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Growth Capital for India's Mid-Market Champions
Managed by Motilal Oswal Alternates
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Business Excellence Trust III is a SEBI-registered Category I Alternative Investment Fund registered in December 2025, managed by MO Alternate Investment Advisors Private Limited — the private equity and alternates arm of Motilal Oswal Financial Services Limited (MOFSL). This trust is the domestic AIF vehicle for India Business Excellence Fund V (IBEF V), the fifth and largest private equity fund raised by Motilal Oswal Alternates, which closed at its hard cap of INR 8,500 crore (~$936 million) in February 2026 — making it the largest fund in the firm's history. IBEF V attracted commitments from leading global and domestic institutions including Adams Street Partners, Schroders, Neuberger Berman, IFC, Oman Investment Authority, and Axiom Asia, alongside domestic HNIs and family offices across 55 cities. The fund targets mid-to-late stage companies in consumer, financial services, life sciences, niche manufacturing, and technology, with investment ticket sizes of $40–100 million. It is co-managed by Rohit Mantri, Vijay Dhanuka, Prakash Bagla, and Vinit Mehta. Headquartered at The Capital Building, Unit 505-A2, BKC, Mumbai.
Vishal Tulsyan
Managing Director & Chief Executive Officer
Vishal Tulsyan is MD & CEO (now Executive Chairman) of Motilal Oswal Alternates. He described the private credit foray as a natural evolution: 'Expanding into private credit is a natural extension of our business strategy. The private credit business will have synergies with our existing platforms and draw upon the strength and knowledge of the Motilal Oswal Group.' Under his leadership, MOA has raised over INR 23,000 crore across 11 funds. He has also overseen a long-term partnership with IFC — most recently a USD 60 million anchor investment in India Business Excellence Fund V.
Rohit Mantri
MD & Co-Head, PE (IBEF V Co-Manager)
Rohit Mantri is MD and Co-Head of private equity at MO Alternates and co-manages India Business Excellence Fund V (IBEF V) alongside Vijay Dhanuka, Prakash Bagla, and Vinit Mehta.
Vijay Dhanuka
MD & Co-Head, PE (IBEF V Co-Manager)
Vijay Dhanuka is MD and Co-Head of private equity at MO Alternates and co-manages IBEF V. He has been involved in identifying and backing mid-market companies across consumer, financial services, and manufacturing sectors.
Raamdeo Agrawal
Director
Raamdeo Agrawal is the Chairman of Motilal Oswal Asset Management Company Limited (MOAMC) and the driving force behind the company's approach to investing. He is a co-founder of MOFSL, having started the group in 1987 alongside Motilal Oswal. Mr. Agrawal created the 'QGLP' (Quality, Growth, Longevity & favorable Price) investment process and its 'Buy Right, Sit Tight' investing philosophy. He has been authoring the annual Motilal Oswal Wealth Creation Study since its inception in 1996, which has become a benchmark document analysing India's top wealth-creating companies. He is an Associate of the Institute of Chartered Accountants of India (ICAI) and a member of the National Committee on Capital Markets of the Confederation of Indian Industry (CII). He has featured on 'Wizards of Dalal Street' on CNBC TV18. He authored the book 'The Art of Wealth Creation' and co-authored 'Corporate Numbers Game'. He has been awarded the Rashtriya Samman Patra by the Central Board of Direct Taxes for consistent integrity in tax payments over FY95–FY99.
Naveen Gupta
SEBI Contact Person / Compliance
Naveen Gupta is the SEBI-registered contact person for Business Excellence Trust II.
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