Vikas Khemani, the founder of Carnelian Asset Management, which manages over ₹3,600 crore, is ambitiously venturing into new territory with the Bharat Amritkal Fund. This Category III Alternative Investment Fund (AIF) requires a minimum investment of ₹5 crore and aims to capitalize on India’s burgeoning economic landscape.
Khemani explains that the inspiration for the Bharat Amritkal Fund stems from frequent client inquiries about market sentiment and valuations. Recognizing the need for a broader perspective, he aims to highlight the potential future growth. With a long-term view, the fund is designed to take advantage of India’s unique development phase, emphasizing that substantial returns often come from prolonged investments supported by strong conviction.
Over the next 25 years, as India progresses towards becoming a developed nation, Carnelian Asset Management plans to invest in companies poised for substantial growth. While the fund doesn’t necessarily hold every company for 25 years, the strategy involves building a diversified portfolio to capitalize on both short-term and long-term trends.
Currently, India’s GDP stands slightly under $4 trillion. By 2047, at the conclusion of the amrit kal, Khemani projects it to reach between $29 trillion and $30 trillion. This growth is anticipated to increase per capita income from $2,500 to $18,000, positioning India to account for 15-16% of global GDP. This optimistic outlook is grounded in extensive foundational work, economic reforms, and advancements in digital infrastructure.
Six major shifts in India
Khemani identifies six significant shifts that have set the stage for this growth:
Incremental to exponential growth
- – Constrained to unconstrained thinking
- – Reducing Western dependency and focusing on indigenous solutions
- – Innovating at scale and low cost
- – Enhanced social welfare
- – A more pronounced presence on the global stage
- – Sector Focus and Investment Themes
While these shifts provide a macro-level view, Khemani emphasizes the importance of identifying specific themes and opportunities within this broad landscape. The Bharat Amritkal Fund targets five key sectors:
- – Banking and financial services
- – Services
- – Infrastructure
Within each sector, there are numerous sub-trends. The fund aims to tap into these areas through careful macroeconomic analysis. The Bharat Amritkal Fund is poised to leverage India’s economic transformation, guided by Khemani’s long-term vision and strategic sector focus. By investing in growth-oriented companies, the fund aims to deliver substantial returns, aligning with India’s journey towards becoming a developed nation by 2047.
