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Knightstone Capital LLP (IN/AIF3/21-22/0912) is a SEBI-registered Category III Alternative Investment Fund (registered July 2021) managed by Knightstone Capital Management LLP — a Mumbai-based investment management firm focused exclusively on Indian public equities. The fund invests in companies with a long-term horizon (5–7 years) after conducting rigorous quantitative and qualitative fundamental research. The investment team has collective experience of over 40 years. Knightstone also manages a second AIF (IN/AIF3/23-24/1323). The current operational address is 507B, Lodha Supremus, New Cuffe Parade, Wadala East, Mumbai. The SEBI-registered address is 922, Unit No. 9, Corporate Park II, 9th Floor, VN Purav Marg, Near Swastik Chambers, Chembur, Mumbai – 400071.
Knightstone Capital's philosophy is to generate long-term sustainable returns through patient, bottom-up, fundamental investing in Indian public equities. The fund maintains a concentrated portfolio of high-conviction names selected through in-depth quantitative and qualitative research. It seeks to identify companies where the market price has not yet reflected intrinsic value, favouring businesses in consumer, retail, and financial services sectors. Post-investment, the team actively monitors portfolio companies rather than simply holding. The fund operates with a long-term horizon of 5+ years and does not seek short-term alpha.
Parag Jhawar
FMFounder & Fund Manager / SEBI Contact Person
Parag Jhawar is the Founder of Knightstone Capital Management LLP with 22 years of experience in investment management and research. Prior to founding Knightstone, he was Managing Director at Steinberg India Advisors for seven years, overseeing investments of over USD 200 million in portfolio companies across consumer, retail, and financial services. Before Steinberg, he worked for four years at Pari Washington — an investment advisory firm managing USD 300M+ for US and European university endowments and family offices — as part of the core five-member team deploying capital in mid-sized Indian companies. He also worked at Boston Avenue Capital LLC (Tulsa, Oklahoma) and began his career with two years at McKinsey & Company. He holds an MBA from IIM Ahmedabad and a B.Com (Hons) from Shri Ram College of Commerce, Delhi University.
Amrita Basu
Co-Founder & Investment Team
Amrita Basu has 16 years of experience in investment management, equity research, and investment banking. She was a founding member of Knightstone Capital Management, with expertise in consumer sectors in India. Previously she was an Analyst at Axis Asset Management (covering Consumer, Retail, and Media, also advising Schroders Investment Management on India investments), and spent five years at Kotak Institutional Equities (Consumer and Retail) and three years in Kotak Investment Banking (M&A and equity fundraising). She holds an MSc Economics from the University of Durham, UK and a BA in Economics & Statistics from St. Xavier's College, Mumbai.
Kiran Gadge
Investment Team
Kiran Gadge has over 3 years of combined experience in marketing research and investment banking. Previously worked at Nailbiter and Fuel Intelligence (Research Analyst for CPG clients) and eClerx (managing Morgan Stanley's collateral at CCPs). B.Com graduate; passed CFA Level 2.
Vatsal Shah
Investment Team
Vatsal Shah previously worked at Deutsche Bank as a Corporate Banking Analyst handling risk management and FPI account opening in the custody department before joining Knightstone Capital Management.
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