Building the Thematic Fund Thesis for a Mid-Market PE Fund

Tushar joined a mid-market Indian PE fund that was looking to raise a new thematic fund alongside its existing sector-agnostic vehicle. The fund had been seeing strong deal flow in a set of sub-sectors and wanted to write larger, more concentrated checks in those areas. The mandate was to build the case for the fund from the ground up: identify and finalize the priority sub-sectors, develop the investment thesis, and prepare the materials needed to raise capital from LPs.

He started by identifying and finalizing nine priority sub-sectors, assessing each for market attractiveness, growth tailwinds, and fit with the fund's existing deal flow. The thesis work involved building a view on why these sectors warranted a dedicated vehicle and what the investment philosophy should be, not just a market overview but a conviction-led argument for why the fund would have an edge there.

In parallel, Tushar owned the placement agent workstream end to end. The fund was relatively new and lacked the name recognition needed to approach international LPs directly. He mapped placement agents across six geographies, connected with them, ran initial discussions, benchmarked contract terms against what comparable PE funds were paying, and finalized contracts with agents in two geographies.

The placement agents delivered. Within a month of the contracts being signed, a roadshow was organized in one geography where the fund manager met around 15 investors over three days. The LP engagement process is long by nature, and Tushar was on the project for five months. By the time his stint ended, the fund was approaching its first close of 500 crores.

He also built the investor-facing materials used in those LP meetings, including the pitch documents and data room support, working as the operational backbone while the fund's founder led the conversations.