Ahmedabad: Ahmedabad-based Steptrade Capital, a SEBI-registered Alternative Investment Fund (AIF) manager, has successfully achieved the first close of its Category II Alternative Investment Fund (CAT II AIF), Chanakya Opportunities Fund II (COF II), securing more than ₹100 crore in investor commitments within just three months of its launch.
Launched in February 2026 with a target corpus of ₹500 crore, Chanakya Opportunities Fund II completed its first close through an exclusive participation phase, attracting investments from ultra-high-net-worth individuals (UHNIs), family offices and sophisticated investors seeking institutional access to India’s rapidly expanding pre-IPO market.
With the successful completion of the first close, capital deployment is scheduled to commence in August 2026, while the fund has now opened its next allocation window for a broader pool of eligible investors. The milestone comes amid growing investor interest in India’s private capital markets, as an increasing number of high-growth companies remain privately held for longer periods before pursuing public listings. This trend has created significant demand for investment opportunities during the late-stage private growth phase.
Chanakya Opportunities Fund II builds upon the legacy of Chanakya Opportunities Fund I, India’s first SME Exchange-focused Category II AIF. The investment series was founded by CA Kresha Gupta, while COF I was co-managed by CA Kresha Gupta and Ankush Jain, CFA. The newly launched COF II is co-managed by CA Kresha Gupta and CA Akshay Dawra, focusing on three long-term investment themes expected to benefit from India’s structural economic transformation.
The first investment pillar targets Advanced Manufacturing, including electronics, ESDM, speciality chemicals, defence, aerospace and semiconductors. The second focuses on Energy Transition and Infrastructure, covering battery energy storage systems, electric vehicle ecosystems, transformers, power transmission, grid modernisation and data centre infrastructure. The third investment theme centres on Emerging Enablers, including artificial intelligence, robotics, digital healthcare diagnostics, bio-manufacturing and rare earth supply chains.
These sectors are expected to benefit from favourable government policies, expanding domestic manufacturing capabilities, global supply chain diversification and accelerating technology adoption. Unlike traditional listed equity funds, Chanakya Opportunities Fund II focuses exclusively on investing in pre-IPO and growth-stage companies that have achieved commercial scale but are yet to enter public markets, enabling investors to participate in value creation before companies are listed.
Commenting on the achievement, CA Kresha Gupta, Fund Manager, Chanakya Opportunities Fund I & II, and Director, Steptrade Capital, said: “India’s next generation of listed companies is being built well before they reach the stock exchanges. The response to our first close reflects growing investor conviction that the pre-IPO stage has become an important part of long-term wealth creation. Our focus remains on identifying businesses that are benefiting from structural changes across manufacturing, energy and technology before they become widely accessible.”
CA Akshay Dawra, Fund Manager, Chanakya Opportunities Fund II, added: “The private markets have evolved significantly over the past few years. Investors are increasingly seeking institutional access to companies during their growth phase rather than after they become public. Our investment strategy is centred on identifying businesses with strong fundamentals and the potential to become category leaders over the coming years.”
According to Steptrade Capital, the launch of a fund with a potential corpus of ₹500 crore reflects rising investor demand for professionally managed pre-IPO investment strategies. Industry experts believe curated access to late-stage private companies remains limited, particularly across sectors driving India’s manufacturing growth, clean energy transition and deep technology ecosystem.
Having crossed ₹100 crore in commitments within three months, Chanakya Opportunities Fund II has achieved an important early fundraising milestone as it progresses toward its target corpus of ₹500 crore.