ValueQuest Tristar Fund Raises Over Rs2,100 Crore in investor Commitments Advanced manufacturing fund exceeds its target, including greenshoe, within 15 months of first close
FinTech BizNews Service
Mumbai, 02 Nov 2026: ValueQuest Tristar Fund, a private equity fund focused on India’s advanced manufacturing sector, has received over Rs2,100 crore in investor commitments within 15 months of its first close, exceeding its original fundraising target and the full greenshoe.
Dr. Arvind Ananthanarayanan, Partner, ValueQuest Private Equity
Tristar focuses on aerospace, defence, precision engineering and energy-transition-linked manufacturing. The Fund has invested in four companies: Hi-Q Electronics, a manufacturer of mission-critical printed circuit boards for aerospace and defence; Rangsons Aerospace, which specialises in fluid distribution systems and satellite communications; Waaree Energy Storage Solutions, focused on battery energy storage; and Trusted Aerospace & Engineers (TASE Global), a precision engineering company serving multiple industries with cross-border manufacturing capabilities.
Tristar’s investment approach combines deep sector research with industrial value-chain mapping to identify specialised manufacturers positioned to benefit from structural industry growth and company-specific inflection points.
“India is at the beginning of a multi-decade transformation in advanced manufacturing. But sector growth alone does not guarantee investment returns. The real differentiator is identifying the right businesses at the right stage of their evolution. The work we do upfront gives us the conviction to partner with strong promoters and deepen our exposure as they deliver against milestones,” said Aniket Dharamshi, Co-Founder and Managing Partner, ValueQuest Investment Advisors.
“In advanced manufacturing, competitive advantage is built over years through process expertise, rigorous customer qualification and consistent delivery on quality and reliability. Once a supplier becomes integral to a customer’s critical programs, replacing it can involve significant time, cost and execution risk. We seek businesses that can build on these capabilities to deepen customer relationships and translate industry growth into sustained, profitable growth,” said Dr. Arvind Ananthanarayanan, Partner, ValueQuest Private Equity.
ValueQuest Private Equity also continues to raise its SCALE Fund II, which focuses on growth and late-stage investments in businesses with established models and identifiable competitive advantages with visible pathways to liquidity.
