages over ₹6,000 crore across three funds and co-investments. Its parent oversees about US$3.4 billion in public and private markets. The firm is also raising SCALE Fund II for established businesses.
The fund's other investments include Waaree Energy Storage Solutions, Rangsons Aerospace, and Trusted Aerospace & Engineers. Waaree focuses on battery energy storage. Trusted Aerospace is a precision engineering firm with cross-border manufacturing capabilities.