The fund will draw on JM Financial Group’s capabilities across investment banking, research, and capital markets.
JM Financial Asset Management Ltd has secured commitments of approximately ₹700 crore at the first close of its maiden pre-IPO fund, JM Financial India Pre-IPO Fund I, a Category II Alternative Investment Fund.
The fund was launched with a target corpus of ₹1,500 crore and carries a green shoe option of up to ₹1,000 crore, meaning total potential fundraising could reach ₹2,500 crore. Commitments have come from ultra-high-net-worth individuals, family offices, and institutional investors. The fund is expected to begin deploying capital shortly.
The fund will invest in companies expected to pursue a public listing within approximately 18 months. It will remain sector-agnostic, investing across all stages, with a focus on businesses with strong fundamentals and scalable models.
Vishal Kampani, Vice Chairman and Managing Director of JM Financial Ltd, said investor interest at first close reflects growing confidence in pre-IPO stage investing. He added that the firm intends to combine its capital markets expertise with disciplined underwriting to identify opportunities ahead of companies transitioning to public markets.
The fund will draw on JM Financial Group’s capabilities across investment banking, research, and capital markets. It is managed by Ratish Varier.
The launch marks JM Financial AMC’s entry into the pre-IPO investment segment, extending its existing AIF activity in credit. The AMC currently manages assets of ₹14,080.77 crore as of July 31, 2026, and services over 8.64 lakh investor folios through a network spanning 30 locations. The broader JM Financial Group reported wealth management AUM of approximately ₹1.13 lakh crore and mutual fund AAUM of approximately ₹13,200 crore as of June 30, 2026.
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