Equirus launches offshore Small-Cap Equity Fund via GIFT City
Equirus will invest in a curated portfolio of 20–25 listed small-cap companies, selected for their earnings potential, scalability, and management quality.
Equirus Asset Managers, a subsidiary of the Equirus Group, has launched the Equirus Long Horizon Offshore Investments Fund, a US dollar-denominated, open-ended fund registered as a Category III alternative investment fund (AIF) under the International Financial Services Centres Authority (IFSCA). The fund is housed under the Equirus IFSC Trust at GIFT City, Gujarat.
The fund focuses on Indian small-cap equities, aiming to deliver long-term capital appreciation through a benchmark-agnostic, bottom-up investment approach. It will invest in a curated portfolio of 20-25 listed small-cap companies, selected for their earnings potential, scalability, and management quality.
“India is entering a multi-decade growth cycle with manufacturing resurgence, and a consumption-driven middle class. We believe Indian small caps are best aligned to have meaningful exposure in India’s consumer discretionary and manufacturing resurgence theme. In essence, this fund aims to capture the intersection of India’s macro tailwinds with bottom-up stock selection—backing the right companies at the right time in their growth journeys,” said Sahil Shah, Chief Investment Officer at Equirus Asset Managers.
This offshore fund extends Equirus’ existing small-cap strategy, which has been managed onshore under its Portfolio Management Services (PMS) for over eight years. The domestic version has delivered a CAGR of 21.6%, supported by disciplined valuation and research-led stock picking.
The fund’s investment philosophy targets companies capable of compounding earnings at rates above India’s nominal GDP, while maintaining financial prudence and clean balance sheets. The portfolio construction seeks to balance growth potential with risk through selective diversification.
“The fund is more than just a financial product—it serves as a bridge connecting global Indian investors to India’s dynamic growth story,” said Ajaykumar Gupta, Chief Business Officer at Equirus Asset Managers. “As India advances toward a $10 trillion economy, our GIFT City-based Category III AIF provides a strategic, transparent, and fully compliant vehicle for dollar-denominated investments into India’s high-growth opportunities,” he added.
The launch comes amid increasing global interest in Indian equities, particularly the small-cap segment, which has historically delivered strong returns and is supported by structural trends such as rising consumption, formalisation, and increased capital expenditure.
By operating through GIFT City, the fund leverages regulatory and tax efficiencies to simplify cross-border investments. It is open to global investors, including NRIs and OCIs seeking professionally managed access to India’s small-cap growth story.
Founded in 2016, Equirus Asset Managers manages investment strategies across small-cap, multi-cap, and early-stage segments through PMS and AIF structures. The offshore launch marks an expansion of its platform to serve international investors.
Edited by Kanishk Singh