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Supporting Emerging Enterprises in India
Zephyr Peacock Alternative Investment Trust is a SEBI-registered Category II Alternative Investment Fund (Reg. No. IN/AIF2/17-18/0377) managed by ZP India Advisory Private Limited, the Indian investment advisory arm of Zephyr Management L.P. — a New York-based global emerging markets investment manager founded in 1994 by Thomas C. Barry. Zephyr Peacock India was established in Bengaluru in 2007 and has since been a leading growth-capital provider to small and mid-sized enterprises across India. The fund targets equity or equity-related investments of USD 5–20 million in established businesses with proven models and sustainable competitive advantages, focusing on financial services, food and agriculture, fintech, and infratech sectors. The Bengaluru-based investment team is led by President & CIO Mukul Gulati and MD Pankaj Raina, combining deep local expertise with Zephyr Management's global network. Since inception, Zephyr has sponsored over 26 investment vehicles globally, representing approximately USD 1.2 billion in combined commitments. Zephyr Peacock India has completed over 30 investments and actively supports portfolio companies through management support, technology upgrades, and capital-raising assistance.
Zephyr Peacock's investment philosophy is built around three pillars — Focus, Invest, and Build. The firm focuses on emerging and underserved growth-stage enterprises in fintech, food & agriculture, and infratech sectors. It invests through in-depth sector research, backing businesses with proven models on a path to market leadership, typically through influential minority positions. Beyond capital, Zephyr actively builds portfolio companies through hands-on engagement in management & governance, technology, HR & talent, business operations, and capital raising — leveraging both local Bengaluru presence and Zephyr Management's global network. Impact objectives — including formal job creation, financial inclusion, gender equality, environmental sustainability, and food security — are woven into the investment process.
Thomas C. Barry
Chairman
Thomas (Tom) Barry is the Chairman of Zephyr Management, L.P., which he founded in 1994 to support businesses in emerging markets. Prior to founding Zephyr, Tom was President and CEO of Rockefeller & Co., the investment management arm of the Rockefeller family, and before that was President of T. Rowe Price's Rowe Price New Horizons Fund and Director of Research. He holds an MBA from Harvard Business School, an undergraduate degree from Yale University (Latin American Studies), and is a Chartered Financial Analyst. He also serves as Director or Trustee for several non-profit institutions.
Mukul Gulati
President & Chief Investment Officer
Mukul Gulati is the President and CIO of Zephyr Management, L.P. He has over 20 years of experience in private equity, investment research, and general management. Previously, he was involved in setting up and managing the quantitative equity research business at Multex. Mukul is a member of the Young Presidents' Organization (YPO). He holds an MBA from Columbia University Graduate School of Business and graduated cum laude from the University of Maryland with a degree in Economics.
Pankaj Raina
Managing Director, Research and Investments
Pankaj Raina oversees Zephyr Peacock's investment and research program in India. He has over a decade of experience in private equity and investment banking. Prior to Zephyr, he was Investment Manager at CapAleph Advisors focusing on early-stage buyouts in the consumer segment, and before that at Intellecap (Aavishkaar-Intellecap Group) executing investments in SMEs across financial services, agri, food, and social infrastructure. He holds a Masters in Finance from London Business School and an MBA from IBS, Hyderabad.
Nikhil Sultania
Vice President, Accounts and Finance
Nikhil Sultania leads Accounting, Finance, and Investor Reporting for Zephyr Peacock and Emerald Funds. Prior to joining Zephyr, he worked with S.R. Batliboi & Associates LLP (EY member firm) providing assurance services to corporates. He is a qualified Chartered Accountant.
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Laldinpuii Ralte
Vice President, Marketing and ESG
Laldinpuii (Din) is focused on marketing communications for Zephyr's global funds and supports ESG activities. Prior to joining Zephyr, she co-founded a business in the entertainment sector. She holds a Master's degree in Management from the National University of Singapore and a Bachelor's in Commerce (marketing) from Christ University.
Aman Soni
Associate, Research and Investments
Aman Soni is part of the investment and research team at Zephyr Peacock, handling deal sourcing, diligence, and execution. He previously worked at a prominent venture capital fund managing a 30+ company portfolio, and has prior experience with Deloitte Touche Tohmatsu India LLP. He is a qualified Chartered Accountant and holds an M.Com from the University of Mumbai.
Om Pawaskar
Associate, Investments and Research
Om Pawaskar is involved in investment research, deal sourcing, diligence, and execution at Zephyr Peacock. He has prior experience with Grant Thornton and WorldQuant, and graduated from IIT Roorkee in 2022.
Akshat Gupta
Analyst, Research and Investments
Akshat Gupta is part of the investment and research team at Zephyr Peacock, involved in deal sourcing, diligence, and execution. He has prior experience with Radix Capital and Axis Securities, and graduated from IIT Bombay in 2025.
Yash Berlia
Analyst, Research and Investments
Yash Berlia is part of the investment and research team at Zephyr Peacock, involved in deal sourcing, diligence, and execution. Prior to Zephyr, he worked at Bain & Company as an analyst in the Go-To-Market (GTM) department. He holds a BCom (Honours) from the University of Delhi.
Bharadwaj Reddy
Senior Associate, Finance
Bharadwaj Reddy manages accounting, finance, and investor reporting for Zephyr Peacock. He previously worked with BSR & Co LLP (KPMG India), specialising in VC fund audits and valuation reviews. He is a qualified Chartered Accountant.
Sunit Kumar Sharma
Associate, Finance
Sunit Kumar Sharma focuses on accounting, finance, and investor reporting at Zephyr Peacock. Before joining Zephyr, he worked as a consultant at Grant Thornton Bharat LLP and previously with SRB & Associates and MKPS & Associates.
Naveena Prasad M
Marketing Communications Analyst
Naveena Prasad M is the Marketing Communications Analyst at Zephyr Peacock. Previously, she worked as a Communication Research Associate at the Tata Institute of Social Sciences, Mumbai. She holds an MA in English Literature from The English and Foreign Languages University, Hyderabad.
Nisha Biju
Administrative Executive
Nisha Biju handles administrative, finance, and corporate compliance functions for Zephyr's Bangalore office and is actively involved in client services for the domestic fund. She has over 15 years of experience in office management, administration, and secretarial work. Prior to Zephyr, she worked at Infosys BPO as Executive Assistant to Executive Council Board members. She holds a diploma in Secretarial Practice and Office Administration.
Lokesh V
Administrative Assistant
Lokesh V oversees daily office operations including managing and coordinating office resources, maintaining equipment, and ensuring a well-organised workspace. He provides high-level administrative support to senior management and is also involved in financial administration. He has been with Zephyr for over 10 years.