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Disciplined Value Investing Across Asia.
Dalton India AIF Trust is a SEBI-registered Category III Alternative Investment Fund (reg. IN/AIF3/22-23/1251), managed by Dalton Investment Advisory Services Private Limited (CIN: U74999MH2018PTC311841), the Indian investment management subsidiary of Dalton Investments — a Santa Monica, California-based global alternative investment manager founded in 1999 by James B. Rosenwald III and Steven D. Persky. The fund is the SEBI-registered onshore vehicle for Dalton's India equity long/short strategy, managed in India by Venkat Pasupuleti, Co-Portfolio Manager for the India Strategy and Partner at Dalton. Dalton has been investing in India since 2013 and launched its first dedicated India fund in July 2014. The India strategy focuses on a concentrated long/short equity portfolio of 10–20 positions, with net exposure typically ranging between 40–60%. Dalton India AIF Trust was registered in March 2023, complementing the firm's existing offshore India vehicles — the Longchamp Dalton India UCITS Fund (Luxembourg, launched January 2020) and various offshore limited partnership structures. Globally, Dalton manages approximately USD 2.4 billion across Asia-Pacific equity strategies. The fund's registered office is at Prudential Building, Hiranandani Gardens, Powai, Mumbai, with the investment manager also maintaining offices at Crescenzo, Bandra-Kurla Complex.
Dalton's investment philosophy is value-oriented and built around five core principles: capital preservation as the primary concern; investing with a margin of safety; seeking strong absolute and relative returns; opportunistically identifying excellent undervalued assets worldwide; and building long-term relationships with a select group of like-minded clients. For the India strategy specifically, CIO James Rosenwald and Portfolio Manager Venkat Pasupuleti follow a disciplined value investment process to identify Indian equities trading at a significant discount to intrinsic value, prioritising companies whose management share an alignment of interest with shareholders. The India portfolio is concentrated and opportunistic, focusing on companies likely to benefit from India's secular growth and structural reforms. Dalton is an owner-operated, entrepreneurial firm where portfolio managers invest in their own funds to ensure alignment of interests — and the same qualities are actively sought in investee companies.
Venkat Pasupuleti
FMPartner & Portfolio Manager – India Strategy
Venkat Pasupuleti is a Partner, Senior Research Analyst for Dalton's Asia Equity strategy, and Portfolio Manager for the India Strategy. He joined Dalton in 2013 as its first dedicated India analyst and is based in Mumbai. He has over 15 years of investment and consulting experience. Prior to Dalton, he was a consultant at Deloitte and Touche LLC and an Investment Manager at ICICI Lombard General Insurance. He holds a BS in Engineering from Osmania University, an MBA from IIM Calcutta, and an MS in Finance from MIT Sloan School of Management. He is a director of Dalton Investment Advisory Services Private Limited.
James B. Rosenwald III
Co-Founder & Chief Investment Officer
James B. Rosenwald III is Co-Founder and CIO of Dalton Investments and Senior Portfolio Manager for Dalton's Asian Equities strategies. He is a recognised authority in Pacific Rim investing with over 30 years of experience. He formerly co-managed and founded Rosenwald, Roditi & Company Ltd. (now Rovida Asset Management), which he established in 1992 with Nicholas Roditi, and advised numerous Soros Group funds between 1992 and 1998. He began his career at Sterling Grace & Co. He holds an MBA from New York University and an AB from Vassar College. He is a CFA charterholder and Adjunct Professor of Finance at NYU Stern Business School.
Steven David Persky
Co-Founder
Steven David Persky is a Co-Founder of Dalton Investments (founded 1999) and is a director of Dalton Investment Advisory Services Private Limited (the Indian entity), per MCA records. He is based in Los Angeles.
Siva Thiravidamony
Managing Director – India / Compliance Contact
Siva Thiravidamony is the Managing Director of Dalton Investment Advisory Services Private Limited (DIN: 08191208) and the SEBI-designated contact person for Dalton India AIF Trust. He is an IIM Calcutta alumnus based in Mumbai and oversees the Indian operations of Dalton Investments. He returned to India in 2010 after 8 years working in the US.
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