Growth fund research profile
Affirma Capital is a mid-market emerging-markets private-equity platform with an India-focused AIF and a broad operating toolkit. It invests behind scalable businesses and uses senior talent, bolt-on acquisitions and cross-market connectivity to build regional champions.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
Affirma Capital (India) uses a growth approach across Fin services, consumer, industrials.
Current evidence
Affirma’s India investor-information page identifies the Agastya Capital India Growth Fund as a SEBI Category II AIF managed by its India adviser. In October 2025, Affirma announced the first investment from that India-focused vehicle: up to $56 million in RMSI, alongside 360 ONE Asset. Its 2026 India disclosure identifies TBO, RMSI, Northern Arc, Varun Beverages and Fortis Healthcare among the India team’s investment experience; the current India head is Udai Dhawan.
Strategy
Growth
Sector focus
Fin services, consumer, industrials
AIF structure context
Indian private equity, growth, buyout and many real-asset strategies are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
Affirma’s India investor-information page identifies the Agastya Capital India Growth Fund as a SEBI Category II AIF managed by its India adviser. In October 2025, Affirma announced the first investment from that India-focused vehicle: up to $56 million in RMSI, alongside 360 ONE Asset. Its 2026 India disclosure identifies TBO, RMSI, Northern Arc, Varun Beverages and Fortis Healthcare among the India team’s investment experience; the current India head is Udai Dhawan.
Investor questions
Affirma Capital (India) is covered in Rupeia's private equity research universe. The current public record describes the strategy as Growth, with a sector focus of Fin services, consumer, industrials. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to Affirma Capital (India) in the reviewed public sources: RMSI, TBO Tek, Northern Arc Capital, Varun Beverages, Fortis Healthcare. It does not represent a complete current portfolio unless the manager has published one.
Affirma reports more than $4 billion of AUM, over $6 billion invested in 101 companies and more than $7 billion of capital distributed since 2002. It has publicly reported a 12x return and $468 million of capital gains on its TBO exit and approximately 13x MOIC on a partial exit; these are platform-level outcomes, not India-fund IRR. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: Affirma reports $4 billion of global AUM. Its India vehicle is the Agastya Capital India Growth Fund, a Category II AIF; vehicle size is not disclosed on the investor-information page reviewed.. Public terms or access information: Mid-market growth and buyout investing with operational value creation; India vehicle-specific cheque sizes and reserves are not consistently disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Udai Dhawan (India head). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review entry valuation, leverage, governance rights, concentration, execution of the value-creation plan and exit timing. The current open diligence point is: The India vehicle’s final corpus, India-only return metrics and full current portfolio are not publicly disclosed; legacy India team investment experience is labelled as such and not treated as proof of current Agastya ownership..
2025-10-26: Affirma’s India investor-information page identifies the Agastya Capital India Growth Fund as a SEBI Category II AIF managed by its India adviser. In October 2025, Affirma announced the first investment from that India-focused vehicle: up to $56 million in RMSI, alongside 360 ONE Asset. Its 2026 India disclosure identifies TBO, RMSI, Northern Arc, Varun Beverages and Fortis Healthcare among the India team’s investment experience; the current India head is Udai Dhawan.
Next step
Share the allocation question, ticket size, liquidity constraints and existing exposure. Rupeia can determine whether this profile needs a deeper decision-support brief.