Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Capitar Ventures Trust (IN/AIF2/22-23/1134) is a SEBI-registered Category II Alternative Investment Fund registered in September 2022, managed by Capitar Investment Advisors LLP. The Trust's scheme is Capitar Ventures India Debt Fund – I — a venture debt fund addressing the underserved venture debt segment of India's startup ecosystem. The fund is co-founded and co-managed by Rahul Mahipal and Bikramjit Singh Kalra, bringing a combined 100+ years of debt underwriting and structuring experience. The team's prior tenures span Fidelity Investments, Standard Chartered, ECL Finance, and Consortium Securities — with cumulative debt transaction experience exceeding $7 billion. Capitar provides tailored venture debt solutions to emerging businesses, positioning itself as a long-term credit partner for founders across the capital structure lifecycle. The fund is headquartered at Unit No. 417, Lodha Supremus, Off Mahakali Caves Road, MIDC Andheri East, Mumbai.
Rahul Mahipal
Managing Partner
C.A., Cost Accountant, MBA (Strathclyde Graduate Business School)
Rahul has 25+ years experience in Banking and Financial Services industry including leadership roles with leading foreign & private banks and NBFCs. He has debt financing & underwriting experience for transactions aggregating more than $4 billion. Previously, Rahul served as SVP – Structured Finance and Head Commercial Lending at ECL Finance, where he was responsible for the Structured Finance business & managed a debt portfolio of over INR 3,000 Crores. Prior to that, Rahul served as Executive Director and Team Head – Commercial Banking at Standard Chartered & helped set-up their Indian mid-market business.
Bikramjit Singh Kalra
Managing Partner
INSEAD MBA, BSc. Computer Science, BA Mathematics
Bikram has ~20 years of overall experience and >15 years of investment management experience across Fidelity Investments & Consortium Securities. He has managed an investment book more than USD 2 bn over his career. Besides Co-founding Capitar, Bikram serves as Director, Investment Advisory at Consortium Securities. Prior to Consortium, Bikram was an Investment Analyst with Fidelity advising the fund on its investments in the Healthcare and Financial Sectors in India. Previously, Bikram gained 5 years of technology industry experience in the US as a software developer at Microsoft and a Tech SaaS start-up.
Shiv Gaurav Bhargava
Partner
MBA (IIM Lucknow), BA (Hons.) Economics (Hansraj College, University of Delhi)
Shiv has 20+ years of combined experience in Corporate & Investment Banking and operating roles in B2C businesses. He has originated & structured Debt & Equity transactions of over $3 billion and held leadership roles across B2C businesses. Shiv spent first half of his career in originating, structuring & managing transactions for SME & Mid Cap businesses. The latter half has primarily been spent in C-Suite level roles in B2C businesses including co-founding a FinTech start-up. He has also held CSO & CEO positions during scale-up phases of B2C businesses across e-comm (D2C) & Gaming.
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Alric Dsouza
Principal Associate
FRM; working to obtain the CFA charter
Alric has 4 years of experience in structured finance, underwriting commercial mortgages for the North American market. He has worked on various transactions totaling ~$500 apart from co-authoring research pieces in the CMBS space. Alric's previous stint was at DBRS Morningstar Inc.
Dishit Gosalia
Principal
Chartered Accountant (CA), Certified Financial Analyst (CFA)
Dishit has 7 years of experience in Structured Finance Project Finance and Working Capital Finance. He has underwriting experience for transactions aggregating more than $1 billion. Previously, Dishit was associated with Axis finance and Edelweiss.
Savera Choudhary
Associate
Savera holds a master's degree in Management from SP Jain, Mumbai and IESEG School of Management, France. She graduated with B.Com.(Hons.) Degree from Shri Ram College of Commerce & Economics, University of Delhi. She previously interned with Chapelle, Belgium (now BDO) as an Operational Risk intern besides similar other stints.
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