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 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:
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.
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.
Kotak Special Situations Fund differentiates itself in the following ways:
The Fund is focused on opportunities in distressed assets under Insolvency and Bankruptcy Code (IBC), pre-IBC opportunities, assets under liquidation and also special situations like investor take-out financing, group restructuring and promoter financing.
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 joined Kotak Special Situation Fund in February 2019 after spending more than 7 years with Kotak Group in its Debt Investment Banking division (Kotak DCM).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
Associate Vice - President
Pratik Parekh joined Kotak’s Special Situations Fund in January 2019 and brings with him almost 10 years of experience...Read More
Associate Vice – President
Prudhvi Raj has joined the Kotak Special Situations Fund from Kotak’s Private Equity team. He joined Kotak Private Equity Group in October 2017....Read More
Agrata joined Kotak Special Situations Fund in December 2018.Read More
Aakash joined Kotak Special Situations Fund in March 2019 and brings with him more than 2 years of investment banking...Read More
Rohan joined Kotak Special Situations Fund in April 2019 and brings with him 9 years of experience...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 recently taken over as the CEO of the Kotak Special Situations Fund where he oversees investments across all special situation opportunities. The fund strategy is to invest in opportunities across all asset classes and participate in the Insolvency and Bankruptcy Code (IBC) initiated resolutions.
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 joined Kotak Special Situation Fund in February 2019 after spending more than 7 years with Kotak Group in its Debt Investment Banking division (Kotak DCM). He brings along more than 13 years of diverse work experience across debt investment banking, credit assessment and management consulting.
Prior to Kotak he worked with CRISIL (a Standard & Poors Company) in its ratings division. He began his career with the Management Consulting division of A.F.Ferguson Consulting.
He has hands-on experience of originating and structuring complex deals, including regulatory arbitrage structures. He has done several deals entailing acquisition financing, promoter financing, mezz financing, and securitization of receivables.
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 10 years of experience across distress investing, mergers, acquisitions, strategy and corporate finance.
Prior to 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)
Prudhvi Raj has joined the Kotak Special Situations Fund from Kotak’s Private Equity team. He joined Kotak Private Equity Group in October 2017 and brings with him ~ 6 years of investment banking and private equity experience with deal credentials in financial services, media and consumer sectors.
Prior to joining Kotak, Prudhvi was part of the investment banking team in Ambit with a focus on M&A and private equity transactions in financial services and media sectors. Earlier he was with the investment banking team of JM Financial and worked on multiple M&A and ECM transactions in a wide range of sectors.
Prudhvi holds Bachelor of Technology degree from the Indian Institute of Technology, Kharagpur and has a Post Graduate Degree in Management from the Indian Institute of Management, Ahmedabad.
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 more than 2 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 bank (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 and consulting services across sectors and multiple industries. He has also trained many students and corporate professionals in financial modeling, valuations, corporate strategy, financial analysis, etc
Aakash is a 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