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Shivalik Investment Fund (SEBI Reg. IN/AIF2/23-24/1441) is a Category II AIF registered in January 2024 and managed by Shivalik Investment Fund Private Limited (CIN: U45201GJ2004PTC044115), a subsidiary of the Shivalik Group — Ahmedabad's prominent real estate developer with 26+ years of experience and 75+ landmark projects covering 15+ million sq. ft. across 12 micro markets in Ahmedabad. The fund is described as the first AIF of its kind in Gujarat focused on real estate. Target corpus: ₹300 crore (₹150 crore base + ₹150 crore greenshoe option). First close: ₹75 crore (secured by September 2024), attracting HNIs and family offices. The fund invests primarily in residential, commercial, and plotting projects in Ahmedabad's high-growth areas including Sanand and Gandhinagar districts. Approximately 50–60% of corpus is deployed in upcoming Ahmedabad areas, ~30% in projects outside Shivalik Group, and the remainder in startups. Target annual returns: 17–18%. The investment manager entity is registered at Shivalik House, Nr. Aarjav Society, Nr. Satellite Police Station, Opp. Satyagruh Chhavani, Ahmedabad 380015 — the same address as the SEBI registration, confirming the match.
Shivalik Investment Fund's investment philosophy is rooted in Ahmedabad's real estate growth story — leveraging the city's transformative phase driven by infrastructure development, rising incomes, and increasing demand for premium residential and commercial properties. The fund targets superior long-term capital appreciation from real estate investments, combining Shivalik Group's 26+ years of development expertise with professionally managed fund structures. The fund provides investors early-mover advantage through a disciplined, research-driven approach to real estate private equity.
Chitrak Shah
Founder & Managing Director, Shivalik Group
Chitrak Shah is the Founder and Managing Director of Shivalik Group and a Director of Shivalik Investment Fund Private Limited (the AIF manager). He has 26+ years of experience in real estate development and is Chairman of CREDAI Ahmedabad. Under his leadership, Shivalik Group has delivered 75+ landmark projects across 15M+ sq. ft. He is a director of the manager entity per MCA records.
Piyush Kothari
Executive Director, Shivalik Investment Fund
Piyush Kothari is the Executive Director of Shivalik Investment Fund Pvt. Ltd. An IIM Ahmedabad alumnus (AGMP) with an MBA in Finance & Insurance, he has 20 years of experience in fundraising, business strategy, investments, and deal structuring in the real estate sector. He manages the entire lifecycle of real estate private equity funds.
Pravin Nakrani
Finance Specialist & SEBI Contact Person
Pravin Nakrani is the SEBI-registered contact person for Shivalik Investment Fund. A Chartered Accountant with 10+ years of experience in finance, accounts, tax, and MIS, he served as Finance & Accounts specialist at Shivalik Group. He has prior experience at Vyapti Infrabuild and T R Chadha & Co.
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