EAAA India Alternatives

Scaled and Experienced Player in the Large and Expanding Indian Real Assets and Private Credit Market

The company has more than 17 years of investment experience and manages a substantial portfolio with FPAUM of ₹486,231.76 million as of June 30, 2026, growing at a 3-year CAGR of ~23.43%; the Real Assets vertical manages 3.10 million sq ft of office space, 4,586 lane km of roads, and 1.73 GW of solar assets, while Private Credit has completed 190 investments worth ₹424.08 billion with ₹439.73 billion in realisations since inception.

Diversified, Multi-Vertical Platform Offering a Wide Range of Alternative Investment Products with a Consistent Track Record

The company is among the handful of multi-strategy players in the Indian alternative space, offering eight sub-verticals across Real Assets and Private Credit; its 3-year FPAUM CAGR stood at 23.43% (FY2026), 26.24% (FY2025), and 27.74% (FY2024), with four flagship verticals in their third and fourth vintages constituting more than 64% of AUM.

Diverse and Longstanding Client Base with Significant Potential to Scale Commitments

As of June 30, 2026, the company had 11,009 client relationships globally, including 1,493 repeat clients and 8,800 clients added from April 1, 2023; approximately 77% of AUM is from repeat clients, with 49.32% contributed by institutional clients (pension funds, insurance companies) and 50.68% by non-institutional clients across India, North America, Europe, and APAC.

Technology-Enabled Institutional Platform

The company leverages in-house and third-party technology for scalability, efficiency, automation, and data management, including AI-powered client onboarding, automated recovery management, CRM mobile applications, generative AI-based reporting tools, and an 'Electronic EYE' remote monitoring system for real-time asset oversight.

Dedicated Asset Operating and Management Platform

The company's wholly-owned subsidiary, Sekura India Management Limited, operates across 16 states in India with 58 operational team members providing 24x7 on-ground asset management; Sekura holds multiple ISO accreditations including ISO 14001:2015, ISO 45001:2018, ISO/IEC 27001:2022, and ISO 55001:2014, and has received multiple national and international safety and infrastructure awards.

Comprehensive Risk Management Systems

The company has implemented a multi-tiered risk management framework covering pre-investment (independent Name Clearance, Credit, and Investment Committees) and post-investment (monthly portfolio trackers, quarterly risk reviews, real-time heat maps) stages, supplemented by enterprise-level risk monitoring across eleven risk vectors and quarterly risk dashboard reports to senior management.

Led by a Seasoned Management Team with Extensive Industry Experience

The company's senior management team has an average experience of approximately 26.12 years and has been associated with the Promoter's entities for an average of ~5.45 years; the investment team includes 85 professionals with 14 managing directors and 10 investment directors averaging 21+ years of experience, with Variable Additional Return serving as an alignment and retention tool.

Variable Additional Return Volatility and Cash Flow Unpredictability

Variable Additional Return (VAR) constitutes 16.19%–32.41% of Total Income across reported periods, yet its timing and receipt are inherently unpredictable due to dependence on fund performance, waterfall distribution mechanisms, and hurdle rate thresholds. Of the cumulative ₹6,847.20 million recognized from FY2024 to Q1 FY2027, only ₹3,976.54 million has been realized, creating significant divergence between accrued income and actual cash receipts.

Revenue Dependence on Management and Advisory Fees, GP Income, and Variable Additional Return

The company's Total Income is entirely dependent on Management and Advisory Fees (49.56%–68.12%), Variable Additional Return (16.19%–32.41%), and GP Income (7.73%–16.43%), all of which are subject to fund performance, competitive fee pressures, and market conditions. Any adverse change in these income streams—driven by underperformance, fee restructuring, or market downturns—could materially reduce Total Income and profitability.

Extensive Regulatory and Compliance Exposure Across Multiple Jurisdictions

The company is regulated by SEBI, RBI, IFSCA, MAS, and other authorities across India, Singapore, and GIFT City, and has previously received cease-and-desist orders, show cause notices, and administrative warnings from these regulators. Non-compliance could result in financial penalties, license revocation, restrictions on business activities, and reputational damage, with a pending settlement application before SEBI as of the prospectus date.

Negative Cash Flows and Liquidity Risk

The company experienced negative net cash flows from operating activities of ₹1,201.69 million in FY2025 and ₹132.70 million in FY2024, primarily due to the timing mismatch between VAR accrual and cash realization. Prolonged negative cash flows could impair strategic initiatives, force asset divestments under suboptimal conditions, and necessitate additional borrowings, increasing leverage and interest costs.

Fund Underperformance and Capital Raising Risk

Underperformance of managed funds directly reduces Management and Advisory Fees, GP Income, and Variable Additional Return, while also impairing the company's ability to raise capital for future funds. The company's FPAUM grew at a 3-year CAGR of 23.43% to ₹447,104.42 million as of FY2026, but historical growth rates are not indicative of future performance and could reverse if fund performance deteriorates.

Key Person Dependency and Talent Retention Risk

The departure of designated 'key advisors'—including the Executive Chairman, CEOs, and key personnel—can trigger suspension of capital calls or termination of investment periods under fund governing documents, severely impacting revenue and reputation. The company faces intense competition for qualified investment professionals, with total attrition of 18.28% in FY2026 and employee benefit expenses of ₹3,816.46 million.

Concentration Risk from Top Clients and Distributor Dependency

The top 10 clients contributed 26.20% of FPAUM as of June 30, 2026, creating concentration risk if any major client withdraws or reduces commitments. Additionally, over 33.75%–80.79% of domestic funds raised were channeled through distributors, and any breakdown in distributor relationships or distributor misconduct could materially reduce capital inflows and Management and Advisory Fees.

Valuation Subjectivity and Asset Illiquidity Risk

Most fund investments are illiquid with no readily ascertainable market prices, requiring fair value estimates based on subjective models and assumptions that may differ materially from actual realized values. If realized values are significantly lower than carrying values, the company would suffer losses in GP Income, Variable Additional Return, and Management and Advisory Fees, and could lose client confidence.