Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Bay Capital Special Opportunities Trust (IN/AIF2/24-25/1660) is a Category II Alternative Investment Fund registered with SEBI in December 2024, managed by Bay Capital Investment Advisors Private Limited (BCIAPL, CIN: U74140MH2006PTC166367). It is Bay Capital's second SEBI-registered AIF vehicle, launched alongside the firm's existing Category III AIF (Bay Capital India Leaders Fund, IN/AIF3/14-15/0132). The fund is focused on special opportunities in Indian equities and is led by Managing Partner and CIO-AIF Keyur Majmudar. Bay Capital is an independent investment firm established in 2006 with a singular conviction in the India growth story. The firm pursues a long-only, buy-and-hold India-focused equity strategy with a concentrated portfolio of up to 30 high-quality businesses. Based at 14th Floor, Bakhtawar, Nariman Point, Mumbai, Bay Capital is also a SEBI-registered Portfolio Manager (SEBI Reg. No. INP000005208).
Nikunj Doshi
Managing Partner, Principal Officer & CIO — PMS
Nikunj Doshi is the Managing Partner, Principal Officer, and CIO-PMS at Bay Capital with over 32 years of professional experience in Fund Management and Equity Research. Prior to Bay Capital, he was at Kotak Mahindra AMC for over 5 years as Fund Manager managing AUM of over USD 500 million. Previously he was Head of Research at Refco-Sify Securities and Ventura Securities. He holds a B.E. in Electronics from MS University of Baroda and an MMS from the University of Mumbai.
Keyur Majmudar
Managing Partner, Principal Officer & CIO — AIF / SEBI Contact Person
Keyur is the Managing Partner, Principal Officer and CIO-AIF at Bay Capital. He has 29 years of experience covering Investment Banking, Equity Advisory and Fund Management. Prior to Bay Capital, he was EVP at Kotak Securities where he conceptualized and built out the non-discretionary portfolio management business. He was a SVP at Kotak Mahindra UK in London. He was involved in building out the offshore asset management business of Kotak UK. Previously, Keyur was with the Equity Capital Markets Group at Lazard Credit Capital in Mumbai. Keyur holds a Bachelor's degree from Mumbai University and a Masters in Management from Boston University.
Sushma Amin
Chief Financial Officer & Head of Compliance
Sushma has total 20 years of experience, out of which 14 years is in capital markets & asset management. She has been a part of Bay Capital since its inception and was part of the core team that was responsible for the overall operations, finance and compliance functions. Prior to joining Bay Capital, she worked with the accounts and finance department at Responsive Industries Pvt. Ltd. as Accounts Manager.
Prof. Russell Napier
AdvisorAdvisory Board — Investment Strategist & Financial Historian
Professor Russell Napier is an investment strategist, historian, and author. He is currently on the board of Mid Wynd International Investment Trust and a member of the investment advisory committees of two fund management companies. He co-founded ERIC, an investment research portal. He also founded the Library of Mistakes – a business & financial history library in Edinburgh. He is the author of the global macro investment report titled The Solid Ground and the book Anatomy of The Bear: Lessons From Wall Street's Four Great Bottoms. Prof. Napier is the course director and course founder of Practical History of Financial Markets at Heriot-Watt University.
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Investments in AIFs carry market and credit risk including possible loss of capital. Past performance does not indicate future returns. Information shown is sourced from the issuer's PPM and SEBI filings — confirm against the latest PPM before committing. Wisefolio is an information platform; it is not registered with SEBI as an investment adviser, portfolio manager, or distributor. By using this page you accept our terms and privacy policy, including the self-attestation that you are eligible to view AIF marketing material under SEBI rules.
Ravi Karra
AdvisorAdvisory Board — Former MD at Cambridge Associates
Mr. Ravi Karra is an investment strategist and an asset allocator with over 40 years of exposure to manager selection, investments, finance, and fund accounting. Currently, he serves on the board of Zellerbach Family Foundation, SF. Most recently, he served as MD at Cambridge Associates where he spent 26 years during which he was Investment advisor and CIO for many endowments, foundations, pension funds, and family offices. Mr. Karra is an Electronics Engineer, holds a post-graduate diploma in business management from IIM, Ahmedabad, India, has earned Accounting Science Degree from the University of Illinois, obtained his MBA from the University of Chicago Booth School of Business.
Arvind Gupta
AdvisorAdvisory Board — Head & Co-Founder, Digital India Foundation
Mr. Arvind Gupta is currently head and co-founder of the Digital India Foundation with over 28 years in leadership and policy roles in consumer internet, digital media, payment systems, and data economy. He has been on the Global FinTech Top 100 Influencers List, a member of World Economic Forum's Global Futures Council on Digital Economy & Society. Most recently, Arvind was CEO of MyGov, a digital initiative of our PM Shri Narendra Modi and founding member of ISPiRT, part of the advisory council for Open Network for Digital Commerce. Mr. Gupta is a recipient of the Eisenhower Global Fellowship for Innovation for the year 2014.
William P. Hutchings
AdvisorAdvisory Board — Former CIO at Arch Capital Group
Mr. Hutchings held several senior positions within Arch Capital Group Ltd from April 2006 to June 2021. He was President of Arch Investment Management Ltd and Senior Vice President. He was also Chief Investment Officer at Arch. Prior to joining Arch, Mr. Hutchings was at RenaissanceRe Holdings Ltd. serving as Senior Vice President and Chief Investment Officer. Mr. Hutchings began his career as a fixed income trader at J.P. Morgan & Co., working for the firm in New York, London and Tokyo. He graduated in 1978 with a B.A. from Hamilton College in Clinton, New York, and received in 1981 an M.A. in Jurisprudence from Oxford University, where he studied as a Rhodes Scholar.
Vilas Gadkari
AdvisorAdvisory Board — Former CIO at Lombard Odier Global Macro Funds
Mr. Vilas Gadkari is an entrepreneur and invests in businesses globally. Currently, he is the Chairman of an FMCG company, a board member of real estate and fintech companies, and an NGO focussing on youth training. He served in senior positions at Lombard Odier Global Macro Funds, Brevan Howard Asset Management LLP, Rubicon Fund Management LLP, Salomon Brothers Asset Management Ltd, London; with a focus on global fixed income investment strategies and risk management of multicurrency portfolios. Mr. Vilas received his BTech Chemical Engineering degree from IIT Mumbai and MSc Operational Research from Rutgers University. He also spent 3 years as a doctoral student at Columbia University's Graduate School of Business.
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