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India's Leading Alternate Asset Manager
Managed by Kotak Alternate Asset Managers
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Kotak Strategic Situations Trust is a SEBI-registered Category II AIF and a real estate fund managed by Kotak Alternate Asset Managers Limited (KAAML), formerly known as Kotak Investment Advisors Limited (KIAL) — one of India's largest and most established alternative asset managers, with a 20-year track record and USD 18+ billion raised, managed, and advised across asset classes. KAAML is a wholly owned subsidiary of Kotak Mahindra Bank Limited (CIN: U65990MH1994PLC077472, incorporated 31 March 1994). Registered with SEBI in October 2018, this fund is associated with the India Office Assets Fund I — a USD 400 million dedicated commercial office development platform anchored by a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), with DivyaSree Developers as exclusive development partner and property advisor. KAAML acts as investment manager. The fund's strategy is to develop greenfield commercial office projects and acquire under-construction and completed assets across key commercial office markets in India (Bengaluru, Hyderabad, Mumbai, NCR). KAAML's broader real estate platform spans 12+ funds, having raised over USD 2.2 billion in real estate capital alone, and has received the IVCA Conclave 2024 'Best Performance of the Year: Real Estate Fund' award. The registered and operational address is 27 BKC, 7th Floor, Plot No. C-27, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400051.
S. Sriniwasan
Managing Director
S. Sriniwasan (Srini) is Managing Director of Kotak Alternate Asset Managers Limited and a member of the Kotak Mahindra Group Management Council. He founded the alternate asset management business in 2005 and has grown it to USD 18+ billion in AUM, making KAAML one of India's largest homegrown alternative investment managers. He oversees all asset classes including Real Estate, Infrastructure, Special Situations & Credit, Private Equity, Private Credit, and Investment Advisory. He has been with the Kotak Group since 1993, was part of the Kotak–Goldman Sachs investment banking joint venture from inception in 1995, and was co-head of Kotak Investment Banking until 2005. Key LPs include ADIA, GIC Singapore, British International Investment, and Allianz Germany. He is a Board member of APREA and Co-Chairman of the India Chapter, a member of the GRI India Governing Council, and a member of the Private Credit Council at EMPEA. He holds a BCom from Delhi University and an MBA from IMT Ghaziabad. Re-appointed as MD for a further three-year term from 1 October 2024 to 30 September 2027.
Rajeev Saptarshi
Chief Operating Officer & Whole-time Director
Rajeev Saptarshi joined Kotak Alternate Asset Managers Limited as COO in November 2013 and is a Whole-time Director on the Board. He is responsible for Finance, Compliance, Operations, and Investor Relations across all five verticals of the alternate assets practice (Private Equity, Real Estate, Infrastructure, Special Situations, and Listed Strategies). Rajeev has been with the Kotak Mahindra Group for over 30 years, holding several senior management roles across different businesses. He previously served as COO of the Institutional Equities business at Kotak Securities, where he led Technology initiatives and headed Operations and Finance functions. He also served as CFO of Kotak Mahindra Capital Company (the Investment Banking arm). He was recognised with the Indian Alternative Investment Thought Leaders 2024 award at the Equalifi event. Rajeev is a Chartered Accountant (CA) and a Company Secretary (CS).
Vikas Chimakurthy
Senior Leadership (Private Equity)
Vikas Chimakurthy joined the Kotak Mahindra Group in 1999 and moved to Kotak Realty Fund in 2007. As CEO of Kotak Realty Fund, he oversees fundraising, investments, and divestments across all realty segments. Prior to Kotak Realty Fund, he was in the M&A team of Kotak Investment Banking, where he was head of the real estate and energy sector verticals and led several M&A transactions across energy, telecom, technology, media, and chemicals. He was also appointed as part-time advisor to the IL&FS Board after the Government of India took control. He holds a BTech from IIT Delhi and an MBA from FMS Delhi University.
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Chetan Shah
Executive Director, Kotak Realty Fund
Chetan Shah joined Kotak Realty Fund in 2018 as Executive Director, overseeing investments across all realty segments with special focus on residential mid-income and affordable housing. He has more than two decades of experience in real estate fund management, debt, and private equity. Prior to Kotak, he was a core team member at ASK Property Investment Advisors, where he managed multiple real estate funds (including an offshore fund) covering fundraising, deployment, monitoring, and exits, directly underwriting and monitoring over 20 investments. He has also worked at ICICI Bank (Corporate and Realty Finance), Hypo Real Estate International, and IL&FS. He is a Commerce Graduate from Mumbai University and a Chartered Accountant.
Sonu Jalan
Executive Director – Kotak Realty Fund
Sonu Jalan joined the Kotak Mahindra Group in 2006 and joined Kotak Realty Fund in 2011. He has over 20 years of professional experience. Prior to joining Kotak Realty Fund, he was a Vice President at Kotak Investment Banking, covering the Financial Sponsors Group and the Alternate Energy practice.
Vithal Suryavanshi
Executive Director – Kotak Realty Fund
Vithal Suryavanshi was appointed Executive Director of Kotak Realty Fund by KAAML. He is part of the senior real estate investment team at Kotak Alternate Asset Managers Limited.
Eshwar Karra
Deputy Managing Director; CEO – Special Situations Fund
Eshwar joined the Kotak Mahindra Group in 2000 and is part of the core leadership team at KAAML. As CEO of Kotak Special Situations Fund, he oversees investments across all special situations, credit, and stressed assets opportunities with a flexible, cross-asset-class approach. Prior to this, Eshwar was CEO of Phoenix Asset Reconstruction Company (a Kotak-sponsored ARC) with AUM of USD 1 billion, making investments across major sectors and successfully resolving investments during his 5-year tenure. He was the founding member of the distressed assets business at Kotak and helped the group invest over INR 2,500 crores (~USD 417 million) of proprietary capital in distressed assets, building expertise in identifying distressed opportunities, structuring complex financial transactions, and securing exits. Prior to Kotak, he worked at Ceat Financial Services (RPG Group) and Sundaram Finance. He holds a B.Com from the University of Pune and an MBA from the Institute of Management Development and Research (IMDR), Pune.
Niraj Karia
CEO – Kotak Special Situations Fund
Niraj Karia leads the Special Situations and Credit platform at Kotak Alternate Asset Managers Limited.
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