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We believe in the ever-burgeoning potential of India.
Niveza Capital Trust (IN/AIF3/24-25/1503) is a SEBI-registered Category III AIF managed by Niveza Investments, a Dubai-headquartered, India-focused micro-cap public equity fund co-founded in 2021 by Sanal Kumar and Aman Nanda. The fund employs a private equity-style approach to micro-cap Indian listed companies, targeting significant ownership stakes of 5–10% in each investee company, with a highly concentrated portfolio of a maximum of 12 investments. Niveza aims to acquire meaningful ownership to act as a proactive, engaged shareholder — bringing governance improvements, strategic direction, and new ideas to support long-term performance. The fund has invested in only 5 companies across 5 years, demonstrating extreme patience and selectivity. Investment sectors include specialty chemicals, carbon, electro-magnetic & electrical, synthetic yarns & fabrics, and other niche industrial sectors. The Mumbai office is at Suite F8K, Grand Hyatt Hotel Plaza, Lobby Level, Vakola, Santacruz East, Mumbai 400055. The Dubai office can be reached at +971 4 457 8911. AIF contact: Manish Kothari (manish@nivezainvestments.com). The fund's experience base spans over 50 years across company and market research, investment banking, and fund management.
Niveza's investment philosophy is anchored on three pillars: Strong Research (staying away from herd mentality; deep value focus), the X-Factor (being proactive shareholders), and Impact Investors (acting as catalysts for long-term performance). The firm follows the MMM Principle: Management Quality, Management Governance, and Management Leadership. Niveza holds the firm belief that Indian companies are driven by the promoter's passion. For every company it invests in, it dedicates an analyst who 'mirrors the management' — a 'Man to Management' strategy — to maintain deep alignment with the investee's vision and execution. The firm treats promoters as a hub-and-spoke system: the promoter is the hub; spokes are the CEO, board, family, and key managers. Crucially, Niveza goes beyond financials to analyse the promoter's lifestyle, habits, motivational factors, emotional stimulants, psychological tendencies, and personality traits. Focus is on fewer but quality transactions — averaging one transaction per year over the last 5 years, targeting yield in the range of 5–10x. ESG consciousness is embedded in every investment decision.
Sanal Kumar
Co-Founder
Sanal Kumar has been doing groundbreaking work in capital markets and finance for over 20 years. Throughout his career he has been instrumental in raising funds, financial structuring via capital markets, devising business strategies, active investing, and advising management teams across large multi-faceted global enterprises. His wide global and international experience spans India, Asia, Europe, the United States, and Africa, giving him a multi-disciplinary understanding of various businesses and industries. His core investment foundation is built around in-depth research and analytics on micros and macros based on empirical data and behavioral analysis. He holds a postgraduate degree in Finance from the University of Mumbai.
Aman Nanda
Co-Founder
Aman Nanda has under a decade of experience as a Private Advisory Specialist within the financial services industry. His previous experience heading Image Securities — a multidisciplinary financial services company and alternative investment manager — gives him expertise in Private Wealth Advisory, Consultancy & Investment Structuring, and Fund Management. He has developed a strong network of HNIs and institutions and managed investments across international capital markets in public & private equity, commodity arbitrage, and real estate. He co-founded Niveza Investments in 2021 with Sanal Kumar. He holds a Bachelor of Science in Business Administration from Babson College, Massachusetts, USA.
Manish Kothari
SEBI Contact Person
Manish Kothari is the SEBI contact person for Niveza Capital Trust (IN/AIF3/24-25/1503).
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