Gaja Alternative Ass

Gaja Alternative Asset Management received SEBI approval to register Gaja Capital India Fund V as a Category II alternative investment fund, with the company acting as investment manager. The fund's term was set at 10 years from its initial close, with provision for two additional one-year extensions. Fund V had a proposed target of ₹2,500 crore and a ₹210 crore sponsor commitment, while Fund IV remained under deployment. Gaja's FY26 total income was ₹157.8 crore, including ₹60.1 crore of management and advisory fees and ₹75.4 crore of carried interest.

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Invesco Mutual Fund bought 93,18,919 shares of Gaja Alternative Asset Management in the open market on August 26, taking its aggregate holding to 8.3225% from 1.7138%. The position was held through five schemes, including Invesco India Consumption Fund, Invesco India Smallcap Fund, Invesco India Financial Services Fund, Invesco India ELSS Tax Saver Fund and Summit Equity Long-Short Fund. Gaja had begun trading on August 26 after an IPO of up to ₹550 crore, including a ₹450 crore fresh issue and ₹100 crore offer for sale. The alternative asset manager reported FY26 total income of ₹157.8 crore, including ₹60.1 crore of management and advisory fees and ₹75.4 crore of carried interest.

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Adds comments from CEO, details throughout

By Abhirami G

Aug 26 (Reuters) - Gaja Alternative Asset Management GAJL.NS, India's first listed alternative asset management company, closed 5.4% higher at 168.67 rupees in its market debut on Wednesday, at a valuation of 24 billion rupees ($251.54 million).

The stock had jumped as much as 20% at the open, following the company's $57.5 million initial public offering last week, at a time when India's primary market has become steadily busier.

At least 20 offerings have been launched or announced so far this month, compared with 39 launched in seven previous months combined this year, according to NSE data.

The listing is an important step towards institutionalisation, governance and transparency, and also expands access to equity alternatives for retail investors, the company's managing director and CEO Gopal Jain told Reuters on Wednesday.

"Over 95% of retail investors cannot participate in alternatives, and the bulk of institutional investors cannot participate in alternative funds," he added.

India's markets regulator mandates a standard minimum investment of 10 million rupees in alternative investment funds, which pool money from investors to invest in non-traditional assets like private equity and therefore carry higher risk than regular investment products.

By going public, Gaja joins global peers such as Blackstone BX.N and KKR KKR.N. Its structure is similar to many U.S. private equity firms, where the fund management company is listed but the funds it manages are not.

Becoming a listed entity is also expected to support fundraising by broadening the pool of potential investors, Jain added.

Gaja has invested in consumer and tech companies, including Fractal Analytics FRAL.NS and HCLTech-backed HCLT.NS Sarvam AI.

As of 31 March 2026, Gaja had contributed 6.41% of the total size of its funds as sponsor commitment — the mandatory monetary commitment that a fund manager, or sponsor, must invest themselves. This is well above the regulator-mandated lower limit of 2.5%.

The company aims for a higher sponsor contribution as it results in a better investment product, Jain added.

($1 = 95.4125 Indian rupees)

(Reporting by Abhirami G and Vivek Kumar M in Bengaluru; Editing by Sherry Jacob-Phillips and Janane Venkatraman)

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