Ravi Dharamshi, Founder and Chief Investment Officer, ValueQuest, India, and Aniket Dharamshi, Managing Director and Fund Manager, Tristar Fund, ValueQuest, India, outline focus on aerospace, defence and energy transition sectors
Wednesday, February 18, 2026: ValueQuest has revised the corpus of its Tristar Fund to INR 2,000 crore following oversubscription and activation of a INR 500 crore greenshoe option. The fund had initially targeted INR 1,000 crore and later indicated a target size of INR 1,500 crore before strong investor commitments led to the upward revision.
The Tristar Fund is positioned as a growth stage private equity strategy focused on emerging industrial businesses across aerospace, defence, energy transition and precision engineering.
Ravi Dharamshi, Founder and Chief Investment Officer, ValueQuest, India, said, “Tristar reflects our view on India’s emerging industrial leaders. Our focus remains on sectors undergoing structural shifts where disciplined underwriting and sector understanding can create differentiated outcomes.”
The fund has completed two investments to date. These include Rangsons Aerospace, a precision manufacturing and product technology company serving domestic and global aerospace and defence clients, and Waaree Energy Storage Solutions, a manufacturer of lithium ion cells, battery packs and energy storage systems for Indian and international markets.
Aniket Dharamshi, Managing Director and Fund Manager, Tristar Fund, ValueQuest, India, said, “We seek to identify businesses at inflection points where resilient operating models and capable management teams can benefit from long term structural trends. Our approach involves partnering with technically differentiated companies that have the ability to scale.”
Dr. Arvind Ananthanarayanan, Fund Manager, Tristar Fund, ValueQuest, India, added, “Investment in complex industrial sectors requires ecosystem mapping and rigorous underwriting. By analysing how sub sectors evolve and profit pools expand, we aim to evaluate sensitivities and long term value drivers.”
The fund continues to build a pipeline across aerospace, defence, electronic manufacturing, precision engineering and energy transition segments. ValueQuest stated that eligible investors may be offered co investment opportunities alongside the fund.
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