HedgeCo.Net — ValueQuest Tristar Fund, an Indian private equity fund focused on advanced manufacturing, said Monday it has secured more than ?2,100 crore, or about $221 million, in investor commitments, surpassing its original target including the full greenshoe option. The milestone came within 15 months of the fund’s first close.
Tristar is a closed-ended Category II Alternative Investment Fund managed by Quest4Value Investment Managers LLP, with ValueQuest Investment Advisors as sponsor. It invests across aerospace, defence, precision engineering and energy-transition-linked manufacturing.
The fund has made four investments: Hi-Q Electronics, which makes mission-critical printed circuit boards for aerospace and defence; Rangsons Aerospace, which specializes in fluid distribution systems and satellite communications; Waaree Energy Storage Solutions, focused on battery storage; and Trusted Aerospace & Engineers (TASE Global), a precision engineering company with cross-border manufacturing capabilities.
“Sector growth alone does not guarantee investment returns,” said Aniket Dharamshi, co-founder and managing partner of ValueQuest Investment Advisors, adding that the firm’s upfront work lets it partner with promoters and deepen exposure as they deliver against milestones. ValueQuest, a public-markets manager that moved into private equity in 2023, manages more than ?6,000 crore across two strategies, three funds and co-investments, and is also raising SCALE Fund II for growth and late-stage deals.
The close adds to evidence that domestic and global LPs are leaning into India’s manufacturing build-out, a theme that has drawn capital as supply chains diversify and defence procurement localizes.