Mumbai, November 2, 2026: ValueQuest Tristar Fund, a private equity fund targeting India’s advanced manufacturing sector, has raised more than ₹2,100 crore in investor commitments within 15 months of its first close, surpassing both its original fundraising target and the full greenshoe option.
The fund, managed by Aniket Dharamshi, Co-founder and Managing Partner at ValueQuest Investment Advisors, and Dr. Arvind Ananthanarayanan, Partner at ValueQuest Private Equity, focuses on sectors including aerospace, defence, precision engineering, and energy-transition-linked manufacturing.
Investments in four manufacturing firms
Tristar Fund has invested in four companies to date: Hi-Q Electronics, a manufacturer of mission-critical printed circuit boards for aerospace and defence; Rangsons Aerospace, specialising in fluid distribution systems and satellite communications; Waaree Energy Storage Solutions, which focuses on battery energy storage; and Trusted Aerospace & Engineers (TASE Global), a precision engineering company with cross-border manufacturing capabilities.
Investment strategy and sector outlook
The fund’s approach combines sector research and industrial value-chain mapping to identify specialised manufacturers positioned for structural industry growth and company-specific inflection points. “India is at the beginning of a multi-decade transformation in advanced manufacturing. But sector growth alone does not guarantee investment returns. The real differentiator is identifying the right businesses at the right stage of their evolution,” said Aniket Dharamshi, Co-founder and Managing Partner, ValueQuest Investment Advisors.
Dr. Arvind Ananthanarayanan, Partner at ValueQuest Private Equity, added that competitive advantage in advanced manufacturing is built through process expertise, customer qualification, and consistent delivery on quality and reliability. He said the fund seeks businesses capable of deepening customer relationships and converting industry growth into sustained profitability.
Additional fundraising activity
ValueQuest Private Equity is also raising its SCALE Fund II, which targets growth and late-stage investments in businesses with established models, competitive advantages, and clear pathways to liquidity.
ValueQuest platform overview
ValueQuest Private Equity is the private equity arm of ValueQuest Investment Advisors. The platform manages over ₹6,000 crore across two investment strategies, three funds, and co-investments. ValueQuest Investment Advisors oversees approximately US$3.4 billion across public and private markets.
Disclaimer: This article is based on a press release provided by the concerned organisation and has been edited for style and clarity with the assistance of AI tools. BusinessFortnight does not verify, endorse, or take responsibility for the claims, figures, or statements made in the original release.
