India Capital Management

The firm targets publicly listed Indian companies with market capitalizations roughly between $100 million and $2 billion. Confirmed holdings in regulatory filings include housing finance companies and consumer goods manufacturers. The strategy deliberately avoids large-cap stocks that dominate India benchmarks, looking instead for family-promoter-led businesses that are under-covered by sell-side research.

Thorn runs a bottom-up stock selection process, building concentrated positions in 30 to 40 names with multi-year holding periods. The approach relies on management meetings and fundamental analysis of company financials rather than top-down macro calls. Portfolio turnover is low, consistent with a strategy that treats public equity positions more like private partnerships.

India Capital Management operates as a specialized asset manager, not a family office. The firm manages a Mauritius-domiciled pooled fund open to institutional and qualified international investors. There is no disclosed connection to a single-family wealth source or operating business.

The firm runs a single strategy: long-only, small to mid-cap Indian public equities. There is no private equity, venture capital, debt, or real-asset allocation within the fund. This singular focus on listed Indian micro-caps and small-caps is the core of its mandate.

The firm was founded in 1994, giving it an unbroken 30-year operating history through the 1997 Asian financial crisis, the 2008 global crisis, and the 2020 pandemic-era drawdown. This multi-decade survival as a dedicated small-cap India shop is itself the structural edge, since most competitors launched later and many folded during downturns.