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The India Investment Experts
Managed by Bay Capital
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Bay Capital Special Opportunities Trust (IN/AIF2/24-25/1660) is a Category II Alternative Investment Fund registered with SEBI in December 2024, managed by Bay Capital Investment Advisors Private Limited (BCIAPL, CIN: U74140MH2006PTC166367). It is Bay Capital's second SEBI-registered AIF vehicle, launched alongside the firm's existing Category III AIF (Bay Capital India Leaders Fund, IN/AIF3/14-15/0132). The fund is focused on special opportunities in Indian equities and is led by Managing Partner and CIO-AIF Keyur Majmudar. Bay Capital is an independent investment firm established in 2006 with a singular conviction in the India growth story. The firm pursues a long-only, buy-and-hold India-focused equity strategy with a concentrated portfolio of up to 30 high-quality businesses. Based at 14th Floor, Bakhtawar, Nariman Point, Mumbai, Bay Capital is also a SEBI-registered Portfolio Manager (SEBI Reg. No. INP000005208).

Nikunj Doshi
Managing Partner, Principal Officer & CIO — PMS
Nikunj Doshi is the Managing Partner, Principal Officer, and CIO-PMS at Bay Capital with over 32 years of professional experience in Fund Management and Equity Research. Prior to Bay Capital, he was at Kotak Mahindra AMC for over 5 years as Fund Manager managing AUM of over USD 500 million. Previously he was Head of Research at Refco-Sify Securities and Ventura Securities. He holds a B.E. in Electronics from MS University of Baroda and an MMS from the University of Mumbai.

Keyur Majmudar
Managing Partner, Principal Officer & CIO — AIF / SEBI Contact Person
Keyur Majmudar is the Managing Partner, Principal Officer, and CIO-AIF at Bay Capital with 29 years of experience in Investment Banking, Equity Advisory, and Fund Management. Prior to Bay Capital, he was EVP at Kotak Securities where he built the non-discretionary PMS business, and SVP at Kotak Mahindra UK in London where he helped build the offshore asset management business. He previously worked with the Equity Capital Markets Group at Lazard Credit Capital in Mumbai. He holds a B.Sc. from Mumbai University and an MBA from Boston University. He is the designated SEBI contact person for Bay Capital Special Opportunities Trust.

Sushma Amin
Chief Financial Officer & Head of Compliance
Sushma Amin has 20 years of total experience, of which 14 years are in capital markets and asset management. She has been part of Bay Capital since its inception and was a core team member responsible for operations, finance, and compliance. Prior to Bay Capital, she worked in accounts and finance at Responsive Industries Pvt. Ltd.

Prof. Russell Napier
Advisory Board — Investment Strategist & Financial Historian
Prof. Russell Napier is a renowned investment strategist, historian, and author. He co-founded ERIC, an investment research portal, and founded the Library of Mistakes — a business and financial history library in Edinburgh. He is the author of 'Anatomy of The Bear: Lessons From Wall Street's Four Great Bottoms' and the global macro investment report 'The Solid Ground'. He is course director and founder of 'Practical History of Financial Markets' at Heriot-Watt University.

Ravi Karra
Advisory Board — Former MD at Cambridge Associates
Ravi Karra is an investment strategist and asset allocator with over 40 years of experience in manager selection, investments, finance, and fund accounting. He served as MD at Cambridge Associates for 26 years, advising endowments, foundations, pension funds, and family offices as Investment Advisor and CIO. He holds a B.Tech from IIT Ahmedabad, a PGDBM from IIM Ahmedabad, an Accounting Science degree from the University of Illinois, and an MBA from the University of Chicago Booth School.

Arvind Gupta
Advisory Board — Head & Co-Founder, Digital India Foundation
Arvind Gupta has over 28 years in leadership and policy roles in consumer internet, digital media, payment systems, and data economy. He was CEO of MyGov and a founding member of iSPiRT. He has been on the Global FinTech Top 100 Influencers List and was a member of WEF's Global Futures Council on Digital Economy & Society. He is a recipient of the Eisenhower Global Fellowship for Innovation (2014).

William P. Hutchings
Advisory Board — Former CIO at Arch Capital Group
William Hutchings held senior positions at Arch Capital Group from 2006 to 2021, serving as President of Arch Investment Management and CIO. Prior to Arch, he was SVP and CIO at RenaissanceRe Holdings. He began his career as a fixed income trader at J.P. Morgan in New York, London, and Tokyo. He holds a B.A. from Hamilton College and an M.A. in Jurisprudence from Oxford University (Rhodes Scholar).

Vilas Gadkari
Advisory Board — Former CIO at Lombard Odier Global Macro Funds
Vilas Gadkari is an entrepreneur and global investor, currently Chairman of an FMCG company and board member of real estate and fintech companies. He held senior positions at Lombard Odier Global Macro Funds, Brevan Howard Asset Management, Rubicon Fund Management, and Salomon Brothers Asset Management, focusing on global fixed income and multicurrency portfolios. He holds a B.Tech from IIT Mumbai and an MSc from Rutgers University.
View the investment manager profile with all PMS strategies and AIFs under Bay Capital.
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