Meritus Capital

The Systematic Pursuit of Investment Excellence

Meritus Advisors LLP is the investment manager for the Meritus India Fund
SEBI-registered Category III Alternative Investment Fund, registration IN/AIF3/24-25/1654
Meritus India Fund launched March 2025

AIF

Overview

About Meritus Capital

Meritus is a next-generation investment firm focused on India. The firm's flagship offering, the Meritus India Fund, invests in dominant and emerging leaders, aiming to drive long-term compounding of the firm's partners' capital. Meritus Advisors LLP is the investment manager for the Meritus India Fund, a SEBI-registered Cat-III AIF (IN/AIF3/24-25/1654).

Investment philosophy

While the principles of sound investing are timeless, opportunity lies in execution. The firm employs a systematic process to deliver superior returns - one that has been built and honed over years of experience. The firm's investment strategy builds on three key elements: Process (systematic, disciplined, repeatable), Asymmetry (safety + certainty), and Leadership (focused on dominant and emerging leaders). The firm looks across industries and market-caps to build a bottom-up portfolio of the most compelling investments, bearing little resemblance to an index. The firm underwrites its investments with a 5-year base case and a 3-year downside case. The firm does not invest for relative returns versus the market, and it manages permanent capital loss rather than volatility. The firm concentrates in its best ideas, with 20-25 investments in total, of which 5-8 form the core, with the rest as satellites. The firm filters first for governance and then for risk-reward.

AIF funds1

Meritus Capital Trust

Registered 2024

Cat III4 in team

Team4

Mihir Shah

Managing Partner

CIO and Managing Partner at Meritus Capital. Over 15 years of investing experience in Indian public markets. Sector lead at Amansa Capital (Singapore) 2014–2022; VP at India Capital (Mumbai) 2010–2014; Technology analyst in Goldman Sachs' Equities Division, New York 2005–2008. MBA with High Honors from University of Chicago Booth School of Business (Siebel Scholar, top 5 in class, 2010); MS Computer Science, Columbia University (2005); BE Computer Engineering, VJTI Mumbai (2003). CFA Charterholder.

Viraj Yadav

Investment Associate

Sector lead at Meritus Capital covering financial, consumer, and service sectors. Previously Associate at Avendus Capital (investment banking) and Manager at ACT Fibernet (revenue and product management). MBA from IIM Ahmedabad (2024); BA Economics from UCLA (2020).

Jayesh Tandel

Head of Operations

Responsible for all operational matters at Meritus Capital. Previously Senior Accounts Control Officer at ING Australia (Sydney); market research consultant at EY Sweeney (Sydney); Financial Analyst at JP Morgan Chase (Fixed Income Middle Office and Fund Services). MBA from University of Technology Sydney (2021); BMS from Mumbai University (2014).

Jayant Gupchup

Head of Technology (ext)

Drives technology and AI efforts at Meritus. Previously Engineering Manager at Uber (bootstrapped and led the ML/data science team for homepage personalisation); Principal Engineering Manager at Microsoft (Teams product features and performance). PhD Computer Science + MS Applied Statistics, Johns Hopkins University (2012); BE Computer Engineering, VJTI Mumbai (2003).

Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.

Meritus Capital

Overview

About Meritus Capital

Investment philosophy

AIF funds1

Team4

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