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JM Financial Pre IPO Trust is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/25-26/2047), registered in February 2026 and managed by JM Financial Asset Management Limited (CIN: U65991MH1994PLC078879) — the AMC arm of the JM Financial Group. This is JM Financial AMC's maiden pre-IPO Alternative Investment Fund, with a target corpus of ₹1,500 crore, publicly launched under the brand name 'The Pre-IPO Fund'. The fund received SEBI approval in early 2026 and marks a strategic expansion of the AMC's AIF platform — completing a three-pronged AIF ecosystem covering credit (JM Credit Opportunities Fund), real estate (JM Financial India Real Estate Trust), and pre-IPO equity (JM Financial Pre IPO Trust). The fund will invest in companies expected to list on Indian stock exchanges within 18 months of investment, extending up to the anchor book stage of their IPO. As India's pre-IPO investment market matures, the fund aims to provide superior risk-adjusted returns by capturing pre-listing valuation upside for eligible institutional and HNI investors. The fund is headquartered at 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025.
JM Financial AMC's pre-IPO investment philosophy leverages the Group's deep IPO advisory and institutional equities expertise — spanning investment banking, equity capital markets, and institutional distribution — to identify and invest in high-quality companies on the cusp of listing. The fund focuses on companies with a credible IPO timeline of 18 months or less, with strong fundamentals, proven promoter teams, and broad institutional investor interest. The strategy is designed to capture the valuation premium between private market entry price and public market listing price, backed by the JM Financial Group's unparalleled knowledge of the IPO pipeline, issuer relationships, and investor sentiment across India's equity capital markets. The pre-IPO strategy is part of JM Financial AMC's broader vision to build a comprehensive AIF ecosystem that supports India's next phase of enterprise growth.
Amitabh Mohanty
Managing Director & CEO – JM Financial Asset Management Limited
Amitabh Mohanty is the Managing Director and CEO of JM Financial Asset Management Limited and the primary architect of the firm's AIF expansion. He announced the Pre-IPO Trust in early 2026 as part of the AMC's comprehensive AIF ecosystem vision: 'Alternatives will remain a key priority for the group. We are investing heavily in building specialist teams, robust risk management processes, due diligence and investor experience across platforms.' He brings over two decades of asset management experience, with prior roles at Karvy Capital Limited and SBI Funds Management.
Jaisinh Suchak
Managing Director – Alternative Investment Funds
Jaisinh Suchak is the Managing Director leading the Alternative Investment Funds business at JM Financial Asset Management Limited, with oversight of all credit, real estate, and pre-IPO AIFs including the Yield Enhancer Distressed Opportunity Fund I.
Pranob Gupta
Managing Director & CIO – Credit Opportunities Fund / Select Credit Fund
Pranob Gupta is the Managing Director and Chief Investment Officer of JM Financial's credit AIF platform, leading investment strategy for both JM Credit Opportunities Fund – 1 and its follow-on, JM Financial Select Credit Fund. He oversees portfolio construction, deal origination, and credit risk management for the private credit franchise at JM Financial AMC.
Rajiv Agrawal
Managing Director – Real Estate AIF
Rajiv Agrawal is the dedicated fund manager for JM Financial's Real Estate AIF (JM Financial India Real Estate Trust). He has 22 years of experience in wholesale real estate financing and has been part of JM Financial's lending business for the last 11 years. Prior to JM Financial, he worked with HDFC Limited and Wells Fargo. He is a qualified Chartered Accountant.
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Srinivasan V
Managing Director & CEO – Asset Reconstruction, JM Financial
Srinivasan V is the CEO of JM Financial Asset Reconstruction Company Limited (JMFARC), one of India's largest ARCs, and brings over 25 years of experience in stressed assets, credit resolution, and distressed investing. His expertise in the Indian distressed credit landscape directly informs the Group's distressed opportunity AIF framework. Prior experience includes Standard Chartered Bank, Citibank, JP Morgan, Dun & Bradstreet, India Infoline, and BNP Paribas. He holds an MBA from JBIMS Mumbai and a B.Com from R.A. Podar College.
Amit Kumar Jhalaria
Managing Director & Group Chief Risk Officer – Private Markets and Alternatives
Amit Kumar Jhalaria is the Managing Director and Group Chief Risk Officer for Private Markets and Alternatives at JM Financial. He joined the Group in 2018 and has over two decades of experience in corporate banking and risk management. His risk oversight function is integral to the maker-checker process that governs credit investment decisions for JM Financial AMC's credit funds. He is a qualified Chartered Accountant and holds an MBA from IIM Ahmedabad. Prior experience spans Standard Chartered Bank, Bank of America, Yes Bank, and SRF Limited.
Chirag Negandhi
Managing Director – JM Financial Services Limited & JM Financial Limited
Chirag Negandhi oversees Institutional Equities, Equity Capital Markets, Private Wealth, Alternative Investments, PMS, and Real Estate Advisory for the JM Financial Group. His deep expertise in equity capital markets and IPO advisory directly supports the origination and diligence pipeline for the Pre-IPO Trust. He brings over two decades of capital markets leadership experience, having previously served as Joint Managing Director at Axis Capital. He is a management graduate from Purdue University and was conferred the ET '40 under 40' Award.
Mrituanjay Singh
SEBI Contact Person – AIF
Mrituanjay Singh is the SEBI-designated contact person for JM Financial Yield Enhancer Distressed Opportunity Fund I at JM Financial Asset Management Limited, Mumbai.
Neha Agarwal
Managing Director & Head – Equity Capital Markets
Neha Agarwal leads Equity Capital Markets at JM Financial, with deep IPO pipeline relationships that provide sourcing and advisory advantages for the Pre-IPO Trust's investment strategy.
Deven Shah
Managing Director & Business Head / COO – Real Estate Finance
Deven Shah oversees a diversified real estate lending portfolio at JM Financial and brings over 25 years of financial services experience spanning risk management, structured finance, and capital markets. He previously held senior roles at Kotak Mahindra Group as Chief Risk Officer for its wholesale NBFC platform. He holds a PGDM from IIM Lucknow and is a Chartered Accountant with national merit rankings. His real estate credit experience directly informs the India Real Estate Trust's investment framework.