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A battle-hardened team led by one of India's marquee investors.
First Water Trust (IN/AIF3/19-20/0710) is a SEBI-registered Category III Alternative Investment Fund registered in June 2019, managed by First Water Capital Advisors LLP — explicitly confirmed on the fund's own website: 'Name of Fund Manager: First Water Capital Advisors LLP; Name of Sponsor: First Water Partners.' The fund operates two schemes: First Water Capital Fund (Close-ended, Scheme I) and First Water Capital Fund II (Open-ended, Scheme II). First Water is a Mumbai-based long-only listed equity fund led by Ricky Kirpalani, a value investor with 30+ years of experience and a private track record of 30%+ USD CAGR over 15+ years before founding First Water Capital. As of mid-2024, the fund managed approximately INR 1,000 crore in AUM. The fund is headquartered at 2908, The Prestige Turf Tower, Shakti Mills Lane, Mahalaxmi, Mumbai 400011.
First Water Capital employs a logic-based, concentrated value investing approach anchored in rigorous fundamental due diligence and a macro perspective on emerging markets. The strategy combines: (1) rigorous due diligence on individual businesses; (2) an intuitive understanding of the correlation between global, industry, and company-specific factors; and (3) a macro perspective on India's evolving landscape as an emerging market. The fund seeks businesses with durable competitive advantages, strong management teams, and clear paths to compounding earnings over time. The team's deep research experience across small and mid-cap companies, supplemented by an operations-intensive approach to portfolio monitoring, supports a high-conviction, concentrated portfolio. First Water holds approximately 10% cash during periods of elevated uncertainty.
Ricky Kirpalani
Managing Partner & Chief Investment Adviser
Ricky Kirpalani is the Managing Partner and Chief Investment Adviser of First Water Capital. He is a logic-based value investor with 30+ years of experience. Before founding First Water Capital, he ran a private pool of capital as an independent business analyst, generating a USD CAGR north of 30% over 15+ years. He has also held interests in various industrial businesses in Africa and served as a financial adviser to multiple CEOs, giving him an owner's perspective on the internal dynamics of operating businesses.
Arun Chulani
Business Development & Operations
Arun Chulani is a seasoned investment professional with 20+ years of experience. He previously headed the Principal Investments team at Ikarus Petroleum Industries (energy value-chain fund, USD 500M+ AUM), overseeing manufacturing, shipping, and chemical sector investments. Prior to Ikarus, he was at EY London and EY Dubai, where he built the Debt & Capital Markets division across the Middle East, leading transactions for sovereign wealth funds (QIA), FTSE 100 companies, and financial institutions (HSBC, EQT). Chartered Accountant (ICAEW, qualified at Arthur Andersen); MSc Accounting & Finance from LSE.
Kunal Bhakta
Principal Officer / SEBI Contact Person
Kunal Bhakta is the SEBI-registered contact person for First Water Trust at First Water Capital Advisors LLP.
Renuka Sivsankar
Research
Renuka Sivsankar is a research professional at First Water Capital with nearly 3 years of experience. She previously covered small and mid-cap companies at Phillip Capital India (PCG). Cleared all three CFA levels in 2022.
Chirag Singhal
Research
Chirag Singhal is a research professional at First Water Capital who performs deep due diligence on portfolio companies and sectors. He qualified as a Chartered Accountant in 2019 and has been with First Water since. He aims to integrate technology and information systems into the investment process.
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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.
Amit Nirmal
Operations
Amit Nirmal leads the operations team at First Water Capital. He was previously with Kotak Mahindra for 6.5 years as a senior manager in analytics and treasury. Chartered Accountant (qualified at Deloitte); CFA (all 3 levels passed).
Vishal Shah
Operations
Vishal Shah has 16+ years of experience in operations and finance. He began his career with Dhiren Sanghvi, then moved to Manubhai Mangaldas before joining First Water in 2020. M.Com from Nagindas Khandwala College; Diploma in Financial Management from Wellingkar Institute of Management, Mumbai.
Smit Parekh
Operations
Smit Parekh is part of the operations team at First Water Capital. He previously worked at Aditya Birla Sun Life Mutual Fund for 1.5 years as a Senior Associate in PMS & AIF Operations.