Cat II · Managed by Apollo Global Management
Flexible Capital. Long-Term Partnership.
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
AIP India Opportunities Trust is a Category II AIF managed by AIP Investment Advisors Private Limited, the India-focused investment arm of Apollo Global Management (NYSE: APO) — one of the world's largest alternative asset managers with over $908 billion in AUM as of September 2025. Apollo has operated and invested in India for over two decades, with a full-service Mumbai presence. The AIP India Opportunities Trust focuses on India-specific private credit and equity opportunities, deploying Apollo's global credit and private equity capabilities into the Indian market. The investment manager operates from Apollo's Maker Maxity BKC office and is co-located with AGM India Advisors Private Limited, Apollo's broader India advisory entity.
Madhura Shah
Partner & India Lead, Apollo
Madhura Shah is Partner and India Lead at Apollo, responsible for managing Apollo's office in India including overall strategy and day-to-day operations. Apollo's India office provides integrated support globally across Apollo's platform, offering clients the firm's full suite of investment offerings across Yield, Hybrid and Equity strategies as well as Enterprise solutions. Prior to joining Apollo, Madhura was with Deutsche Bank India in leadership roles in Finance, and previously with JP Morgan in Mumbai and London. She started her career with Arthur Andersen in Assurance and Business Advisory. Madhura is a Chartered Accountant and has cleared CFA examinations.
Utsav Baijal
Partner, Head of India Private Equity (formerly; departed 2025)
Utsav Baijal served as Partner and Head of India Private Equity at Apollo, where he also managed AION Capital Partners — a strategic joint venture between Apollo and ICICI Bank focused on India-dedicated investments. He joined Apollo in 2008 and worked across private equity, mezzanine, and credit investments in the US and Asian markets. He served on the boards of IGT Solutions, Clix Capital, PlanetCast Media Services, Welspun Corp, and DishTV. Prior to Apollo, he was with Bain Capital's private equity team and McKinsey & Co. across Delhi and Hong Kong. He holds a BA in Economics from St. Stephen's College, University of Delhi and an MBA from IIM Ahmedabad. Note: Baijal moved to Bain Capital as Head of India Special Situations in 2025.
Suresh Maramreddy
Managing Director, Real Assets
Suresh Maramreddy is Managing Director, Real Assets at Apollo and is responsible for sourcing, underwriting, executing, and managing real estate investment transactions in India. He brings over 23 years of experience in real estate private equity and debt investing, portfolio strategy, and research. Prior to joining Apollo in 2010, Suresh was Vice President at Citi Property Investors' Real Estate acquisitions team and previously a Portfolio Analyst at Property & Portfolio Research (PPR). He holds an MBA from Clemson University, a Bachelor's degree in Mechanical Engineering from Osmania University, and is a CFA charterholder.
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Nikhil Gahrotra
Partner, Financial Institutions Group (formerly; departed 2023)
Nikhil Gahrotra served as Partner, Financial Institutions Group (FIG) within AIP Investment Advisors Private Limited, advising on India-focused credit and private equity investments. He joined Apollo in 2016 and led Apollo's credit strategy in India alongside FIG investment activity. He departed Apollo in August 2023 to join CVC Capital Partners' India PE team.
Sumeet Jain
Director, Finance – India Private Equity (SEBI Contact Person)
Sumeet Jain is Director of Finance for India Private Equity at Apollo Global Management and is the designated SEBI contact person for the AIP India Opportunities Trust (Reg. No. IN/AIF2/21-22/0957). He operates from the AIP Investment Advisors Private Limited entity at Apollo's Mumbai office.
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