Kotak Special Situations Fund makes strategic investments in companies with a sector agnostic approach. The fund makes investments with the objective of obtaining primarily long-term capital appreciation and returns in the nature of interest, dividend, capital gains or share of profits through a combination of appropriate instruments on its investments.
We invest across sectors to tap into the special situations and stressed assets opportunity in India. We have expertise in a wide range of sectors including real estate, healthcare, infrastructure, power, consumer, industrials, information technology and financial services etc. All these sectors will benefit from rising income levels, increased consumption and favorable demographics in India. Such fundamental drivers coupled with attractive entry valuations in the distressed investments are expected to offer attractive returns to investors.
The Fund’s investment objective is to generate target returns by primarily investing in distressed/stressed or special situation opportunities in India. Investments typically involve a combination of debt, equity and mezzanine instruments. Our investment strategies focus on the following:
Special Situations: In certain special situation opportunities which may arise due to lack of liquidity or otherwise regulatory restrictions for banks and non-banking financial companies. These will include situations like investor take-out financing, group restructuring and promoter financing.
Asset Acquisitions: In limited ongoing business operations but with valuable assets which can be sold to generate returns. In such cases we look at pure asset plays, where we invest in entities with assets such as real estate, hotels or other commercial assets. Returns are generated predominantly by sale of underlying assets to one or multiple parties over a period of time.
Stressed Assets: With positive and stable business outlook and competent management. However, such businesses could be under financial stress for various external / transient reasons. In such cases, we partner with existing promoters by offering required financial support.
IBC Opportunities: With positive and stable business outlook and where a change or augmentation of management is necessary to improve performance for regulatory reasons. In such cases, we partner with strategic or operating partner to acquire and restructure the business.
Kotak Special Situations Fund differentiates itself in the following ways:
The Fund is focused on opportunities in special situations like investor take-out financing, group restructuring and promoter financing, credit and distressed assets under Insolvency and Bankruptcy Code (IBC), pre-IBC opportunities, and assets under liquidation.
The Fund has a broad mandate to invest across asset types and sectors with a flexible approach to investing and structuring.
The Group and team has a deep understanding of various sectors and experience of working with Indian promoters over last 30+ years.
CEO – Special Situations Fund
Eshwar joined the Kotak Mahindra Group in 2000 and brings with him over two decades of financial services experience.Read More
Rahul has been with Kotak Special Situation Fund since inception and plays a pivotal role across all the facets of its operations...Read More
Rahul Shah has joined Kotak Special Situations Fund in January 2019 after spending more than 7 years with Kotak Private Equity Group.Read More
Shishir Srivastava joined Kotak Special Situations Fund in February 2021 and brings with him 11 years...Read More
Pratik Parekh joined Kotak’s Special Situations Fund in January 2019 and brings with him almost 12 years of experience...Read More
Rohan joined Kotak Special Situations Fund in April 2019 and brings with him 9 years of experience...Read More
Agrata joined Kotak Special Situations Fund in December 2018.Read More
Tej joined Kotak Special Situations Fund (KSSF) in November 2020...Read More
Rohan joined Kotak Special Situations Fund in April 2019 and brings with him 9 years of experience across Oil & Gas, Sugar, Power, Logistics and Bulk Liquid Storage.
Prior to joining Kotak Special Situations Fund, Rohan had worked briefly with Kotak’s Infrastructure fund.
Before moving to Private Equity, Rohan worked as the Executive Director of Kesar Terminals & Infrastructure, having spent 7 years working in the Kesar group where he was involved in Storage, Logistics, Sugar and Power.
Rohan holds a Bachelor of Science in Chemical Engineering from Carnegie Mellon University and a Post Graduate Degree in Management from the Indian School of Business
Eshwar joined the Kotak Mahindra Group in 2000 and brings with him over two decades of financial services experience. He is part of the core leadership team at Kotak Investment Advisors Ltd.
Eshwar has taken over as the CEO of the Kotak Special Situations Fund where he oversees investments across all special situations, credit and stressed assets opportunities. The fund strategy is to invest in opportunities across all asset classes with a flexible approach to investing and structuring.
Prior to Kotak Special Situations Fund, Eshwar was the CEO of Phoenix Asset Reconstruction Company (a Kotak sponsored ARC) which had an AUM of USD 1 billion. During his 5 year tenure at Phoenix, he made investments across all major sectors and successfully resolved investments.
Eshwar was the founding member of the distressed assets business at Kotak and has helped the group in successfully investing over INR 2,500 crores (USD 417 million) of its proprietary capital in distressed assets. He has built time tested expertise in identifying distressed opportunities, structuring and executing complex financial transactions as well as securing profitable exits.
Prior to Kotak, Eshwar has worked at Ceat Financial Services (RPG Group) and Sundaram Finance Ltd.
Eshwar holds a Bachelor's degree in Commerce from the University of Pune and is a Management graduate from the Institute of Management Development and Research, Pune.
Rahul has been with Kotak Special Situation Fund since inception and plays a pivotal role across all the facets of its operations, including investor interaction, deal origination, investment, and asset management. He has more than 15 years of diverse experience across alternate asset investments, debt capital markets and management consulting.
Rahul has been part of the Kotak group for the past decade and prior to that he has worked with CRISIL and A.F.Ferguson Consulting. He has hands-on experience of originating and structuring transactions across sectors and asset classes.
Rahul is a Chartered Accountant and has a Master’s in Business Administration.
Rahul Shah has joined Kotak Special Situations Fund in January 2019 after spending more than 7 years with Kotak Private Equity Group. He brings with him more than 14 years of experience across private equity, investment banking and treasury, of which the last 10 years were in private equity.
Prior to joining Kotak, Rahul worked with Multiples Alternate Asset Management and Fidelity Growth Partners India where he was involved in several growth private equity transactions across IT, telecom, banking, services and infrastructure.
Before moving to private equity, Rahul worked in the Treasury and Investment Banking Group of ICICI Bank for 4 years where he led the TMT initiative for the Investment Banking group of the Bank.
Rahul is a CA, CS, CFA, FRM and MBA from INSEAD.
Pratik Parekh joined Kotak’s Special Situations Fund in January 2019 and brings with him almost 12 years of experience across distress investing, mergers, acquisitions, strategy and corporate finance.
Before joining Kotak Special Situations Fund, Pratik was part of Kotak Mahindra Bank’s Asset Reconstruction Business for almost 3 years focusing primarily on investing, restructuring, resolution (forensic) & turnaround of distressed assets across major sectors.
Earlier, Pratik was part of Group Strategy team at Kotak Mahindra Bank for 5 years and has extensively worked on the Kotak-ING merger, Kotak’s Investment in Airtel Payments Bank & MCX India and various other assignments of Kotak Group for driving productivity & profitability. He started his career with Walplast Products Private Limited in the corporate finance division and worked there for almost 2 years.
Pratik is a CA, CS, CFA (level 2), CISA & MCom (Mumbai)
Agrata joined Kotak Special Situations Fund in December 2018.
Prior to joining Kotak Special Situations Fund, Agrata was part of the Investment Banking division of Goldman Sachs for ~ 2 years, where she was aligned to the industrials sector working closely with the Europe, Middle East, and Africa region. She has worked on sub-sectors like transportation, aviation, paper and packaging, business services, building materials and construction.
She has also interned with FSI International (TW) as a Forex Trader in Hong Kong where she applied strategies like interest rate arbitrage and carried out fundamental analysis on foreign currencies.
Agrata holds a Masters in Finance degree from the University of Hong Kong and a Bachelor’s Degree in Commerce from Shri Ram College of Commerce, Delhi University.
Aakash joined Kotak Special Situations Fund in March 2019 and brings with him 3 years of investment banking experience across real estate, hospitality, consumer, industrials and healthcare sectors
Prior to joining Kotak Special Situations Fund, Aakash was part of the investment banking team of (Yes Securities) and also had a short stint with JM Financial in their investment banking team. He has also worked with KLBJ spanning experience in investment banking and consulting in diverse sectors.
Aakash has 3 years of articleship experience in audit, accounting, investment banking and consulting services across sectors and multiple industries. He is highest rated corporate trainer and has also trained many students and corporate professionals in financial modeling, valuations, corporate strategy, financial analysis, etc
Aakash is a CA (Chartered Accountant) and has cleared all 3 levels of the CFA Program (CFA Institute, USA). He also holds a Bachelor’s degree in Commerce from SIES College, Mumbai University
Tej joined Kotak Special Situations Fund (KSSF) in November 2020.
Prior to joining Kotak Special Situations Fund, Tej was part of the Investment Banking division at J.P. Morgan for 1.5 years, where he specialized in M&A advisory for Diversified Industrial and Chemical industries in North America. He serviced clientele across Transportation, Chemicals, Business services and Capital Goods sectors.
Tej holds a Bachelor’s degree in Chemical Engineering from Institute of Chemical Technology (ICT), Mumbai earlier known as UDCT. He is also pursuing the CFA Program from CFA Institute, USA.
Shishir Srivastava joined Kotak Special Situations Fund in February 2021 and brings with him 11 years of financial services experience of which 9 years were spent in private equity investing in India.
Previously, Shishir spent 6 years at Apollo Global’s India dedicated fund, AION Capital, a ~USD 1 billion fund where he was responsible for investments across buyouts, distressed and special situations. Prior to AION Capital, Shishir worked at Everstone Capital for a period of 3 years.
Shishir holds a B.E. degree in Electronics and Telecommunication from KJ Somaiya College of Engineering, Mumbai and an M.B.A. from Management Development Institute, Gurgaon.
OmniActive Health Technologies
Established in 2005, OmniActive Health Technologies (“OmniActive”) seeks to improve lives by enhancing nutrition and wellness through science and innovation. OmniActive’s extensive portfolio consists of natural, scientifically-validated, sustainable and IP-protected ingredients for global customers in dietary supplements and functional foods and beverages.
Some of the Company’s leading brands include Lutemax, Capsimax, CurcuWIN, Gingever, Xtenergy and OmniXan. OmniActive partners with customers through its sales and distribution networks in key markets worldwide, supported by three global R&D centers and best-in-class production facilities throughout India. The Company has offices in Mumbai, India and Morristown, New Jersey.
KSSF has invested Rs. 250 crore to help promoter buy-out the B2C supplements business from OmniActive, provide dry-powder for further investment in the B2C business and provide the ability to support any future acquisitions by OmniActive. The Company has built a strong reputation and deep customer relationships and with help of KSSF investment the OmniActive team will further be able to accelerate the growth in this business.
Jindal Stainless Limited
Jindal Stainless Limited (JSL) is one of the largest stainless steel producer in India. JSL along with its sister company, Jindal Stainless Hisar Limited (JSHL) ranks amongst the top 10 stainless steel conglomerates in the world.
JSL has an integrated stainless steel manufacturing capacity located in the eastern part of India in the state of Odisha. Its current installed stainless steel manufacturing capacity is 1.1 million tons per annum, this can eventually be scaled up to 3.2 million tonnes per annum. The manufacturing complex is also equipped with a captive ferro alloy capacity.
KSSF invested Rs.500 crore in the debt and equity of JSL. This helped JSL come out of corporate debt restructuring (CDR) process and also ensured promoters equity in the company was not diluted. The CDR exit has provided financial and operational flexibility to the business. JSL can now chart out its growth and debottlenecking plans by approaching the financial markets on competitive terms.
Nuvoco Vistas Corporation
Nuvoco Vistas Corporation Limited (Nuvoco) is a leading cement manufacturer with a focus on East, West and North India. KSSF invested Rs.500 crore into convertible equity of Nuvoco to help it finance the acquisition of Emami Cement Ltd. (ECL), the cement business of the Emami Group based in Eastern India.
ECL acquisition will bring Nuvoco’s total cement capacity to more than 20 mtpa, including an ongoing capacity expansion project at its Jojobera plant. The combined operations will span three facilities in Chhattisgarh, two each in Rajasthan and West Bengal and one each in Bihar, Jharkhand, Odisha and Haryana. The acquisition consolidates Nuvoco’s position as a leading cement manufacturer in Eastern India.
Nuvoco’s product portfolio includes cement (high-performing, premium and blended varieties), ready-mix concrete (RMX) and modern building materials comprising of construction chemicals, multipurpose bonding agents as well as waterproofing agents.