Cat II · Managed by Ascent Capital
Fueling the ambitions of India's finest entrepreneurs.
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Ascent Growth Trust (SEBI Reg. IN/AIF2/22-23/1168) is a Category II AIF managed by Ascent Capital Advisors India Private Limited, one of India's most experienced and stable mid-market private equity firms. Founded in 2008 by Raja Kumar, Ascent Capital has provided growth capital to 50+ outstanding entrepreneurs building game-changing companies across Technology, Consumer, Healthcare, and Financial Services. The firm manages approximately $600M+ AUM and is headquartered at No. 1, Ali Askar Road, Bangalore 560052 (in front of Balabrooie State Guest House, Palace Road), with a Mumbai office at WeWork BKC, C-20, G Block, Bandra Kurla Complex. Portfolio includes Cult.fit, BigBasket, ACKO, CARE Ratings, Ratnakar Bank, Amber Enterprises, and 40+ other companies; 8 IPOs and 10 acquisitions among exits. The team collectively brings 175+ years of experience and 100+ years of combined Indian PE experience.
Raja Kumar
Investor and Company Builder, Founder and Managing Partner
Founder and Managing Partner of Ascent Capital Advisors. One of the early leaders of the Indian private equity industry, having founded one of the first independent PE firms in India. Has spent over two decades working with India's finest entrepreneurs to build category-defining businesses. Served on the boards of many public and private companies including BigBasket (first institutional investor). Previously a senior officer of the Indian Civil Services: Commissioner of Income Tax; Regional Director of SEBI (overseeing IPO launches and market intermediary regulation); and Executive Director of UTI Mutual Fund. M.Sc and M.Phil in Science; Advanced Management Program, Harvard Business School.
Subhasis Majumder
Partner
Joined Ascent in 2006. 28+ years of experience in fund management, financial services, business consulting, and supply chain operations. At Ascent, focuses on investments in financial services, technology, and education; also leads fundraising and investor relations. Previously a strategy consultant at PricewaterhouseCoopers and IBM Business Consulting Services, advising Indian mid-market corporates on growth strategy, market entry, and inorganic growth. Earlier managed a Luxembourg-based India-focused PE fund for a large Middle East insurance company; credit analyst at CRISIL (S&P associate). B.Tech (Chemical Engineering), IIT Kharagpur; MBA, IIM Bangalore; AMP, Harvard Business School.
Deepak Gowda
Partner
Joined Ascent in 2008. 20+ years of experience across private equity and operating roles in healthcare and technology, spanning multiple geographies. At Ascent, focuses primarily on investments in healthcare, technology, and education sectors.
A P Vasanthakumar
Partner
Founding member and Partner at Ascent. 20+ years of experience in private equity and capital markets. Primarily involved in sourcing, evaluating, monitoring, and exits of investments across sectors including technology, consumer, education, light engineering, and infrastructure. Actively works with portfolio companies on corporate strategy, business plan reviews, senior recruitments, inorganic growth due diligence, and follow-on fundraising. Also heads ESG matters for the funds. Prior to Ascent, was part of the investment operations team at UTI (now UTI Ventures), involved in primary market equity and debt investments. MBA from Bharathidasan Institute of Management, Tiruchirappalli; B.E. (Mechanical Engineering), PSG College of Technology, Coimbatore.
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Manjunath Kallapur
Director - Finance
Gavesh Yerasani
Asst. Vice President
Devesh Kabra
Asst. Vice President
Shweatha G V
Asst. Vice President - Finance
Nibedita Dutta
Senior Associate - ESG
Varun Subramanian
Senior Associate
Gautam Singhi
Senior Associate
Vaibhav Gowda
Associate
Arumugam Aramvalarthanathan
AdvisorB.E., M.Sc. (BITS Pilani); MBA (IIM Ahmedabad)
Aru is an eminent investment professional with over 30 years of experience in private equity, venture capital, public markets, and investment banking. As an Independent Investment Committee (IC) Member for multiple Ascent Capital funds, he provides critical insights into portfolio management and offers independent perspectives that significantly influence the firm's overarching investment strategy. Aru also mentors early-stage companies, contributing his expertise on the Investment Committee of ADB Ventures and Board of IIMA Ventures. He is a co-founder of GestAlt Network, a Bangalore-based private investment partnership. Previously, Aru led Rothschild's private equity business in Asia, where he established a strategic partnership with Jardine Matheson, Rothschild, and Exor. His earlier career includes key roles at Standard Chartered Private Equity, AIG's private equity arm, and ICICI Securities. Aru holds a B.E. and M.Sc. from BITS Pilani, as well as an MBA from IIM Ahmedabad. He is a Chevening Gurukul Scholar from the London School of Economics and a Fellow of the Australia-India Institute at the University of Melbourne.
Sunil K Kolangara
AdvisorVenture Partner
B.Tech (IIT Madras); MBA (IIM Ahmedabad)
Sunil Kolangara is a proficient investment professional with more than 30 years of experience spanning public and private markets. As a Venture Partner at Ascent Capital, he represents the firm on the boards of select portfolio companies in the healthcare, pharma, and technology sectors. Sunil actively mentors startup founders in the venture capital and private equity ecosystem. He offers critical insights into portfolio management as a member of the Investment Committee for several Ascent Capital funds and provides independent perspectives that help shape the firm's overall investment strategy. Earlier, he led the investment efforts for funds managed by Ascent Capital in his role as Senior Partner. His career includes a stint as Principal Consultant at Infosys Technologies and a foundational role at Unit Trust of India, where he gained expertise in debt investments, credit rating, and offshore equity funds. Sunil had also cofounded Unaprime Investment Advisors, a boutique Investment Bank. Sunil holds a B.Tech in Mechanical Engineering from the Indian Institute of Technology (IIT) Madras and an MBA from the Indian Institute of Management (IIM) Ahmedabad.
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