Avener Capital

Avener Investments is an investment platform designed to capture long-term structural trends and transformative growth opportunities in the Indian economy.

Invests in both listed equities and unlisted growth-stage ventures
Hybrid approach blending top-down macroeconomic and sectoral analysis with bottom-up company research
Based at ONE BKC, Bandra Kurla Complex, Mumbai

AIF

Overview

About Avener Capital

Avener Investments is an investment platform designed to capture long-term structural trends and transformative growth opportunities in the Indian economy. Avener combines strategic foresight with rigorous investment discipline, employing a hybrid approach that blends top-down macroeconomic and sectoral analysis with bottom-up company-level research. This enables Avener to identify high-conviction opportunities in both listed equities and unlisted growth-stage ventures.

Investment philosophy

At Avener, the firm operates as a concentrated, multi-strategy investment platform, built on a disciplined focus toward companies with strong industry tailwinds, efficient capital allocation, sound corporate governance, sustainable competitive advantages, and clear long-term growth visibility. The sector-driven strategy allows the investment team to zero in on themes and companies best positioned to benefit from India's evolving economic landscape. Within each sector, the firm identifies businesses with differentiated models, scalable operations, and visionary leadership. Sector identification means identifying the sectors with high growth potential and narrowing down companies that have a competitive edge. Desktop research and due diligence covers filings, transcripts, sell-side reports, management meetings, financial models, and peer comparisons. Ground research and channel checks cover calls with suppliers and customers, product comparison with competitors, global benchmarking of prices, tax filings, and promoter checks. The investment decision is made on these parameters after thorough due diligence.

AIF funds1

Avener Investment Management

Registered 2025

Cat III6 in team

Team38

Shivam Bajaj

Founder & CEO, Avener Capital Private Limited

Shivam Bajaj founded Avener Capital in 2018 in Mumbai. A Babson College graduate in Finance and Economics and Harvard University Corporate Finance Program alumnus, he is a second-generation business leader who previously led his family firm Bajaj Consultants to INR 1 lakh crore in cumulative transaction value. At Avener Capital, he has led marquee transactions including GIC's investment into IRB Infrastructure Trust (INR 4,400 crore), Ferrovial and GIC's investment into IRB Infrastructure (INR 5,437 crore — the largest equity fund-raise for an Indian Infrastructure HoldCo), and advised GIC on setting up India's largest power transmission platform with Sterlite Power. He is active in policy advocacy with SEBI, RBI, and Ministry of Finance related to InvITs and REITs, and is a passionate startup investor.

Rajkamal Bajaj

Director & Co-Founder

Rajkamal Bajaj is a co-founder and Director of Avener Capital Private Limited and Avener Investment Management Private Limited. He is the patriarch of the Bajaj family and head of the legacy financial advisory firm Bajaj Consultants, on whose foundation Avener Capital was built.

Mehul Dhorda

Investment Team / SEBI Contact Person

Mehul Dhorda is a member of the Avener Investments team and the designated SEBI contact person for the Avener Investment Management AIF (IN/AIF3/25-26/1889). He is part of the core investment team responsible for research, due diligence, and portfolio management.

Sagar Arya

Investment Team

Harsh Shah

Investment Team

Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.

Avener Capital

Overview

About Avener Capital

Investment philosophy

AIF funds1

Team38

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