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.

Karma is an independent asset manager registered in India. It is not a single-family office; it manages capital for external institutional and high-net-worth investors. The firm operates as a partnership, with no external shareholders, but serves third-party clients.