Carnelian Alternative Investment Trust

Stage focus

Public markets (listed)

Primary sector

Public markets (listed equity)

City

Mumbai

HQ / office

Lower Parel (West), Mumbai, Maharashtra

Fund registered

2018

Corpus (as reported)

~Rs 17,200 Cr / ~USD 1.6 bn across PMS+AIF+offshore (as of 31 May 2026, firm-wide)

Website

carneliancapital.co.in

LinkedIn

Profile ↗

Carnelian Asset Management & Advisors is a Mumbai boutique investment manager founded in 2019 by Vikas Khemani, Manoj Bahety and Swati Khemani, running PMS and Category III AIF strategies in listed Indian equities. The Carnelian Alternative Investment Trust is its Cat III AIF vehicle (Capital Compounder / Structural Shift / Bharat Amritkaal funds).

Listed Indian equities (public markets); quality-growth-at-reasonable-price (QGARP) across multi-cap, structural-shift and 'Bharat Amritkaal' themes

Investor minimum commitment ~INR 5 Cr (Carnelian Bharat Amritkaal Fund, the Cat III flagship). Long-only listed-equity AIF, not a startup VC cheque.

As compiled from public sources — verify with the investor.

SEBI AIF Category III — reported as “Cat III”

• IN/AIF3/18-19/0642

None found

3 founders (Vikas Khemani, Manoj Bahety, Swati Khemani); ~110+ employees firm-wide; dedicated investment-team count not disclosed.

Trust-structured Category III AIF (SEBI IN/AIF3/18-19/0642) managed by Carnelian Asset Management & Advisors Pvt Ltd; multi-fund platform (also runs a Cat I AIF, a GIFT City USD fund, and PMS). Same firm/website/handles as the Carnelian Cat I Trust above.

What does Carnelian Alternative Investment Trust invest in?

Listed Indian equities (public markets); quality-growth-at-reasonable-price (QGARP) across multi-cap, structural-shift and 'Bharat Amritkaal' themes

What cheque size does Carnelian Alternative Investment Trust write?

As compiled from public sources: Investor minimum commitment ~INR 5 Cr (Carnelian Bharat Amritkaal Fund, the Cat III flagship). Long-only listed-equity AIF, not a startup VC cheque.

How do I pitch Carnelian Alternative Investment Trust through iHub India?

Create a free startup account, open a funding round, and send a structured pitch from this profile. If the investor accepts, contact details are shared and the conversation moves into a tracked deal room.

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2Point2 Capital Trust

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31 Degrees North Fund

Public markets (listed) · Public markets (listed equity) · Ahmedabad

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Public markets (Cat III)

3P INDIA EQUITY FUND

Public markets (listed) · Public markets (listed equity) · Mumbai

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Public markets (Cat III)

AAA India Equity Fund

Public markets (listed) · Public markets (listed equity) · Mumbai

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All Public markets (listed) investors →

• ⚑ hedge (Cat III) — public-equity fund, not startup VC

Compiled from SEBI registrations and public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.

Sources: https://carneliancapital.co.in/; https://carneliancapital.co.in/service/carnelian-bharat-amritkaal-fund