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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's investment philosophy centres on investing in exceptional small and mid-cap Indian companies — businesses that are leaders in their respective niches, possess sustainable competitive advantages, have demonstrated pricing power, and have a long runway to grow profitably. The firm conducts intensive primary research to uncover opportunities that other market participants may not have identified. A key pillar is the rigorous assessment of management quality — determining whether they have drive, capability, integrity, and corporate governance to grow the business multifold. Malabar builds concentrated, long-term portfolios, with a commitment to rationality, long-term orientation, and excellence through various market cycles. Responsible investment principles (ESG) are embedded into the investment evaluation framework.
Sumeet Nagar
FMFounder & Portfolio Manager
Sumeet Nagar is the Founder and Managing Partner of Malabar Investments, and remains the head of 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 holds a B.Tech from IIT Bombay and an MBA in Finance and Entrepreneurial Management from the Wharton School, University of Pennsylvania.
Akshay Mansukhani
Co-Founder — Business Development & Risk Management
Akshay Mansukhani is Managing Partner at Malabar, heading both Business Development and Risk Management. Prior to joining Malabar in 2009, he worked at UBS Investment Bank in New York focusing on structured products in equity capital markets. He holds a BSE and MBA from the Wharton School (Joseph Wharton Scholar) and is a Chartered Alternative Investment Analyst.
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.
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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.
Rajat Mahajan
Senior Investment Analyst
Rajat Mahajan joined Malabar in 2016. Prior to Malabar, he worked at Synergy Advisory on financial advisory transactions in the infrastructure sector. He holds a B.Tech from NIT Durgapur and an MBA from IIM Ahmedabad.
Rohan Rai
Partner, Investor Relations
Rohan Rai joined Malabar in 2015, heading Investor Relations. Previously he was with HSBC for over 7 years across Strategy & Planning, Investment Advisory, and Relationship Management. He holds a B.Tech from Mumbai University and an MBA from IIM Ahmedabad.
Dhruva Mukherjee
Investment Analyst
Dhruva Mukherjee joined Malabar in 2017. Previously he was an Associate at Kalaari Capital (early-stage VC) focused on deal evaluation and portfolio management. He holds a B.Tech from IIT Kharagpur and an MBA from IIM Ahmedabad.
Gayathri Dhevi Ramkrishnan
Investment Analyst
Gayathri Dhevi Ramkrishnan joined Malabar in 2024. Previously she was a Global Business Analyst at Arga Investment Management and covered equity research at Bank of America (USA), as well as working as a management consultant at BCG. She holds an MBA from Harvard Business School and is a member of ICAI.
Yash Mehta
Investment Analyst
Yash Mehta joined Malabar in 2024. Previously he worked at Steinberg India Advisors, Amansa Capital (Singapore), and CLSA India in investment research and portfolio monitoring covering Indian equity markets. He is a member of ICAI and has passed all three CFA levels.
Bhavesh Dalal
Research
Bhavesh Dalal joined Malabar in 2023, focusing on primary research. Previously he worked as a consultant at TenCore Partners and Ruane Cunniff. He holds a BCom from KPB Hinduja College (University of Mumbai) and an MBA from K.J. Somaiya Institute of Management.
Naveen Bhather
Operations and Compliance
Naveen Bhather joined Malabar in 2014, heading Operations and Compliance and serving as the SEBI-designated contact person for the AIF. Previously he worked at Fidelity International Limited and L&T Investment Management in operational roles covering trade settlement, cash flow management, and performance tracking. He holds a BCom from Ajmer University and is a member of ICAI.
Farah Mahava
Business Development
Farah Mahava joined Malabar in 2018. Previously she was a fund manager covering Asia Pacific at Sanlam Multi-Manager International (London) and was a member of the private client team at Deloitte Wealth Management (London). She holds a Management Studies degree from the University of Nottingham and has passed all three CFA levels.