# Motilal Oswal Alternates

Motilal Oswal Alternates is an Asset Manager based in Mumbai, India.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Mumbai, India
- **Region:** Asia
- **Address:** Mumbai, India
- **Founded:** 2007
- **Assets under management:** Undisclosed
- **Website:** www.motilaloswalalt.com
- **LinkedIn:** linkedin.com/company/motilal-oswal-alternates

## Regulatory record

- **Reports private funds:** No

## About

Motilal Oswal Alternates is India’s leading multi-asset alternates play, leveraging deep understanding and domain expertise of chosen markets and businesses. Its businesses include Private Equity and Real Estate. It benefits from the Motilal Oswal Group, one of India’s most esteemed and diversified financial services firms with over three decades of experience in equity investing, combining deep understanding of Indian businesses and capital markets with the group’s proven expertise to deliver superior investment returns.

## Sectors

- Private Equity
- Real Estate

## People

- Vishal Tulsyan — Managing Director & CEO
- Raamdeo Agrawal — Chairman
- Motilal Oswal — Director
- Jay Nilesh Mehta — Principal Officer

## Questions

### Who runs investment decisions at Motilal Oswal Alternates?

Vishal Tulsyan, as Managing Director and CEO, oversees all aspects of the asset-management business, including the alternative investment funds and portfolio management services. Chairman Raamdeo Agrawal provides strategic direction and anchors the QGLP investment framework. The broader team draws on the parent group's 34-year equity-research heritage for sourcing and due diligence.

### What investment stages does Motilal Oswal Alternates target in private equity?

The firm pursues growth-stage, late-stage expansion, and co-investment opportunities in Indian mid-market companies. It also participates in PIPEs (private investment in public equity). The strategy is built around providing capital to businesses run by experienced entrepreneurs, often with an eye toward an eventual public listing.

### Does the firm operate only in private equity, or does it run other strategies?

Motilal Oswal Alternates operates two main alternative-investment verticals: private equity and real estate. The real estate business provides end-to-end financing solutions to developers across several major Indian cities. Both verticals are managed under the same alternatives platform, which is a subsidiary of the publicly traded Motilal Oswal Financial Services.

### How is Motilal Oswal Alternates related to Motilal Oswal Financial Services?

Motilal Oswal Alternates is a wholly owned subsidiary of Motilal Oswal Financial Services Limited, a diversified Indian financial-services group founded in 1987. The group operates across securities, asset management, housing finance, and investment banking. The alternatives business was carved out in 2007 to manage private equity and real estate funds, while integrating the parent company's equity-investing DNA and research capabilities.

### What is the QGLP framework that Motilal Oswal Alternates uses?

QGLP stands for Quality, Growth, Longevity, and Price. The framework was developed by Raamdeo Agrawal for the parent group's public-equities franchise and later adopted as the core investment philosophy of the private equity and alternatives arm. It is designed to identify businesses with strong governance, scalable growth models, durable competitive advantages, and valuations that offer a margin of safety.

### Has Motilal Oswal Alternates realized any notable exits?

Yes. In July 2025 the firm announced a 5x return on its full exit from Happy Forgings Limited. Earlier portfolio outcomes include a company that grew to a $1 billion market capitalization after the firm's initial investment, according to portfolio-founder testimonies published on the firm's website.

### What is the firm's known posture on co-investments alongside external LPs?

The firm offers co-investment services to investors in the alternative investment funds it manages. Its website states that it provides portfolio management services and co-investment opportunities, allowing limited partners to back specific deals alongside the main fund vehicle.

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- [Mother Ventures](https://altss.com/profile/mother-ventures)
- [Motion Capital](https://altss.com/profile/motion-capital)

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Last updated: 2026-08-11T15:07:26.757Z

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