# India Capital Management

India Capital Management is an Asset Manager based in Trianon, India.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Trianon, India
- **Region:** Asia
- **Address:** Mumbai, India
- **Founded:** 1994
- **Assets under management:** Undisclosed
- **Website:** indiacapital.com

## Regulatory record

- **CRD number:** 162996
- **SEC file number:** 801-77056
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/162996

## About

India Capital Management Limited is an SEC-registered investment adviser in Trianon, registered since 2012. The firm manages approximately $395 million in regulatory assets. It employs 8 staff and 5 investment advisers.

## Sectors

- Financials
- Consumer Discretionary
- Industrials

## People

- Jon Thorn — Managing Director
- Abhinav Agarwal — Portfolio Manager

## Questions

### What types of Indian companies does India Capital Management typically own?

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.

### What investment stages or asset classes does the firm cover?

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.

### How long has India Capital Management been investing in Indian markets?

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.

## Related profiles

- [Graphite Private Equity](https://altss.com/profile/graphite-private-equity-llp)
- [Fair Weather Strategies](https://altss.com/profile/fair-weather-strategies-llc)

---

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

Canonical page: https://altss.com/profile/india-capital-management-limited

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology