Azure First Light Alternative Investment Fund — First Light Capital | Wisefolio

Azure First Light Alternative Investment Fund

Alternative Investments, Unmatched Opportunities — Investing in Tomorrow, Today

Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.

Overview

About

Azure First Light Alternative Investment Fund (IN/AIF2/16-17/0249) is a SEBI-registered Category II Alternative Investment Fund sponsored by Ankur Kumar and managed by First Light Capital Advisors LLP, a Mumbai-based strategic advisory and investment management firm specialising in private equity. The fund's current active scheme — First Light Opportunities Fund — was launched in 2025 with a target corpus of INR 100 crore and a greenshoe option of up to INR 200 crore. It is a close-ended fund with a term of 7 years from first closing, extendable by up to 2 years per SEBI guidelines. The fund focuses on providing inflection capital to high-growth SMEs and distressed assets in India, deploying equity, quasi-equity, and other instruments tailored for steady returns, capital appreciation, and risk management across multiple industries. Trustee is MITCON Credentia Trusteeship Services Limited and Custodian is Nuvama Custodial Services Limited. The investment management team brings 100+ combined man-years of experience in banking, private equity, insolvency, and capital markets. The fund office is at One BKC, Bandra Kurla Complex, Mumbai.

Investment philosophy

First Light Capital Advisors' investment philosophy is rooted in a long-term perspective — investing in businesses they understand and seeking absolute returns even through short-term market fluctuations. The firm actively seeks catalysts that will unlock sustainable, long-term value. Four pillars define the approach: (1) Experienced team with 100+ man-years of expertise to identify and act on opportunities early; (2) Extensive network of industry veterans and financial market participants to strengthen due diligence; (3) Long-term vision focused on creating absolute returns; and (4) Tailored strategies — customised for each business, whether a high-growth company or a turnaround candidate. The firm's values are Integrity, Boldness, Collaboration, and Strategic Relationships.

Team5

Ankur Kumar

Managing Partner

Ankur Kumar (also known as Ankur Srivastava) is a seasoned legal and financial expert with over 29 years of experience in private equity, venture capital, fund administration, restructuring of stressed assets, banking, insolvency, and corporate and capital market laws. He is Founder and Managing Partner of Ezy Laws (corporate law firm) and Litgrow Tech Pvt. Ltd. (litigation funding platform). He has held leadership roles at Union Bank of India, RPG Group, and Urban Infrastructure Venture Capital Ltd. As an Insolvency Professional he has resolved 10+ companies with combined debts exceeding INR 2,500 crore. He advised the Indian Banks' Association in the formation of NARCL and IDRCL. He has served as Co-Chairman of ASSOCHAM's National Council on IBC and is a member of ASSOCHAM's National Council on Stressed Assets and National Council for MSMEs. He is a Fellow Member of ICSI and ICSA (UK), CAIIB-certified, and holds Law and Commerce degrees.

Seema Srivastava

Managing Partner

Seema Srivastava is a Designated Partner at First Light Capital Advisors LLP overseeing HR, talent development, and investment strategy. She holds an MA in Sociology and is also Director of Amason Capital Advisors Pvt. Ltd. and Litgrow Tech Pvt. Ltd. She has expertise in portfolio management and operational efficiency.

Dilip Sarupria

Investment Team — Head, Stressed Assets

Dilip Sarupria is a seasoned banker with over 34 years of experience in banking, syndication, underwriting, M&A, and asset reconstruction. During his 15-year tenure at Union Bank of India, he led a stressed asset portfolio exceeding INR 1 trillion. Since 2019, he has served as Investment Head at NARCL (National Asset Reconstruction Company Ltd.), overseeing asset acquisitions and strategic resolutions.

Manisha Tripathi

Investment Team

Manisha Tripathi brings expertise in banking operations and financial analysis. She holds a B.Com from Allahabad University, an MBA in Finance & Marketing, and a PGDBM from Jaipuria Institute of Management, Lucknow. She has over 5 years of experience as Deputy Manager (Operations) at Axis Bank and has also served at Hi-Tech Pipes Ltd.

Registration

SEBI registration

SEBI-registered

SEBI registration no.IN/AIF2/16-17/0249

RegisteredAug 2016 (10 years ago)

Valid untilPerpetual

Contact personAnkur Kumar

Investment manager

First Light Capital

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Disclaimer

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