Equity research and asset management firm TrustLine Holdings has announced the successful final close of its Intrinsic Deep Alpha AIF-II, securing total investor commitments of ₹260 crore. The Category III Alternative Investment Fund (AIF) exceeded the firm’s internal fundraising target, driven by strong participation from existing and new investors.
The fund will primarily invest in listed micro and small-cap companies with market capitalisations below ₹2,000 crore. TrustLine said the strategy focuses on early-stage, private equity-style investing in the listed space, targeting businesses with significant long-term growth potential.
According to the company, investor interest surpassed expectations, reflecting confidence in its investment philosophy and track record. TrustLine is among India’s leading discretionary asset managers, with the new fund building on the performance of its inaugural offering.
Intrinsic Deep Alpha AIF-II seeks to generate alpha through a concentrated portfolio and investments in under-owned and under-researched companies in the lower end of the small-cap segment. The closed-ended scheme requires a minimum investment of ₹1 crore and has a tenure of six years from its first close, with an option to extend by up to two years in accordance with the SEBI AIF Regulations, 2012.
Commenting on the successful close, ArunaGiri N, Founder, CEO & Chief Investment Officer of TrustLine Holdings, said, “More than the quantum of money raised, what really gives us immense satisfaction is the profile of the investors. Over 90% of the commitments raised have come from our existing investors who are from C-level leadership profiles. That speaks volume for us. It reflects the trust our investors have placed in us, in our investment philosophy and the relationships nurtured over the years. Further, the entire quantum has been raised through the direct route. Not a single investment has come through the distribution channel. In today’s context, this is no mean accomplishment.”
He further added, “The fund’s objective is to build ‘rich portfolios from small gems’ by identifying high-quality micro-cap companies with superior return metrics such as high ROCE, strong operating margins, low leverage, and a consistent performance track record. The investment approach remains rooted in contra-deep value investing with a sharp focus on capital preservation.”
With the successful close of Intrinsic Deep Alpha AIF-II, TrustLine Holdings has strengthened its presence in India’s alternative investment landscape. Backed by strong investor participation, particularly from existing clients, the fund aims to capitalise on opportunities in the under-researched micro and small-cap segment through a disciplined, long-term investment strategy.
