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India's First LLP-Structured Category III Hedge Fund.
Dolat Multi Strategy Long Short Ll is a SEBI-registered Category III Alternative Investment Fund (reg. IN/AIF3/20-21/0832), managed by Dolat Capital Market Private Limited — a 60+ year veteran of Indian capital markets founded by the Parekh family. The fund commenced operations on 29 January 2021 and is notable for being the first Category III AIF hedge fund in India structured as a Limited Liability Partnership (LLP) rather than a trust. This LLP structure provides a meaningful tax advantage — income is taxed at 34.94% (LLP rate) versus 42.74% (trust rate at the highest slab), directly enhancing net returns for high-income investors. The fund offers monthly redemption and subscription liquidity. Dolat Capital Market brings 60+ years of experience in Indian equity markets across institutional equities, equity research, proprietary trading, derivatives, investment banking, and NBFC operations, making it one of India's most respected full-service broking and capital markets firms. The AIF is sponsored and managed by Dolat Capital Market Private Limited, headquartered at Naman Midtown, Prabhadevi, Mumbai.
Dolat Absolute Return LLP employs an equity long/short strategy anchored in India's growth story, combining quantitative models and fundamental research to generate uncorrelated, risk-adjusted absolute returns. The fund targets sophisticated investors seeking alpha generation through a combination of market-neutral and directional strategies, including arbitrage, long/short equity, and tactical overlays. The investment approach dynamically adjusts between low-risk (market-neutral) and moderate-risk (directional) positioning based on market conditions — targeting 8% net returns in volatile markets and higher equity-like returns in trending conditions. The fund strategy is announced and may be refreshed annually, aligned with the current market opportunity, with fees adjusted accordingly. Dolat's edge lies in its 60+ years of market presence, proprietary derivatives expertise, institutional research capabilities, and status as a market maker in India's ETF segment.
Aalap Shah
FMFund Manager
Aalap Shah is Fund Manager at Dolat Capital, co-managing the Dolat Absolute Return LLP strategy alongside Abhishek Jaiswal. He has authored articles on the long/short strategy and India's growth story, published in PMS AIF World's special edition magazine.
Abhishek Jaiswal
FMFund Manager
Abhishek Jaiswal is Fund Manager of Dolat Absolute Return LLP. A Chartered Accountant with over 13 years of experience in fund management and equity research, he is a specialist in equity and derivative strategies. He has previously been associated with an India-focused long/short fund and has also managed long-only and sector portfolios.
Purvag Shah
FMGroup Managing Director, CIO & Fund Manager
A third-generation business leader from the Dolat Group with over 60 years of legacy expertise in trading and derivatives strategies. He leads business and investment strategy, risk management, and the firm’s transformation into asset management and private wealth. Holds an MSc in International Securities and Investment from the University of Reading.
Pankaj D Shah
Director
Rajendra D Shah
Director
No insights published yet.
Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.
Amit Saxena
Director & Head – Alternative Investment Funds
Amit Saxena is Director and Head of Alternative Investment Funds at Dolat Capital Market Private Limited and the SEBI-designated contact person for Dolat Absolute Return LLP. He has over 16 years of experience in the Indian asset management industry across sales and product management. Prior to Dolat, he held roles at IDFC Asset Management, Nippon Life Asset Management (Reliance Nippon), and ING Investment Management. He has been instrumental in setting up and managing AIFs, PMS, and structured products at Dolat.
Shailesh D Shah
Director
Dinesh Giridhar
MD & CEO - Asset & Wealth Management
Has over two decades of experience across private banking, wealth management, and family office businesses. Previously part of the founding team at Anand Rathi Private Wealth and later founded a multi-family office consultancy. Specializes in asset allocation, financial markets, and structured wealth solutions.
Harendra D Shah
Director
Harsha H Shah
Whole-time Director
Amit Khurana
Group CEO & Head of Institutional Equities
Amit has over two decades of experience in the Indian equities space. He brings exhaustive knowledge of Multi-Sector and Multi-Asset Investments across various platforms to the table. At Dolat Group, he was instrumental in scaling up the Institutional Research and Equity business.