Gaja Capital IPO

Gaja Alternative Asset Management Limited, which operates under the brand Gaja Capital, is an India-focused private equity firm. It acts as investment manager to domestic alternative investment funds (SEBI Category I and II AIFs) and as advisor to offshore funds. The capital comes from limited partners spread across more than 20 countries, including India, the United States, Europe and the Middle East, and is invested in mid-market Indian companies — the prospectus describes that segment as deal sizes of ₹500–2,500 million — across education-employment-employability, financial services, consumer and digital technology. It has run three institutional funds (Fund II in 2007, Fund III in 2015, Fund IV in 2021) alongside deal-by-deal investments made between 2005 and 2007, and across all of them has backed 29 portfolio companies, taking minority stakes in 26. Buyers of the shares own the manager, not the funds.

Three income streams, all retained by the company. Management fee is charged on capital committed or invested by external investors and brought ₹600.80 million in FY26, 38.07% of total income. Carried interest — the performance share of fund profits, calculated fund-wide rather than deal-by-deal — was ₹754.11 million, or 47.79%. Gains on the company's own sponsor commitment into the funds added ₹167.43 million. The mix is the structural constraint: management fee fell from 72.96% of income in FY24 to 38.07% in FY26, so earnings now hinge on fund performance and exit timing rather than recurring fees. Costs are mainly people — 37 staff at 31 March 2026 — producing a 44.61% cost-to-income ratio in FY26.