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private equity

Partnership Meets Entrepreneurship

Our Private Equity business was founded with a vision to become the most respected mid-market focused alternate asset manager in India with a focus on providing Growth Capital and Real Estate private equity. Right from inception, Motilal Oswal Alternates (MOA) was visualized as an asset management platform for entrepreneurs by entrepreneurs. MOA is managing and advising three growth capital and four real estate funds, with a combined corpus of approximate Rs. 16,200 Crore. One of the few funds in India with a strong focus and presence in Tier 2 & 3 towns.



MOA was founded in 2006 to put the investment philosophy and acumen of MOFSL into action. From the outset, MOA’s focus has been the mid-market segment, where there was an acute need of capital, and where the MOFSL brand had significant leverage.


What we look for in companies before investing is only an extension of our own value system. Therefore, what follows are the essential principles that guide our own organisation and investment strategy.

1. Entrepreneurship

MOA strives to partner with entrepreneurial talents across sectors. We look for highly passionate, visionary, tenacious and committed entrepreneurs who have built excellent businesses. We consider ourselves as a fund for entrepreneurs by entrepreneurs. Our entrepreneurial approach is what differentiates us and an ability to work with Indian sensibilities allows us to connect with business leaders and build deep, enduring relationships with them. We seek to be a true valuable partner to the entrepreneurs we back.

2. Business Excellence

MOA looks for businesses that have traits of excellence, have leadership potential, ability to scale up and are of high quality. We believe that management foresight, tenacity and quality of business operations, not intermittently but consistently form the foundations of business excellence. We endeavor to partner with excellent management teams and work with them to further enhance their companies.

3. Transparency and integrity

We continue to be guided by our core values of integrity and transparency in our investment process. We also maintain these values in the investments we make. We look for businesses and management teams with high level of transparency and integrity. These principles find relevance and application.


Growth Capital

MOA looks to invest in established mid-market businesses with strong growth characteristics, clear and mature business model and a leading market position. The private equity team has investing experience across sectors and over multiple economic cycles with an established track-record of successful exits. MOA focuses on investments in consumer, financial services, life sciences and niche manufacturing sector but remain sector agnostic for relevant opportunities.

1. India Business Excellence Fund (IBEF)

Raised in 2007 Rs. 550 Crores private equity fund exited all its investments and delivered a portfolio IRR of 26.8%.

2. India Business Excellence Fund II (IBEF - II)

Raised in 2012 ~Rs. 1,000 Crores private equity fund fully invested across 11 companies.

3. India Business Excellence Fund III (IBEF - III)

Raised in 2018 Rs.2,300 Crores private equity fund, has fully invested across 12 investments.

4. India Business Excellence Fund IV (IBEF - IV)

Raised in 2022 Rs. 4,500 Crores private equity fund, currently in deployment phase with investment in 9 companies till date.

Real Estate

Motilal Oswal Alternates - Real Estate, through its funds partners with credible and reputed developers across Indias major cities, such as Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad & Ahmedabad. The primary focus is investing in mid-income residential projects of these developers. MOA has expertise across all investment structures (equity, structured equity, mezzanine debt, senior debt) and across all asset classes (residential, commercial and retail). A sound and robust investment strategy, along with hands-on approach of asset management has helped deliver consistent and superior performance to investors over the years.

1. India Realty Excellence Fund (IREF)

Rs. 164 Crore domestic real estate fund focused on investing in residential projects.

2. India Realty Excellence Fund II (IREF - II)

Rs. 489 Crore domestic real estate fund intends to capitalise on the existing counter-cyclical opportunities in real estate.

3. India Realty Excellence Fund III (IREF - III)

Rs. 1,031 Crore domestic real estate fund intends to capitalise on the existing counter-cyclical opportunities in real estate.

4. India Realty Excellence Fund IV (IREF - IV)

Rs. 1,148 Crore domestic real estate fund primarily focused on investing in top 7 cities in India through early stage mezzanine / structured equity transactions.

5. India Realty Excellence Fund V (IREF - V)

Rs. 800 Crore domestic real estate fund primarily focused on investing in post approval projects in the top 7 cities in India through senior secured lending.

6. India Realty Excellence Fund V (IREF - VI)

Rs. 2,000 Crore domestic real estate fund primarily focused on investing, currently successfully received first close of Rs. 1,250 Crores of IREF VI.

Business Highlights
  • Strong portfolio of companies in consumer, financial services, pharmaceutical, and manufacturing sectors.

  • Impressive track record of consistently making profitable exits and returning capital to investors.

  • MOA funds stand out with stellar performance. IBEF I has exited all its investments and delivered a portfolio IRR of 26.8%.

  • IBEF III stands fully raised at Rs. 2,300 Crores and has deployed across 12 investments

  • IBEF IV-One of the biggest fund with a target size of Rs. 4,500 Crores has achieved its final close within a year of launch. The fund has deployed Rs. 2,700 Crores across 9 investments.

  • IREF V with size of Rs. 1,215 Crores has made 16 investments till date.

  • Successfully received first close of Rs. 1,250 Crores of IREF VI.

  • Raamdeo Agrawal Chairman

    Raamdeo Agrawal is the man behind the strong research capabilities at Motilal Oswal Financial Services Ltd.

    He brings a very unique perspective of understanding the value drivers across industries and at the same time has a first-hand understanding of the challenges faced by small to mid-size companies as they scale their businesses. Mr. Agrawal’s belief in value investing forms the core of MOPE’s investment philosophy. He plays a very active role in investing process at MOPE. He plays a key role in developing macro investment themes, understanding strengths and weaknesses of specific companies, and indentifying superior management teams. Post investment, he provides key strategic inputs on strengthening the business model of portfolio companies.

    Mr. Agrawal specialises in equity research. He has been authoring the annual Motilal Oswal Wealth Creation Study since its inception in 1996. In 1986, he wrote the book ‘Corporate Numbers Game’, along with co-author, Ram K Piparia.

    He is an Associate of Institute of Chartered Accountants of India and also a member of the National Committee on Capital Markets of the Confederation of Indian Industry.

    He has also featured on `Wizards of Dalal Street on CNBC TV 18`.

    Mr. Agrawal has received the "Rashtriya Samman Patra" awarded by the Government of India for being amongst the highest Income Tax payers in the country for a period of 5 years from FY95–FY99.

  • Vishal Tulsyan Managing Director & CEO

    Vishal Tulsyan joined MOFSL in 2006 and is the founder Managing Director & CEO, Motilal Oswal Private Equity (MOPE). Over the last 8 years’, he has built MOPE into a successful Private Equity Company in one of the most volatile economic environment.

    He has played a key role in driving MOPE’s success through organization-building skills, robust network and a keen understanding of strategic and financial business issues. Under his leadership MOPE is currently managing   2500 cr across Private Equity & Real Estate, and is one of the few Indian Funds who has shown successful exits.

    Vishal has more than 15 years of experience in financial services. At Rabobank, he was a director responsible for the origination and execution of structured finance, project finance, acquisition finance transactions, and private equity and M&A products.

    Vishal is a member of the Institute of Chartered Accountants of India (all-India rank holder) and was a top ranking student of the prestigious St. Xaviers College, Kolkata.