
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Dhruva Investment Partners (now operating as Novastar Partners) is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/25-26/1939), registered in October 2025 and managed by Dhruva Investment Partners Private Limited (CIN: U66190WB2025PTC278902), incorporated in April 2025 in Kolkata. The fund has since been rebranded as Novastar Partners. The fund is a fund-of-funds (FoF) targeting ₹350 crore with a ₹150 crore greenshoe option, investing as a Limited Partner in other Indian venture capital and private equity funds. The fund offers investors a curated, simplified way to gain exposure to India's growing private market — including top-tier investment managers and promising private companies. Novastar/Dhruva is headquartered at the Constantia Building, 8th Floor, Dr. U.N. Brahmachari Street, Shakespeare Sarani, Kolkata 700017.
Dhruv Jhunjhunwala
Founder and Managing Partner
Dhruv leads the fund's strategic vision, manager selection, due diligence, and capital formation efforts. In his role as an Investor, Dhruv evaluated close to 100+ opportunities in private equity funds and tech-enabled businesses including internet and e-commerce, software, payments, education and consumer technology. He has invested in four notable businesses: Capillary Technologies, R for Rabbit, Admitkard and Kratos Studios. Previously, he spent two years as an Investment Banking Analyst in the Financial Institutions Group (FIG) at RBC Capital Markets, New York advising corporates and sponsors on M&A, capital raising, and IPOs. Graduated with a BS in Finance from New York University, Leonard N. Stern School of Business.
Anita Jhunjhunwala
Director
Anita Jhunjhunwala is a co-director of Dhruva Investment Partners Private Limited (CIN: U66190WB2025PTC278902), incorporated April 2025 in Kolkata.
Devadatta Rajadhyaksha
Chief Financial Officer
Chartered Accountant (CA), Bachelor of Commerce
Devadatta has a distinguished career of more than +25 years in the field of fund finance & management, risk management, controls and financial accounting. He was an early team member and Finance Controller at Kedaara Capital, a $3Bn+ AUM multi-stage private equity platform, where he spent nearly 11 years helping institutionalize fund operations, build scalable finance processes, oversee audits and investor reporting. He previously served as CFO at Lumikai, India's pioneering interactive media and gaming-focused VC fund, and is also the Founder and Managing Partner at Serendipity Fund Advisors, where he advises emerging PE/VC managers on fund structuring, operations, compliance frameworks, and fractional CFO support. Graduated with a Bachelors of Commerce and is a Chartered Accountant (CA).
Gaurav Verma
AdvisorAdvisor
MBA in Finance and Investments, Bachelor of Commerce (Honours)
Gaurav Verma joins Novastar Partners as an Advisor, bringing deep experience across U.S.–India policy, business, and institutional engagement. He currently serves as Chief Operating Officer of the U.S.-India Strategic Partnership Forum, where he oversees operations, strategy, and stakeholder engagement across member companies, government partners, and the Board. Previously, Gaurav spent over a decade at the U.S.-India Business Council supporting U.S. companies operating in India and facilitating senior public–private dialogue. Gaurav is also active in civic and philanthropic initiatives, serving as Chair of Network 20/20, an Advisory Board Member of the Indo-American Arts Council, and Treasurer of the U.S.-India Friendship Alliance. Gaurav holds an MBA in Finance and Investments from Baruch College, City University of New York, and a Bachelor of Commerce (Honours) from the University of Delhi.
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