We use cookies for analytics and ads to improve your experience. You can accept or decline. See our Privacy Policy.
Helping Patient Capital Compound
Hill Fort Investment Trust (IN/AIF3/21-22/0977) is a SEBI-registered Category III Alternative Investment Fund managed by Hill Fort Investment Managers India Private Limited, effective January 25, 2022. The fund manages Hill Fort Equity Fund, a concentrated long-only public equity strategy investing exclusively in India-listed publicly traded equities for India-domiciled investors. Hill Fort Investment Managers India Private Limited is an independently owned investment manager with 80+ years of combined track record within its team, 80% investment team based in India, and team unchanged since inception. The firm is a 'one strategy' firm: concentrated portfolio of 15–20 high-quality businesses with durable competitive moats and high returns on capital. Trustee: Vistra ITCL (India) Limited. Sponsor: Puneet Saraogi. Manager: Hill Fort Investment Managers India Private Limited. The firm also advises Hill Fort India Fund LP, a Mauritius-domiciled vehicle registered as Foreign Portfolio Investor with SEBI, through Hill Fort LLP (since September 2018). Address: 76A, 7th Floor, 3 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai 400051.
Hill Fort's investment philosophy is built around four tenets: (1) Buy Great Businesses — invest in companies with a successful record of capital allocation (average portfolio company age 40+ years) with durable moats, focusing exclusively on high ROCE to dramatically narrow the investable universe; (2) Apply a Devil's Advocate Approach — for every high-priority idea, one analyst becomes 'Pro' and another becomes 'Con' to challenge assumptions, avoid rationalizing concerns as noise, and guard against blind spots; (3) Stay Focused — a single-minded focus on one approach; owning 15–20 businesses at any given time allows great time and energy to be devoted to a limited set of opportunities; every new idea must fight for its spot in the portfolio. What the firm deliberately avoids: (a) Don't trade much — trading detracts value from long-term performance; (b) Don't actively look for cheap businesses — cheap businesses in India are cheap for a reason (broken model, governance issues, or poor execution); the firm pays fair prices for great businesses rather than starting from price; (c) Don't hold large cash positions — unable to forecast Mr. Market, so the fund stays fully invested with average cash position expected below 5% over any long period.
Puneet Saraogi
FMDirector & Sponsor, Hill Fort Investment Managers India Private Limited
Puneet is responsible for evaluating investment opportunities and overall investment strategy of the Fund. He started his career as an investment analyst with Arisaig Partners in Mumbai in June 2007. In his last role at Arisaig, he ran the Indian portfolio for the Asia Fund and was co-head of their Global Emerging Markets Fund. In 2014 he set up a public markets fund in a joint venture with Bay Capital (2014–2018), with primary responsibility for advising on investments. From September 2018 he has been working as an investment advisor with Hill Fort LLP, which advises the Mauritius investment manager of Hill Fort India Fund LP (registered as FPI with SEBI). He is also the Sponsor of Hill Fort Investment Trust.
Rahul Saraf
FMDirector, Hill Fort Investment Managers India Private Limited
Rahul is responsible for analysing investment opportunities for the Fund. He has over 11 years of experience across consulting, strategy, and business operations. Prior to Hill Fort, Rahul was at Bunge, a multi-national agribusiness, where he led the fast-growing Bakery Ingredients business for Bunge India and also headed B2B bakery fats for North and West India. He started his career as a consultant with Accenture Strategy. He has been part of Hill Fort LLP since 2018 and Hill Fort Investment Managers India Private Limited since inception in 2022.
Hari Vijayendran
FMPartner – Investments, Hill Fort Investment Managers India Private Limited
Hari is responsible for analysing investment opportunities for the Fund. He has over four years of experience in investment banking and corporate development (strategic investments and M&A). Prior to Hill Fort, he was at Flipkart in its Corporate Development Team, where he identified and evaluated 25+ firms across multiple sectors with an emphasis on e-commerce. He started his finance career as an Investment Banking Associate at Avendus Capital in July 2014. He has been part of Hill Fort LLP since 2018 and Hill Fort Investment Managers India Private Limited since inception in 2022.
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.
Natasha Lulla
FMPartner – Investments, Hill Fort Investment Managers India Private Limited
Natasha brings over 18 years of experience in equity research and investing. Prior to joining Hill Fort Capital in 2026, she was Fund Manager and Head of Research at Buoyant Capital. She has also worked with Aditya Birla Sunlife Asset Management and Goldman Sachs. She holds an MBA (Finance Major) from Management Development Institute, Gurgaon — Batch Topper both years — and graduated in Economics from Lady Shri Ram College, New Delhi, in the top 1% of Delhi University.
Swati Gupta
FMInvestment Analyst, Hill Fort Investment Managers India Private Limited
Vareena D'silva
Lead AIF Operations and Projects; SEBI Contact Person
Suhani Singhal
Lead – Business Development
Dilshad Gandhi
Office Manager