Carnelian India Amritkaal Fund: GIFT City AIF for India’s Long-Term Growth
Introduction: Why Carnelian India Amritkaal Fund Matters Today
India has entered what policymakers call “Amritkaal”—a 25-year structural growth phase leading up to 2047, when the nation completes 100 years of independence. This period is expected to reshape India’s economy through massive infrastructure creation, manufacturing expansion, financial deepening, digital transformation, and consumption growth.
The Carnelian India Amritkaal Fund has been designed specifically to capture this once-in-a-generation opportunity. Rather than chasing short-term market movements, the fund focuses on long-duration wealth creation, identifying businesses that can compound earnings as India transitions into a developed economy.
Backed by Carnelian Asset Management’s forensic research-driven investing approach, this fund aims to align investor capital with India’s most powerful structural trends over the next decade and beyond.
Carnelian India Amritkaal Fund Overview
The Carnelian India Amritkaal Fund is an open-ended Category III Alternative Investment Fund (AIF) launched to benefit from India’s economic transformation during the Amritkaal period.
Key Highlights at a Glance
| Feature | Details |
|---|---|
| Fund Type | Category III AIF |
| Strategy | Long-only, flexi-cap, sector-agnostic |
| Portfolio Size | ~30 high-conviction stocks |
| Structure | Open-ended with fortnightly liquidity |
| Domicile | GIFT IFSC, India |
| Currency | USD (hedged share class available) |
| Focus | Structural megatrends during Amritkaal |
The fund follows a Quality Growth at Reasonable Price (QGARP) philosophy, ensuring investors are not overpaying for growth while still targeting superior compounding opportunities .
Investment Philosophy: Quality Growth at Reasonable Price (QGARP)
At the core of the Carnelian India Amritkaal Fund lies a disciplined and differentiated investment framework known as MAGIC, which blends top-down trend identification with bottom-up forensic stock selection.
The MAGIC Framework Explained
- M – Magic (Accelerated Growth):
Companies benefiting from earnings acceleration and valuation re-rating. - A – Alpha through Sector Selection:
Identifying sectors aligned with long-term megatrends such as manufacturing, BFSI, infrastructure, services exports, and consumption. - G – Growth Consistency:
Preference for stable and predictable earnings growth over cycles. - I – Integrity & Quality:
Strong management quality, governance, and capital allocation discipline. - C – CLEAR Forensic Analysis:
Deep forensic checks covering cash flows, liabilities, earnings quality, asset quality, and related-party transactions.
This framework is designed to avoid permanent capital loss, not just volatility, which is a key differentiator for long-horizon investors .
Key Sectors and Megatrends Driving the Fund
The Carnelian India Amritkaal Fund is positioned around seven megatrends across five core sectors, reflecting how India’s economy is expected to evolve over the next 10–25 years.
1. Banking & Financial Services (BFSI)
India’s financialization is accelerating rapidly. Credit growth, insurance penetration, capital markets expansion, and digital financial infrastructure are expected to drive outsized wealth creation.
2. Manufacturing & “Make in India”
With global supply chains diversifying away from China, India is emerging as a manufacturing hub supported by:
- PLI schemes
- Export growth
- Import substitution
- Cost competitiveness
3. Infrastructure & Capital Goods
Massive investments in railways, roads, ports, renewable energy, and urban infrastructure are creating multi-year opportunities for high-quality infrastructure companies.
4. Services Exports & Technology
Beyond IT services, areas like ER&D, SaaS, consulting, space technology, and tourism are expected to scale dramatically during Amritkaal.
5. Consumption & Premiumization
Rising per-capita income, urbanization, and a young population are reshaping consumption patterns toward discretionary and premium products.
The fund remains sector-agnostic, dynamically allocating capital based on relative opportunity and valuation comfort .
Fund Structure and Operational Details
Understanding the structure of the Carnelian India Amritkaal Fund is critical, especially for global and HNI investors.
Legal & Administrative Structure
| Role | Entity |
|---|---|
| Investment Manager | Carnelian Asset Management & Advisors Pvt. Ltd. (IFSC) |
| Trustee | Amicorp Trustees (India) Pvt. Ltd. |
| Fund Administrator | Throgmorton Services India LLP (Apex Group) |
| Custodian | ICICI Bank Ltd. |
| Auditor & Tax Advisor | Deloitte Haskins & Sells LLP |
The fund is domiciled in GIFT IFSC, offering regulatory efficiency and ease for offshore investors .
Minimum Investment and Eligibility
One of the most searched aspects of the Carnelian India Amritkaal Fund is its entry requirement.
Minimum Investment
- Initial Investment: USD 150,000
- Eligible Investors:
- Non-resident Indians (NRIs)
- Foreign nationals
- Global institutions and family offices
- Offshore investors
Indian residents are not eligible under this structure.
This positioning makes the fund suitable for serious long-term investors seeking exposure to India’s equity growth through a professionally managed AIF.
Fee Structure: What Investors Pay
Transparency around fees is essential for long-term capital allocation.
Management & Performance Fees
| Commitment Amount | Management Fee (p.a.) | Hurdle Rate | Performance Fee |
|---|---|---|---|
| Up to USD 1 mn | 1.50% | 6% | 15% |
| USD 1–5 mn | 1.25% | 6% | 15% |
| Above USD 5 mn | 1.00% | 6% | 15% |
Exit Load
- Exit within 24 months: 2%
- Exit after 24 months: Nil
The declining management fee structure rewards larger and longer-term commitments, aligning investor and manager interests .
Taxation Overview
Taxation is applied at the fund level, as Category III AIFs do not enjoy pass-through status.
- Long-Term Capital Gains (LTCG): 12.5%
- Short-Term Capital Gains (STCG): 20%
Tax implications can vary based on investor jurisdiction, and consulting a tax advisor is strongly recommended .
Recommended Time Horizon: How Long Should You Stay Invested?
The Carnelian India Amritkaal Fund is not designed for short-term trading.
Ideal Investment Horizon
- Minimum: 5 years
- Optimal: 10–12 years or longer
India’s structural growth benefits are expected to be front-loaded over the next decade, making patient capital particularly powerful during this phase.
This long horizon allows the fund’s holdings to:
- Compound earnings
- Benefit from valuation re-rating
- Ride through market cycles
Risk Management and Capital Protection
While equity investing carries risk, Carnelian emphasizes risk identification at the source, not just market volatility.
Key Risks Avoided
- Aggressive accounting
- High leverage
- Poor governance
- Management misalignment
- Disruption-prone business models
By combining forensic research with valuation discipline, the fund aims to reduce the risk of permanent capital impairment .
Performance Snapshot (Indicative)
Since inception in August 2024, the Carnelian India Amritkaal Fund has demonstrated:
- Faster revenue and earnings growth than benchmark
- Strong ROE with minimal leverage
- Lower portfolio volatility compared to index
Past performance is not indicative of future returns, but it reflects adherence to the stated investment framework .
Who Should Consider Carnelian India Amritkaal Fund?
This fund is best suited for investors who:
- Believe in India’s long-term structural growth story
- Can commit capital for 5–10+ years
- Prefer concentrated, high-conviction portfolios
- Value forensic research and governance discipline
It may not suit investors seeking short-term liquidity or low-volatility fixed-income alternatives.
Frequently Asked Questions
Is Carnelian India Amritkaal Fund a mutual fund?
No. It is a Category III AIF, not a SEBI-registered mutual fund.
What is the minimum investment?
USD 150,000.
How many stocks does the fund hold?
Approximately 30 stocks.
Is the fund sector-specific?
No. It is sector-agnostic but theme-driven.
Where is the fund domiciled?
GIFT IFSC, India.
Is currency risk hedged?
Yes, a hedged unit class is available.
Conclusion: A Long-Term Gateway to India’s Amritkaal Growth
The Carnelian India Amritkaal Fund stands out as a thoughtfully designed investment vehicle aligned with India’s most powerful economic trends. Its combination of forensic research, disciplined valuation, and structural theme investing makes it particularly compelling for long-term global investors.
For those seeking meaningful participation in India’s growth journey over the next decade, this fund offers a clear, well-structured, and research-driven pathway.
Sign up now to access exclusive insights and download the full investor PPT to understand the strategy, minimum investment, MOIC, and IRR—clearly and simply.
