Anand Trivedi
A former Managing Director and Head of GE Private Equity in India who co-founded Nepean Capital and now co-manages its Category III alternative investment fund. He does not run it alone: the firm's own registration disclosure names him and Gautam Trivedi jointly as fund manager, on this fund and on its Category II sibling.
Is Anand worth your time?
A private-equity operator running public and private money together, inside an AIF rather than a PMS. Nepean Capital LLP is the investment manager of the Nepean Long Term Opportunities Fund II, a Category III alternative investment fund registered under IN/AIF3/17-18/0385, and Anand Trivedi is its Co-Founder and Managing Partner alongside Gautam Trivedi. The two are the firm's joint sponsors and are co-named as fund manager on both Nepean funds — this is a shared seat throughout, not a solo mandate. His career is corroborated by independent trade press as well as the firm's own site: Nicholas Applegate in Hong Kong, equity capital markets at Lehman Brothers and ABN AMRO Rothschild, Principal Investments at Shinsei Bank, then GE. One structural caveat governs everything below: this is an AIF, and AIFs disclose far less than PMS.
Investors who want exposure to a manager with genuine private-equity underwriting experience applied to Indian public and private markets, and who are comfortable with an alternative investment fund rather than a PMS. The pairing is the point: Trivedi's background is investing and board-level oversight, his co-founder's is capital markets and distribution, and the fund is run by both of them together. It suits someone who will read a private placement memorandum properly, because the commercial terms are not on any public register and Category III structures differ far more from one another than PMS strategies do. It does not suit anyone who wants to compare this side by side with the PMS strategies elsewhere on this site — the disclosure regime, the tax treatment and the reporting cadence are all different, and we cannot even verify the fund's size.
- AIFs need not publish scheme AUM and Nepean does not, so the fund size we hold could not be verified against any firm or regulatory source.
- He is co-named with Gautam Trivedi as fund manager, so this is a shared seat rather than a solo mandate.
- The same two people are named on both Nepean funds, leaving no third named decision-maker.
- As a Category III AIF this sits outside the PMS disclosure regime, so far less is public and the figures are not like-for-like.
About Anand Trivedi
Anand Trivedi is Co-Founder and Managing Partner of Nepean Capital LLP, the Mumbai fund manager he built with Gautam Trivedi. The firm's registration disclosure co-names the two of them as fund manager of the Nepean Long Term Opportunities Fund II, a Category III alternative investment fund registered under IN/AIF3/17-18/0385, and of its Category II sibling; they are also its joint sponsors.
The firm credits him with over 28 years in Indian and Asian financial markets, sixteen investing across public and private markets. His last role was Managing Director and Head of GE Private Equity in India, which he joined from Shinsei Bank, where he ran Principal Investments. Earlier he was a fund manager with Nicholas Applegate Capital Management in Hong Kong and worked in equity capital markets at Lehman Brothers and ABN AMRO Rothschild.
Career
- co-founder – present
Co-Founder & Managing Partner, Nepean Capital LLP
Co-named with Gautam Trivedi as fund manager on the Nepean Long Term Opportunities Fund II (Category III) and the Nepean Focused Investment Fund (Category II). The two are also the firm's joint sponsors.
- before Nepean
Managing Director & Head of GE Private Equity, India
His last role before co-founding Nepean, investing primarily in Indian mid-caps with strong growth potential. Trade press reported the move to GE Equity in India in July 2011.
- before GE
Principal Investments, Shinsei Bank, India
He ran the Principal Investments business in India for the Japanese bank, and joined GE directly from it.
- earlier
Equity Capital Markets — Lehman Brothers and ABN AMRO Rothschild, Hong Kong
Two ECM postings in Hong Kong, on the issuance side of the market rather than the investing side.
- earlier
Fund Manager, Nicholas Applegate Capital Management, Hong Kong
Several years managing money across India and Asia — the first of his investing seats.
- 4 years
Corporate Finance and M&A, Reliance Industries Ltd
Corporate-side experience at India's largest company by market capitalisation, before the move into markets.
Six principles
Patient capital, stated as such
The firm's own framing is 'Providing Intelligent & Patient Capital' — a duration claim rather than a style claim, and consistent with a fund that invests across private as well as public markets.
On-the-ground, not screened
Nepean attributes its decisions to physical presence in India and direct understanding of the market rather than to a quantitative process.
Both sides of the public–private line
The fund invests across private and public markets, and Trivedi's underwriting background is private equity. Expect diligence habits from one market applied to the other.
Board-level proximity
He sits on the boards of Extramarks Education and UFO Moviez and has served as board observer at five other investee companies — involvement well beyond a typical listed-equity manager.
Two principals, one decision
An investing background and a capital-markets background, co-named on every fund the firm runs. The complementarity is deliberate; so is the absence of a sole decision-maker.
Stated principles of conduct
Transparency, accountability, cooperation and hard work are the four the firm names, and it backs the first with quarterly newsletters, stewardship reports and voting disclosures.
The call that shows the method working
Co-named on the registration — and unverifiable on size
Nepean Capital publishes its AIF registration details directly, and they settle the attribution question cleanly. The document names Nepean Capital LLP as investment manager and 'Mr. Anand Trivedi and Mr. Gautam Trivedi' as sponsors. Its table then sets out each scheme against a column headed 'Fund Manager / Key Investment Team' — and for the Nepean Long Term Opportunities Fund II, held by the Nepean Investment Trust under Category III registration IN/AIF3/17-18/0385, that column names both men. The Category II fund, the Nepean Focused Investment Fund under IN/AIF2/21-22/0890, is the same. This is a jointly managed house from top to bottom.
The complaints record is equally well evidenced, and it is spotless. The firm's quarterly disclosure for the period ending 30 June 2026 records zero in every cell — nothing received directly from investors, nothing through SEBI's SCORES platform, nothing from any other source — and zero across each of the four financial years from 2022-23 to 2025-26. His career is corroborated independently too, with trade press reporting his move to GE's India operations from Shinsei Bank in July 2011.
What no document anywhere will tell you is how big this fund is. Alternative investment funds are not required to publish scheme-level assets under management, Nepean does not publish it, and there is no AIF equivalent of the APMI register that lets us check a PMS manager's size independently. The AUM figure our platform holds for this fund is therefore unverified, and we say so rather than dress it up.
- 4 yearsCorporate Finance and M&A at Reliance Industries — the corporate-side grounding
- several yearsFund manager at Nicholas Applegate Capital Management, Hong Kong, investing across India and Asia
- laterEquity Capital Markets at Lehman Brothers (Hong Kong), then ABN AMRO Rothschild (Hong Kong)
- to 2011Runs Principal Investments at Shinsei Bank in India
- Jul 2011Trade press reports his move to GE Equity in India from Shinsei Bank
- before NepeanManaging Director & Head of GE Private Equity in India, investing in Indian mid-caps
- with Gautam TrivediCo-founds Nepean Capital LLP in Mumbai; the two become joint sponsors and co-named fund managers
- 30 Jun 2026Firm's quarterly complaints disclosure records zero complaints in every cell and every financial year since 2022-23
How the strategies have performed
Trailing returns, net of fees, annualised beyond one year. Shown only when sourced and dated; missing figures are unavailable, never zero.
| Strategy | 1Y | 3Y | Since inception |
|---|---|---|---|
| Nepean Long Term Opportunities Fund II | +14.96% | +14.92% | +13.75% |
Your return will not be a single number. These are the strategy's trailing returns over different holding periods: up to one year absolute, beyond one year annualised. Your own outcome depends on when you invested; this is not a record of individual client accounts.
Figures are historical, unaudited and third-party reported, as of 2026-06-30. Past performance is not indicative of future returns.
What to press Anand on
Bring these to the call.
How big is this fund?
We could not verify it from any source, because AIFs need not publish scheme AUM. Ask for a dated statement of scheme assets, the number of investors, and whether the fund is open, capped or closed to new commitments.
How do the two partners split the work?
Both are co-named as fund manager on both funds. Ask who generates ideas, who sizes positions, who decides to sell, and what happens when they disagree.
Is there a key-person clause?
Two people are named on everything the firm runs. Ask whether the fund documents contain a key-person provision, what triggers it, and what rights it gives you if either partner departs.
Do you understand what a Category III AIF is?
It is not a PMS. Ask how returns are taxed at the fund level versus in your hands, what leverage or derivatives the mandate permits, and how that changes your after-tax outcome.
What are the actual economics?
We publish no fees here because none are public. Ask for the management fee, the performance fee, the hurdle, whether there is a catch-up, the high-water-mark treatment, and all set-up and operating expenses charged to the fund.
How do you get out?
AIF liquidity terms vary widely and are set in the fund documents. Ask about the lock-in, the redemption windows, any notice period, gating provisions and the tenure of the scheme.
How are the two funds kept apart?
The same two people manage a Category III and a Category II fund. Ask how opportunities are allocated between them, and how the private-market positions are valued and by whom.
How they compare
Comparable managers on the platform, by asset class and category · live fund figures.
| Manager | 1Y | 3Y | AUM | Nyra |
|---|---|---|---|---|
| Siddhartha Bhaiya Aequitas - Equity Scheme I · AIF | +2.9% | +15.1% | ₹970.95 Cr | 7.6 |
| Jigar Mistry Buoyant Opportunities Strategy I · AIF | +10.7% | +18.6% | ₹2,497.88 Cr | 7.5 |
| Praveen Dwarakanath Whitespace Fund II - Debt Plus · AIF | +9.4% | +11.9% | ₹0 Cr | 7.5 |
| Mr SANJAY PAREKH SOHUM INDIA OPPORTUNITIES FUND · AIF | +7.9% | +15.6% | ₹0 Cr | 7.5 |
Anand Trivedi · FAQ
What does Anand Trivedi manage?
Does he run the fund on his own?
Why is there no SEBI PMS registration number on this profile?
Can you verify the fund's size?
Is there anything on the complaints record?
What is the minimum investment, and what are the fees?
Considering Anand's strategy?
We'll pull the current Disclosure Document, the actual fee schedule, and a portfolio-overlap check against what you already own.
PMS Sahi Hai is a distributor (APMI Reg. APRN08358), not a SEBI-registered Investment Adviser. APMI registration does not constitute an endorsement. We are paid by the product manufacturer; this does not change the price you pay. PMS & AIF investments are subject to market risks; past performance is not indicative of future returns. This is not investment advice. PMS Sahi Hai is an independent marketplace and is not affiliated with Anand Trivedi.