- Category
- III
- Strategy
- Long-only
- Fund house
- Pi Square Quant Advisory
India Emerging Business Investment Fund
+29.83%
6-month return, after expenses and tax
Benchmark NIFTY 500 · data as of 31 Aug 2026
India Emerging Business Investment Fund, a Category III long-only AIF from Pi Square Quant Advisory, returned 29.83% (after expenses and tax) over six months to 31 Aug 2026. It began on 21 Oct 2025 and manages ₹59.02 crore.
Key numbers
- AUM
- ₹59.02 Cr
- Benchmark
- NIFTY 500
- Launched
- 21 Oct 2025
- Min. investment
- ₹1 crore
- Returns basis
- After expenses and tax
Returns
| Period | This fund | NIFTY 500 |
|---|---|---|
| 1 month | +8.66% | −0.06% |
| 3 months | +16.22% | +3.05% |
| 6 months | +29.83% | +2.01% |
| Since inception | +29.15% | −0.26% |
After expenses and tax, as Pi Square Quant Advisory reports them, to 31 Aug 2026. AIFs report returns on different bases, so compare like with like.
Fund details
- Category
- Category III
- Strategy
- Long-only
- Market-cap style
- Flexi cap
- Asset type
- —
- Benchmark
- NIFTY 500
- Fund manager
- Vishrut Pathak
Market-cap mix
- Large cap26.40%
- Mid cap13.90%
- Small cap53.47%
- Other3.49%
- Cash2.74%
The five largest holdings are 24.66% of the portfolio.
Investment approach
Pi Square India Emerging Business Investment Fund is a highly focused bet on India’s next major growth wave, combining early access to pre-IPO and anchor investments in select small and mid-cap companies. Backed by the firm's rigorous evaluation framework, this fund offers investors a premier opportunity to participate directly in India’s unfolding success stories - where market innovation meets intelligent capital.
The fund follows a research-driven GARV (Growth at Reasonable Value) philosophy, combining rigorous fundamental analysis with disciplined valuation to identify high-quality businesses with scalable growth potential. We focus on companies led by strong management teams that possess sustainable competitive advantages and robust earnings visibility. The portfolio is complemented by selective participation in pre-IPO and anchor investment opportunities, enabling investors to access promising businesses early while maintaining a strong emphasis on prudent risk management and long-term value creation.
About the fund manager
Mr. Vishrut Pathak — Founder and Chief Investment Officer
Vishrut Pathak is the Founder and Chief Investment Officer of Pi Square Investments, where he defines the firm's investment philosophy and strategic direction across multiple verticals, including alternative investments, listed equities, quantitative strategies, and global investment advisory. With over 25 years of experience in financial markets and an MBA from St. John's University, he has been a trusted advisor for HNIs, UHNIs, and family offices at Pi Square since 2011. His focus on fundamental research and prudent risk management continues to drive sustainable wealth creation for investors.
As the fund house describes it.
FAQs
What has India Emerging Business Investment Fund returned?
29.83% (6-month return) to 31 Aug 2026, after expenses and tax, as Pi Square Quant Advisory reports it. 1 month: 8.66%; 3 months: 16.22%; 6 months: 29.83%; Since inception: 29.15%.
What kind of AIF is India Emerging Business Investment Fund?
A Category III AIF following a long-only strategy, with a flexi cap style. Category III AIFs trade listed and unlisted securities and may use leverage and derivatives, including short positions.
How much does India Emerging Business Investment Fund manage?
₹59.02 crore as of 31 Aug 2026.
What is the minimum investment in an AIF?
SEBI sets the minimum at ₹1 crore per investor (₹25 lakh for the fund’s own employees and directors). India Emerging Business Investment Fund’s stated minimum is ₹1 crore.
Who manages India Emerging Business Investment Fund?
Pi Square Quant Advisory runs it; the fund manager is Vishrut Pathak.
How are AIF returns reported?
Each fund house reports its own returns on its own basis: India Emerging Business Investment Fund’s are after expenses and tax. Bases differ from fund to fund, so compare like with like.
For information only. Not investment advice or a research report. Past performance does not guarantee future returns. AIF investments carry higher minimums and risks; read the private placement memorandum.
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