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Elevated Experiences. Elevated Returns.
Lycka's Daybreak Trust (IN/AIF2/24-25/1531) is a SEBI-registered Category II AIF managed by Lycka Asset Management LLP (LLPIN: ACD-8314), a real estate–focused alternative investment management firm incorporated on 7 November 2023 in Ahmedabad, Gujarat. The manager is a sister entity to Lycka Properties Private Limited (CIN: U45201GJ2019PTC109629), a real estate development company with projects in the Ahmedabad / Ognaj / SG Highway corridor. Both entities were founded by Devarshi Rajeshbhai Patel, a construction management professional with international experience in the US (Hathaway Dinwiddie, M.A. Mortenson) and India (Simplex Infrastructures, Dharmaja Group). Lycka Asset Management's stated focus is 'Real Asset Investing with project execution control, operational intelligence and excellence', differentiating itself from pure financial investors by embedding construction and project management expertise directly into the investment process. The AIF was registered with SEBI on 31 May 2024 and received SEBI approval (index apex). Lycka operates from B307, Times Square Arcade II, Besides Avalon Hotel, Bodakdev, Ahmedabad 380054, with MCA-registered email on the lycka.properties domain. The tagline 'Elevated experiences. Elevated returns.' captures the group's dual identity as both a developer and a fund manager.
Lycka Asset Management's investment philosophy centres on Real Asset Investing differentiated by project execution control and operational intelligence — the belief that an investment manager with deep construction and project management expertise can identify, underwrite, and actively monitor real estate investments with far greater precision than a purely financial investor. By embedding technical due diligence, construction oversight, and operational monitoring into the investment lifecycle, Lycka aims to reduce project execution risk, accelerate completion timelines, and generate superior risk-adjusted returns. The firm seeks to connect people to properties and businesses to create positive generational impact, build security, and sustainably generate high alpha — with a focus on residential and commercial real estate in tier-1 and tier-2 Gujarat and Indian markets.
Devarshi Patel
Co-Founder & Co-CIO
Devarshi Rajeshbhai Patel is Co-Founder and Co-CIO of Lycka Asset Management LLP and Founder & CEO of Lycka Properties Private Limited. He holds a BTech from Pandit Deendayal Petroleum University, Gandhinagar and an MS in Construction Management from the University of Washington, Seattle (2015–2017). His international construction management career includes roles at Hathaway Dinwiddie Construction (San Francisco), M.A. Mortenson (US), the University of Washington, and in India at Simplex Infrastructures and Dharmaja Group. He is the primary driver of the Lycka group's 'project execution control' investment thesis.
Dular Patel
Designated Partner; Head of Compliance & Business Development; SEBI Contact Person
Dular Rajesh Patel is a Designated Partner at Lycka Asset Management LLP serving as Head of Compliance and Business Development, and the SEBI contact person for the AIF via the roopal@singhania.com filing email. He previously served as Director and Finance Manager at Lycka Properties Private Limited. He holds a BBA from Nirma University, Ahmedabad and an MSc in Banking and Finance from Queen Mary University of London (2022–2023).
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