Indore-based Kyro Capital has launched a SEBI-registered Category II alternative investment fund (AIF) called Kyro India Opportunities Fund – I, targeting a corpus of ₹100 crore to invest in growth-stage Indian companies preparing for public listings. The fund aims for a first close by July 2026 and plans to invest in profitable firms expected to go public within 24 to 36 months, according to inc42.com.
The fund has a planned tenure of five years with an option to extend by two years and targets an internal rate of return (IRR) of 35%. It requires a minimum investment commitment of ₹1 crore from limited partners and has a hurdle rate of 10% per annum. Kyro Capital founder Aman Maheshwari said the fund is in talks with high-net-worth individuals, promoters of previously advised companies, and several European family offices for commitments, inc42.com reported.
Kyro Capital will focus on sectors such as manufacturing, defence supply chains, electrical equipment, energy storage systems, and the broader power ecosystem. The fund will explore opportunities across the power value chain, including generation, transmission, and related infrastructure segments. This fund adds to the growing trend of pre-IPO funds targeting growth-stage companies in India, a sector seeing increasing investor interest, according to inc42.com.
The fund has a sponsor commitment of ₹2.5 crore and expects the final close before June next year, with a minimum commitment aligned with AIF regulations. Aman Maheshwari highlighted the fund’s focus on profitable companies preparing for IPOs within three years, setting a clear timeline for investment exits, inc42.com detailed.