Growth minority fund research profile
Zephyr Peacock is a growth investor in Indian small and middle-market companies benefiting from digital transformation, with a portfolio across technology-enabled businesses and essential services.
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
Tata Capital Growth Fund uses a growth minority approach across Manufacturing, services, health.
Current evidence
Tata Capital’s FY2024–25 annual report confirms Tata Capital Growth Fund III as a live successor fund with a US$300 million target and SEBI approval, while the manager’s current Growth Fund site identifies Fund II and Fund III as Category II AIFs managed by Tata Capital. Current manager pages attribute positions including Star Health, Jana Small Finance Bank, Home First Finance, Cello World, Tata Technologies, AESPL, Auxilo, Indusface and Cnergyis to the growth-fund franchise.
Strategy
Growth minority
Sector focus
Manufacturing, services, health
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
Tata Capital’s FY2024–25 annual report confirms Tata Capital Growth Fund III as a live successor fund with a US$300 million target and SEBI approval, while the manager’s current Growth Fund site identifies Fund II and Fund III as Category II AIFs managed by Tata Capital. Current manager pages attribute positions including Star Health, Jana Small Finance Bank, Home First Finance, Cello World, Tata Technologies, AESPL, Auxilo, Indusface and Cnergyis to the growth-fund franchise.
Investor questions
Tata Capital Growth Fund is covered in Rupeia's private equity research universe. The current public record describes the strategy as Growth minority, with a sector focus of Manufacturing, services, health. 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 Tata Capital Growth Fund in the reviewed public sources: Star Health and Allied Insurance, Jana Small Finance Bank, Home First Finance, Cello World, Tata Technologies, AESPL / Igarashi Motors, Auxilo Finserve, Indusface, Cnergyis Infotech. It does not represent a complete current portfolio unless the manager has published one.
The public portfolio names Showroom B2B, Unnati, Agnit, BatX, Ripplr, Vidyut, Curefoods, Poshn, Varthana and other companies. No consolidated fund-level return is disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: The spreadsheet records approximately $300M cumulative across funds; current vintage and final close details were not confirmed on the reviewed sources.. Public terms or access information: Growth-stage India investing in technology-enabled SMEs, including financial services, agriculture and logistics. Cheque and reserve terms are not stated.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Akhil Awasthi (Managing Partner); Pramod Ahuja (Co-Head and Partner); Sanjay Chaudhary (Partner). 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: Fund III final close, fund-level net returns and vehicle-by-vehicle current deployment are not publicly disclosed; Tata Capital’s broader credit and healthcare funds are not treated as part of this growth-fund record..
2025-09-30: Tata Capital’s FY2024–25 annual report confirms Tata Capital Growth Fund III as a live successor fund with a US$300 million target and SEBI approval, while the manager’s current Growth Fund site identifies Fund II and Fund III as Category II AIFs managed by Tata Capital. Current manager pages attribute positions including Star Health, Jana Small Finance Bank, Home First Finance, Cello World, Tata Technologies, AESPL, Auxilo, Indusface and Cnergyis to the growth-fund franchise.
Next step
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