“This is a proven global playbook,” Jain told ET after the listing ceremony. “The alternative asset management industry is growing. The institutionalisation of the industry is underway.”
Shares of Gaja Alternative rose as much as 16% over the issue price during intraday trading on the BSE, before paring the gains to close nearly 6% up at ₹168.7 apiece.
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“An overwhelmingly large number of retail investors cannot invest in alternative investment funds,” said Jain.
Private equity comes under the category of alternative investment funds. Such funds typically raise capital from large investors who can write big cheques. This tends to exclude retail investors with small savings. By buying shares of the asset management company, retail investors can indirectly participate in the business of the PE funds that it houses.
“This will address the issue of poverty of access,” said Jain. “We have launched a new asset class, listed equity alternatives.”Gaja Alternative has committed capital of ₹3,200 crore as of March 31, 2026. It has raised four private equity funds so far. The entity that is listed is the asset management company which provides seed capital for the funds and also undertakes fundraising and fund management activities.
Gaja Alternative raised ₹550 crore through its initial public offering including a primary issuance of shares worth ₹450 crore.
“The biggest costs for the asset management company are team costs and fundraising expenses,” said Jain. “Streams of revenue include management fee, share of profits and sponsor gains.”
Globally, large PE firms such as KKR, Blackstone, EQT, Apollo and Carlyle are listed. In India, HDFC Asset Management Company which houses various mutual fund schemes and a private equity fund is listed. It doesn’t qualify as a pure-play PE fund manager unlike Gaja Alternatives.