# Carnelian Asset Management & Advisors

Carnelian Asset Management & Advisors is an Asset Manager based in Mumbai, Maharashtra, India.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Mumbai, Maharashtra, India
- **Region:** Asia
- **Address:** Mumbai, Maharashtra, India
- **Founded:** 2017
- **Assets under management:** Under $500 million (Altss estimate)
- **Website:** carnelianasset.com

## Regulatory record

- **CRD number:** 335103
- **SEC file number:** 801-134884
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/335103

## About

CARNELIAN ASSET MANAGEMENT & ADVISORS PRIVATE LIMITED is an SEC-registered investment adviser in Mumbai, Maharashtra, since 2026. The firm manages approximately $1.5 billion in regulatory assets. It has 73 employees and 4 investment advisers.

## Sectors

- Enterprise Software
- FinTech
- Digital Health
- Industrial Tech
- Consumer

## People

- Manish Bhandari — Founder, CEO & CIO
- Vikas Khemani — Founder

## Questions

### Who runs investment decisions at Carnelian?

Manish Bhandari is the Founder, CEO, and Chief Investment Officer. He previously managed a concentrated long-only PMS at Vallum Capital, a firm he co-founded with Vikas Khemani. Carnelian has publicly stated that Bhandari is the sole portfolio manager for its flagship strategies, supported by a team of research analysts.

### How does Carnelian structure its client mandates?

The firm offers a SEBI-registered Portfolio Management Service (PMS) and a Category III Alternative Investment Fund (AIF). The PMS constructs a concentrated basket of 15–25 Indian-listed equities for high-net-worth individuals, while the AIF provides access to a similarly managed strategy with a lower investment threshold.

### What is Carnelian's core investment philosophy?

The firm practices a value-oriented, buy-and-hold strategy centered on Indian compounders. It looks for companies with high returns on capital, strong management teams, and durable competitive advantages trading at reasonable valuations. Portfolio turnover is intentionally low, and cash positions can build when the opportunity set narrows.

### Does Carnelian invest in both large-caps and small-caps?

Carnelian invests across the market-cap spectrum but tilts heavily toward small- and mid-cap companies where it believes analyst coverage is thinner and mispricing is more common. The firm has stated its investible universe comprises roughly 200 companies at any given time, narrowed down to a final portfolio of 15–25 names.

### Which sectors are represented in Carnelian's portfolio?

Publicly disclosed holdings and manager commentary point to concentrations in enterprise IT services, specialty chemicals, industrial automation, branded consumer, and financial services. The firm tends to avoid heavy capital-cycle businesses, state-owned enterprises, and companies where promoter governance raises concerns.

### How does Carnelian charge for its PMS and AIF?

The PMS follows the standard Indian fee structure of a fixed management fee plus a performance fee above a hurdle rate, in line with SEBI regulations. Specific fee slabs are disclosed in mandate agreements and are not publicized by the firm on its website. The AIF carries a similar fee construct with terms outlined in the private placement memorandum.

### What is the relationship between Carnelian Asset Management and Carnelian Asset Advisors?

Carnelian Asset Advisors Private Limited is a subsidiary operating as the firm's financial-communications and corporate-access arm. It manages public-investor engagement, including earnings calls, roadshows, and investor-day events for portfolio and prospective companies, functioning separately from the investment-management entity.

## Related profiles

- [Carmel Hill Capital Partners](https://altss.com/profile/carmel-hill-capital-partners)

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Last updated: 2026-06-03T20:00:00.000Z

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