We use cookies for analytics and ads to improve your experience. You can accept or decline. See our Privacy Policy.
Navigating the shores of the Indian opportunity
Malabar Investment Trust is a SEBI-registered Category III Alternative Investment Fund (IN/AIF3/16-17/0255), registered on August 29, 2016, and managed by Malabar Fund Managers LLP. The trust is administered with Vistra ITCL India Limited (formerly IL&FS Trust Company) as Trustee, at the IL&FS Financial Centre, BKC, Mumbai. Malabar Investments was founded in 2008 by Sumeet Nagar and Akshay Mansukhani, with the backing of reputed institutional value investors from the US and Asia. The firm manages over $1 billion in assets and has 16 years of track record. As a Category III AIF, the Malabar Investment Trust enables Indian resident investors to access Malabar's long/short and event-driven equity hedge fund strategies, which are otherwise channelled through offshore feeder structures (Malabar India Fund and Malabar Select Fund). Malabar specialises in identifying small to mid-size Indian companies that are leaders in their niche, have sustainable competitive advantages, demonstrated pricing power, and a long runway for profitable growth. The firm operates from offices in Mumbai (The Point, Bandra West) and New York (c/o Holding Capital Group Inc). Malabar has been a signatory to the UN Principles for Responsible Investment (UNPRI), one of the first India-focused public market funds to do so.
Malabar Investments follows a value investing philosophy anchored in primary, proprietary research. The firm maintains a concentrated portfolio of exceptional quality companies in India's small to mid-cap space — a segment it views as largely under-researched and institutionally under-owned, creating persistent information and insight asymmetry. Key investment criteria include sustainable competitive advantage, demonstrated pricing power, high return ratios, strong balance sheets, sound cash flows, and a management team with integrity and capital allocation capability. The firm invests for the long term, with unwavering commitment to rationality, intellectual honesty, even temperament, and ESG integration.
Sumeet Nagar
FMFounder & Portfolio Manager
Sumeet Nagar is the founder of Malabar Investments and heads the investment team as Portfolio Manager. Prior to founding Malabar, he was a consultant at McKinsey & Company where he was a founding member of its dedicated private equity group. He is a graduate of IIT Bombay and holds an MBA in Finance and Entrepreneurial Management from the Wharton School, University of Pennsylvania.
Akshay Mansukhani
Co-Founder — Business Development & Risk Management
Akshay Mansukhani co-founded Malabar in 2008 and heads Business Development and Risk Management. Prior to Malabar, he worked at UBS Investment Bank, New York, in equity capital markets and structured products. He holds both his BSE and MBA from the Wharton School, University of Pennsylvania, where he was selected as a Joseph Wharton Scholar.
Ashish Gulati
Partner & Head of Research
Ashish Gulati has been with Malabar since inception as Head of Research, playing a pivotal role in building investment processes and the research team. Prior to Malabar, he analysed investment opportunities at SBI Capital Markets' proprietary investment group. He holds a BE from Mumbai University and an MBA from IIT Kharagpur.
Ketan Shah
Chief Operating Officer
Ketan Shah joined Malabar in March 2019 as COO, overseeing operations, back office, audit, compliance, general administration, IT, and HR. Prior to Malabar, he was Executive Director and member of the India Management Committee at Morgan Stanley Fund Services. He is a member of both ICAI and ICWAI.
Rajat Mahajan
Senior Investment Analyst
Rajat Mahajan joined Malabar in 2016. Prior to joining, he worked at Synergy Advisory on financial advisory transactions in the infrastructure sector. He holds a BE from NIT Durgapur and an MBA from IIM Ahmedabad.
Rohan Rai
Business Development
Rohan Rai joined Malabar in 2015. He was previously with HSBC for over 7 years across Strategy & Planning, Investment Advisory, and Relationship Management. He holds a BE from Mumbai University and an MBA from IIM Ahmedabad.
No insights published yet.
Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.
Dhruva Mukherjee
Investment Analyst
Dhruva Mukherjee joined Malabar in 2017. He previously worked at Kalaari Capital as an Associate, handling deal evaluation and portfolio management. He holds a BE from IIT Kharagpur and an MBA from IIM Ahmedabad.
Gayathri Dhevi Ramkrishnan
Investment Analyst
Gayathri Dhevi Ramkrishnan joined Malabar in 2024. Prior to Malabar, she worked at Arga Investment Management, Bank of America equity research (USA), and Boston Consulting Group. She holds an MBA from Harvard Business School and is a Chartered Accountant.
Yash Mehta
Investment Analyst
Yash Mehta joined Malabar in 2024. He previously worked at Steinberg India Advisors, Amansa Capital (Singapore), and CLSA India in investment research and portfolio monitoring. He focuses on Indian equity markets.