Oister Ace Fund III

AIF - Private Equity

Private Equity

Unlisted Shares

Consumption

India Early Stage - Private Equity

Equity

Aggressive Growth

Investor Profile

1 - 7 YearsInvestment Horizon

HNITarget Segments

A SEBI-regulated Category II Alternative Investment Fund (AIF), structured as a close-ended private equity vehicle focused on secondary investments in late-stage, unlisted Indian companiesRegulatory Fit

Glass-Box secondaries fund buying 6–8 named late-stage Indian leaders 2–3 years before IPO.

What This Strategy Does

The fund focuses on acquiring secondary stakes in late-stage, unlisted Indian companies, providing liquidity to existing investors while gaining exposure to established businesses with potential for further growth. The strategy seeks to generate long-term capital appreciation through selective investments, with potential value realisation through IPOs, strategic sales or other exit opportunities.

Role in a Diversified Portfolio

Provides exposure to late-stage, unlisted Indian companies through secondary private equity investments, complementing listed equity allocations. The strategy offers potential for long-term capital appreciation and diversification across investment stages, while introducing illiquidity, valuation and exit-timing risks. Best suited as a satellite allocation within the alternative investments portfolio for investors with a longer investment horizon.

CW Expert Research Notes

Opportunistic Exposure

Buys secondary stakes in 6–8 late-stage Indian companies 2–3 years before IPO, such as M1xchange (₹3,000 Cr valuation) and Cashify (12–24 months to IPO), capturing the pre-IPO to listing re-rating.

Differentiated Strategy

Glass-Box structure: at least 4 of 5 named companies are disclosed, and some already deployed, before commitment. Investors underwrite the actual portfolio rather than a blind pool.

Valuation Dynamics

Entry is via secondaries anchored to last rounds from 2022–25, at roughly 1.2x–17.6x FY26E sales. Returns need both earnings growth and a listing at or above these marks. Warehoused deals transfer at cost plus carrying cost.

Performance and Risk Analysis

Historical returns, volatility patterns, and how this fund has performed relative to its benchmark.

Detailed Risks

Market Risk

Exits depend on the IPO window, and a weak primary market could push listings beyond the 3–4 year plan. Mitigated by choosing companies 2–3 years from IPO readiness and keeping secondary or strategic sales as alternatives.

Disclaimer: Investments in Alternative Investment Funds (AIFs) are complex and involve a high degree of risk. They are strictly offered via private placement and there is no assurance of returns or capital protection. Further, subscriptions to AIF funds are restricted exclusively to eligible high-net-worth individuals, institutions, or accredited investors meeting the statutory threshold. Prospective investors should review the Private Placement Memorandum (PPM) and consult their financial advisors before making an investment decision. In the case of Category III AIFs, in funds utilizing leverage there may be an increase in the volatility of returns.

Strategy Details

A closer look at the investment thesis, portfolio construction, and current holdings.

Core Investment Theme

India’s consumption economy and its enablers via pre-IPO secondaries

Broader Market View

Market Outlook

India’s economic outlook remains supported by domestic consumption, infrastructure development, urbanisation, and long-term investment activity. While global uncertainties, inflationary pressures, and evolving interest-rate conditions may contribute to near-term volatility, underlying economic fundamentals remain supportive of long-term growth. A selective approach focused on valuations, asset quality, and sustainable returns remains important across market cycles.

Why This Strategy is Attractive Now

A strong IPO pipeline and record secondary supply let buyers enter proven companies at negotiated prices. The last drawdown date (30 Sep 2026) has passed, so confirm the fund is still open before recommending.

Investment Style & Process

Investment Style

Concentrated, secondaries-led late-stage private equity in category leaders with data moats, regulatory tailwinds and 30%+ revenue growth.

Why it Makes Sense

Secondaries shorten the J-curve because assets are already operating and priced on actual results. The Glass-Box removes blind-pool risk, and the fund life is 5 years against 7+ for typical primary PE funds.

High-Level Investment Process

Sourcing: secondary stakes from early VCs and employees via a 500+ founder/GP network. Selection: 30%+ growth, profitable within 6 months, institutional backing. Construction: 6–8 names, at least 4 Glass-Box. Monitoring/Exit: IPO in 12–36 months, or secondary or strategic sale.

Fund House Management

The asset management company’s track record, AUM scale, and fund manager credentials.

Fund Manager Track Record

Rohit Bhayana

Lead Portfolio Manager

Rohit Bhayana believes in creating long-term value by investing in high-quality private market opportunities with strong fundamentals, scalable business models, and capable management teams. His investment approach emphasizes disciplined selection, sustainable growth, operational excellence, and partnering with entrepreneurs to build enduring businesses while generating attractive risk-adjusted returns.

Manager's Investment Philosophy

Back category leaders with data moats, regulatory tailwinds and profitable growth. Buy via secondaries at prices anchored to demonstrated performance. Give LPs upfront portfolio visibility (Glass-Box) instead of a blind pool. Underwrite 2–3 years ahead of IPO for visible liquidity

Sandeep Sinha

Co-Portfolio Manager

CW Expert Take

Oister Global was founded in 2023; its manager is AltFirst Management Securities. It is led by Co-CEOs Rohit Bhayana and Sandeep Sinha, co-founders of Lumis, which has a 20-year record and $700M+ deployed. ACE I and II together raised ~₹660 Cr, and ACE I has started returning capital. Lumis and sibling-fund records are not this fund’s own.

Firm Overview

AMCOister Global

AMC Description :

Gurugram-based private markets asset manager giving institutions, family offices and UHNIs access to Indian VC, venture debt, PE and private credit through fund-of-funds, secondaries, feeder funds and direct investments.

Investment Philosophy & Approach

Disciplined Approach

Underwrites on reported financials (e.g., M1xchange EBITDA margin moved from −4% to 22% over FY24–26) and pays prices anchored to demonstrated performance, not projections.

Risk Management

Pre-disclosed pipeline, profitability gate, co-investment alongside marquee institutions, and a 12.5% pre-tax hurdle before any carry. Fees fall to 1.10% and carry to 12% at larger tickets.

Long-Term Perspective

Built to hold each company 3–4 years through listing. Judge it on fund-level net IRR and DPI over the full 5–7 year life, not on interim markups.

Operational & Regulatory Details

What it costs to invest, transaction mechanics, and regulatory disclosures you should know.

Costs and Fees

Annual Management Fee1.5%

Regulatory & Tax Information

AIFOAF29

ISIN

MonthlyDealing Frequency

Nifty 50Benchmark

STCG | <12 Months 20%

LTCG | >>12 Months 12.5% on gain above 1.25 Lakh

Tax Implications (India)