Karma Capital Advisors

Vikram Kotak, Co-Founder and Chief Investment Officer, leads the investment function. The firm operates with a small, partnership-based team and does not use traditional portfolio committees. Decisions are driven by bottom-up, on-the-ground research rather than macro-top-down allocation calls.

No. Karma Capital Advisors was structured as a partnership in 2010 and charges only performance fees on its flagship vehicle (per the firm's official communications). There is no annual management fee, which is an uncommon structure among Indian-listed equity managers.

Karma focuses exclusively on publicly listed Indian equities, specifically in the small and mid-cap segments. The firm runs a concentrated portfolio of 15–25 names. It does not invest in private equity, venture capital, fixed income, or derivatives.

The firm relies on primary, on-the-ground research conducted by its Mumbai-based team. Karma's CIO, Vikram Kotak, spent his early career covering under-researched Indian companies at First Global, and the firm's process remains rooted in identifying mispriced, overlooked businesses through direct company engagement and local channel checks.