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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.
UC-RNT Fund (SEBI Reg. IN/AIF2/16-17/0225) is a Category II AIF registered in May 2016 and co-sponsored by RNT Associates (the investment vehicle of the late Ratan N. Tata) and the University of California (UC Investments, the endowment of the University of California system). The fund's name is an acronym for University of California and Ratan N. Tata. It was conceived in 2015 following a meeting between UC Investments' CIO Jagdeep Singh Bachher and Ratan Tata in Mumbai, and was initially envisaged as a $300 million fund to invest in Indian technology startups. The fund made 9 investments in prominent Indian companies including Ola, Cult.fit (CureFit), NestAway (acquired by Aurum PropTech, June 2023), Mswipe, Axio Biosolutions, YourStory, LivSpace, and Ant Financial/Alibaba's payment arm, investing at Series A through Series F stages. Following senior-level departures from the fund's internal team, management of the portfolio was taken over by Kotak Alternate Asset Managers Limited (formerly Kotak Investment Advisors Limited), the alternatives arm of Kotak Mahindra Bank. As of late 2024, following Ratan Tata's passing in October 2024, the fund is in the process of winding down through an orderly exit of its remaining portfolio. UC-RNT has a fund life till 2032 but revival is considered unlikely.
Ratan Naval Tata
Co-Sponsor / Principal (RNT Associates) — deceased
The late Ratan N. Tata (1937–2024), former Chairman of Tata Sons and the Tata Group, co-sponsored UC-RNT Fund through his investment vehicle RNT Associates Private Limited, registered at Elphinstone Building, Veer Nariman Road, Mumbai. He was one of India's most prolific angel investors and startup mentors, and also advised Kalaari Capital, Chiratae Ventures, and Jungle Ventures. He passed away on October 9, 2024.
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.
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