Ahmedabad: Steptrade Capital, an Ahmedabad-based SEBI-registered alternative investment fund (AIF) manager, has announced the successful first close of its Chanakya Opportunities Fund II (COF II), securing more than ₹100 crore in investor commitments within three months of its launch.
Launched in February 2026 with a target corpus of ₹500 crore, the Category II AIF is focused on investing in India’s next generation of pre-IPO companies across advanced manufacturing, energy transition, and emerging technologies. The first close was completed through an exclusive initial participation phase, attracting commitments from ultra-high-net-worth individuals (UHNIs), family offices, and sophisticated investors seeking exposure to India’s rapidly expanding private markets.
Following the successful first close, Steptrade Capital plans to begin capital deployment in August 2026 while opening the next allocation window to a broader pool of eligible investors.
Chanakya Opportunities Fund II builds on the legacy of Chanakya Opportunities Fund I, India’s first SME Exchange-focused Category II AIF. The new fund is co-managed by CA Kresha Gupta and CA Akshay Dawra, and is structured around three long-term investment themes expected to benefit from India’s structural economic transformation.
The fund will focus on Advanced Manufacturing, including electronics, semiconductors, speciality chemicals, and defence; Energy Transition and Infrastructure, covering battery energy storage systems, electric vehicle ecosystems, power transmission, transformers, grid modernisation, and data centre infrastructure; and Emerging Enablers, such as artificial intelligence, robotics, digital healthcare diagnostics, bio-manufacturing, and rare earth supply chains.
Unlike traditional listed equity funds, COF II is designed to invest in growth-stage companies during their pre-IPO phase, enabling investors to participate in businesses before they enter public markets.
Commenting on the milestone, CA Kresha Gupta, Fund Manager of Chanakya Opportunities Fund I & II and Director at Steptrade Capital, said the strong response to the first close reflects growing investor confidence in the pre-IPO investment space, where many of India’s future market leaders are being built before listing on stock exchanges.
CA Akshay Dawra, Fund Manager of Chanakya Opportunities Fund II, noted that institutional investors are increasingly seeking professionally managed access to high-quality private companies during their growth stage, rather than waiting until after their public listing.
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Steptrade Capital believes the ₹500 crore fund reflects rising demand for curated pre-IPO investment strategies, particularly in sectors benefiting from India’s manufacturing expansion, energy transition, and deep technology ecosystem. With commitments already exceeding ₹100 crore, the fund has marked an important early milestone as it progresses toward its target corpus.
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