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Enigma Investment Partners (IN/AIF3/24-25/1573) is a SEBI-registered Category III Alternative Investment Fund registered in August 2024, managed by Enigma Investment Managers Private Limited. The fund is based in Ahmedabad, Gujarat and is the AIF vehicle of Enigma Investments — an equity investment firm with an established PMS track record. The firm was founded by Viraj Mehta (CIO), who successfully managed the Enigma Long-Horizon Fund (ELHF) PMS from its inception in October 2016 through June 2024, delivering approximately 24.9% TWRR post-fees over 93 months, outperforming the benchmark by over 7%. Viraj was selected by the Wall Street Journal as part of their 'Asia's Master Stock Picker' series representing India, and previously led the small-cap fund analyst team at Franklin Templeton Investments. The fund's partners Dhaval Dama (SEBI contact) and Dharmesh Gathani bring additional depth in equity research and business development respectively.
Enigma Investment Partners is a long-horizon, research-driven equity fund focused on Indian public markets. The firm's investment philosophy — reflected in the PMS track record — centres on patient, fundamental investing in undervalued businesses with durable competitive advantages, with a demonstrated ability to outperform across market cycles. Viraj Mehta's approach combines bottom-up stock picking with a long-term holding orientation, targeting small and mid-cap companies with strong growth prospects. The AIF strategy continues the firm's established PMS approach under a Cat III AIF structure for eligible investors.
Viraj Mehta
Founder & CIO
Viraj Mehta is the Founder and CIO of Enigma Investments. He has 15+ years of investing experience. He successfully managed the Enigma Long-Horizon Fund (ELHF) PMS from its inception in October 2016 through June 2024, delivering ~24.9% TWRR returns post-fees over a 93-month period — outperforming the benchmark by over 7%, making it one of the best performing PMS strategies in India. He was selected by the Wall Street Journal as part of the 'Asia's Master Stock Picker' series, representing India. He was previously part of the award-winning fund management team at Franklin Templeton Investments, where he led analyst coverage of small-cap companies. He holds an MBA from Management Development Institute (MDI), Gurgaon and a B.E. in Chemical Engineering from Nirma Institute of Technology, Ahmedabad.
Dhaval Dama
Partner & SEBI Contact Person
Dhaval Dama is a Partner at Enigma Investments and the SEBI-registered contact person for Enigma Investment Partners. He has 15+ years of experience in Indian equity markets. He was previously part of the team at Motilal Oswal AMC (managing ~USD 4 billion in AUM) and held a senior role at Equirus Securities Private Limited, where he was instrumental in building the firm's research-driven culture and mentoring the analyst team. He holds an MBA in Finance from KJ Somaiya Institute of Management Studies and a B.E. in Chemical Engineering.
Dharmesh Gathani
Partner
Dharmesh Gathani is a Partner at Enigma Investments with 25+ years of entrepreneurial experience specialising in business development, marketing strategy, and strategic planning. He is also an accomplished angel investor, having invested in and mentored a diverse portfolio of startups across industries. He is associated with Venture Catalysts as Managing Partner.
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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.