First Water is clear in its approach. Value-driven, concentrated and India-focused.
Name of AIF Entity: First Water Trust. Category of AIF(s): Category III. SEBI Registration No(s): IN/AIF3/19-20/0710. Name of Fund Manager: First Water Capital Advisors LLP. Name of Sponsor: First Water Partners. Scheme I: First Water Capital Fund (Close ended). Scheme II: First Water Capital Fund II (Open ended). First Water focuses primarily on Indian Equities. The firm has a battle-hardened team led by one of India's marquee investors. Together the firm brings deep experience in the Indian arena both from a research and operations perspective to ensure good and responsible practice is being followed.
Ricky Kirpalani
Managing Partner and Chief Investment Advisor
As Managing Partner and Chief Investment Adviser for First Water Capital, Ricky is a logic-based value investor with over 30 years of experience. His strategy is fuelled by passion and perseverance. His strategy involves a combination of rigorous due diligence, an intuitive understanding of the correlation between global, industry, and company specific factors, and a macro perspective on the ever-changing landscape of the emerging markets. Prior to launching First Water Capital, Ricky was an independent business analyst and ran a private pool of capital generating alpha with a USD CAGR north of 30% over a timeline of over 15 years. Additionally, Ricky has seen commerce from an owner's viewpoint with interests in various industrial businesses in Africa and as financial advisor to a number of CEOs. This has allowed him to obtain a broader viewpoint of the internal dynamics and conflicts of operating and managing a business.
Arun Chulani
Business Development and Operations
Chartered Accountant (ICAEW), MSc Accounting and Finance (LSE)
Seasoned investment professional with over 20 years' experience. Arun handles the business development and operations for First Water. Ensuring that both the engine and body is in tip-top condition and running smoothly. Arun previously headed the Principal Investments team for Ikarus Petroleum Industries, a fund that focuses on the energy value-chain with over USD 500m AUM. Arun has overseen investment opportunities in the manufacturing, shipping, and chemical sector. Prior to Ikarus, Arun was with EY London before transferring to Dubai, where he was instrumental in building the Debt & Capital Markets division across the Middle East. He has led, designed, and executed transactions for Sovereign Wealth Funds, FTSE 100 companies and Financial Institutions including QIA, HSBC and EQT.
Kunal Bhakta
Principal Officer / SEBI Contact Person
Kunal Bhakta is the SEBI-registered contact person for First Water Trust at First Water Capital Advisors LLP.
Renuka Sivsankar
Research
CFA (all three levels cleared)
Renuka brings nearly three years of rich research experience to the table, having previously honed her skills at Phillip Capital India (PCG), where she diligently covered small and mid-cap companies across a diverse range of sectors. In 2022, she successfully cleared all three levels of the CFA program.
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Chirag Singhal
Research
Chartered Accountant
Chirag Singhal is a rock within the Research team. He deep dives into our selected businesses and performs the due diligence of the various companies and sectors. He completed his Chartered Accountancy in 2019 and has since been working with First Water. Going forward, he desires to develop core competency in the field of Investment management and his goal is to integrate technology in the investment process by gaining more knowledge in the field of information technology.
Amit Nirmal
Operations
CA, CFA (all three levels passed)
Amit is the quarterback of the operations team with an eye across the field. Prior to First Water, Amit was with Kotak Mahindra for 6.5 years, where he was a senior manager in the analytics and treasury functions. He is a CA from Deloitte's and has passed all 3 levels of the CFA.
Vishal Shah
Operations
M.Com, Diploma in Financial Management
Vishal is a constant star within the operations team. Vishal has over 16 years' experience, beginning his career with Dhiren Sanghvi and then moving onto Manubhai Mangaldas before joining First Water in 2020. Qualified as M.Com from Nagindas Khandwala College as well as a Diploma in Financial Management from Wellingkar institute of Management, Mumbai.
Smit Parekh
Operations
Smit is in the Operations team. Prior to First Water, Smit was with Aditya Birla Sun life Mutual Fund for 1.5 years, where he was a Senior Associate in the PMS & AIF Operations.
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