
Cat II · Managed by HEGD
Where Bharat meets Institutional Capital. Pursue Growth. Preserve Value.
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Hegd Growth Equity Fund (IN/AIF2/25-26/2032) is a Category II AIF managed by Hegdinvst Investment Managers Private Limited, operating under the brand Hegdinvst, headquartered at The Capital, Anna Nagar, Chennai 600040. Founded in 2025 by Aditya Bhandari (Chartered Accountant, 16 years at Incofin Investment Management), Hegdinvst is a growth private equity firm focused on 'Bharat' — India's underserved domestic majority — with a dual mandate of pursuing growth and preserving value. The firm backs entrepreneurs building businesses for India's underserved majority across financial inclusion, agri-finance, and related sectors. Team investment metrics: INR 500 crore AUM managed by the team historically, with investments in Fusion Finance, Namdev Finvest, Annapurna, Hand-in-Hand India, and other Bharat-focused companies. The fund also runs a public markets / derivatives strategy led by R J (Principal, Public Markets), combining private equity with true-hedging approaches using derivatives as genuine risk management tools.
Aditya Bhandari
Fund managerManaging Partner & Fund Manager
Chartered Accountant
Founded Hegdinvst in 2025. Aditya merges his twin passions; investments and sports, into a career driven by curiosity and long-term value creation. A Chartered Accountant with 16 years at Incofin Investment Management, he's built top-quartile private equity track record and champions true hedging strategies to protect investor gains. Influenced by chess and derivatives theory, he thinks several moves ahead, backing entrepreneurs who challenge the status quo for India's underserved majority.
Aarave S Ahuja
Fund managerInvestment Manager, Private Equity
CFA Level 1 (cleared)
From private debt to private equity, Aarave's journey reflects curiosity, adaptability, and a hunger to grow. A Loyola College graduate and CFA Level 1 cleared, he brings analytical depth and a learner's mindset to every deal. Rooted in Chennai yet open to the world, he approaches investing with both structure and instinct, by balancing precision with a willingness to explore beyond the familiar.
Aayush Singhvi
Fund managerInvestment Manager, Private Equity
Career spanning venture capital to private equity focused on businesses defined by grit and strong fundamentals. Guided by disciplined analysis and sharp instincts.
Abhijeet Mohnot
Fund managerInvestment Manager, Private Equity
Abhijeet's experience spans FP&A, investor relations, and strategy, bringing together analytical depth with clear communication. Having worked across Deloitte and the capital markets ecosystem, he enjoys breaking down complex information into practical insights and conversations that go beyond just numbers.
R J
Principal, Public Markets
Exploring the world of derivatives since 2009, he was intrigued by how most investors end up losing money in F&O trades. After wearing many hats in the stock market, he eventually developed a unique public markets strategy built on real hedging. Over the years, he developed a deep understanding of using derivatives as a genuine hedge, rather than treating futures and options as investment tools like much of the market does today. Earlier in his journey, he was also among the pioneers in setting up commercial cable television systems in his hometown.
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Siddarth S Ahhuja
Investment Analyst, Public Markets
With a background in competitive cricket across India and the UK, he brings a strong sense of teamwork, discipline, and a commitment to shared goals. His sporting experience has shaped a collaborative mindset and a focus on delivering results through unity and strategy.
Niyati Sanghvi
Fund Controller & Compliance Officer; SEBI Contact Person
Blends academic excellence, accounting experience, and regulatory mastery. Prior roles at Ernst & Young, Incofin Investment Management, and Legal Force RAPC, delivering high-precision financial control, investor reporting, and compliance frameworks for complex portfolios.
Sanjay Kumar
Head of Operations & Finance
Experienced operations and administration leader with over 15 years at an international investment firm. Plays a key role in ensuring smooth organizational operations through administrative frameworks, vendor management, and internal coordination.
Yeshwanth Kumar
Risk Manager
Yeshwanth brings over a decade of financial services mastery. At Fusion Finance, he led credit operations for 50+ branches, balancing scale, compliance, and speed. His leadership style fuses analytical rigour and customer-first thinking, always ensuring operational excellence and measurable impact.
Mrinal
Investment Analyst, Public Markets
CFA Level I candidate
Mrinal is a CFA Level I candidate with a passion for investing and technology. At Hegd, he contributes across equity research, due diligence and the development of internal tools that support the investment process. Curious and detail-oriented, he is constantly exploring new ways to blend technology and investing to create better outcomes.
Bhavika Kapoor
Investor Relations Associate
Bhavika combines a sharp eye for detail with a grounded understanding of financial systems. At Deloitte, she worked closely with financial institutions, building strong client relationships and ensuring seamless collaboration across stakeholders. Known for cutting through noise and bringing clarity to complexity, she focuses on translating numbers and strategy into communication that's clear, structured and easy to understand.
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