Bay Capital Partners is a leading independent, India focused investment manager established in 2006. We invest the way we want our capital to be managed - with the utmost care. Hence, we are shareholders alongside our investors. The overreaching philosophy is to protect capital and always keep our investors’ interests ahead of our own.
The Bay Capital India Fund (BCIF) is a culmination of decades of experience of the Bay Capital team in Indian financial markets. BCIF invests exclusively in publicly traded securities in India and aims to deliver consistent compounding returns by investing in a portfolio of companies that are market leaders with moats incredibly difficult to breach. We believe in an ‘equity yield curve’ where returns increase with time and therefore seek investors who share our belief in the power of compounding. Our clients include endowments, foundations, family offices and corporate pension funds.
Look for companies with sustainable high Return on Capital Employed (ROCE) and impeccable corporate governance standards and sponsor history, available at reasonable prices.
Long only public equities, concentrated portfolio (15-20 businesses). Our focus on 20% of the market allows us to avoid noise from 80% of the market.
Unleash the power of compounding through long term holding and low turnover (5-20%). Also has positive implications for expense ratio (lower market impact/commissions) and for long term taxable investors.
We have one of the largest and most experienced research teams (over 100 years of cumulative experience) for a single country fund in India.
On ground presence in India enables intense research and in-depth due diligence.
We appraise a business from an owner’s mindset and prefer managements who think in decades, not quarters.
Our unique Devil’s Advocate program ensures that we are continually focused on risk and seek views which are against our thesis to avoid mental bias.
We seek to engage with managements of our portfolio companies by highlighting areas of concern and providing differentiated insights. This constructive approach helps build strong relationships with our businesses.
Siddharth (Sid) is the Founder and CIO of Bay Capital. He has a career spanning over 19 years, of which he has spent 16 years investing in India. Prior to founding Bay Capital in 2006, Sid held various positions at Kotak Mahindra Group and was instrumental in building its international asset management business.
Sid holds a bachelor’s degree in Business Management and Finance from King’s College, University of London.
Nikunj is a Managing Partner at Bay Capital. He has over 28 years of professional experience in Fund Management and Equity Research. Over the years he has developed an in-depth understanding of Indian Economy and Businesses. Prior to Bay Capital, Nikunj was with the Portfolio Management / Asset Management division of the Kotak Mahindra Group for over 5 years where he held positions of Portfolio Analyst, Portfolio Advisor and Fund Manager for various concentrated / diversified funds with AUM of over USD 500mn. Prior to Kotak Mahindra, he was head of research at Refco-Sify Securities & Ventura Securities.
Nikunj has completed post-graduation in Master of Management Studies (MMS) from the University of Mumbai and a Bachelors Degree in Electronics Engineering from MS University of Baroda.
Keyur is a Managing Partner at Bay Capital. He has close to 25 years of experience covering Investment Banking, Equity Advisory and Fund Management. Prior to Bay Capital, he was Executive Vice-President at Kotak Securities where he conceptualized and built out the non discretionary portfolio management business. He was a Senior Vice-President at Kotak Mahindra UK in London responsible for managing / advising private clients on their Indian Equity investments. He was involved in building out the offshore asset management business of Kotak UK. Previously, Keyur has worked on the Equity Capital Markets Group at Lazard Credit Capital in Mumbai.
Keyur holds a Bachelors Degree from Mumbai University and a Masters in Management from Boston University.
Ravi is a Partner & Head of Research at Bay Capital. Ravi has over 8 years of professional experience in strategy & decision consulting, investment analysis, mergers and acquisitions. Prior to Bay Capital, Ravi was an Engagement Manager with Singapore based strategy consulting firm SLC where he led several engagements with clients across India, Asia-Pacific and US. Prior to SLC, he was part of the Mergers & Acquisitions team of Siva Group in India.
Ravi is an Electronics & Communication Engineer from NIT, Nagpur and PGDM from Indian Institute of Management, Ahmedabad (IIM A). He is a CFA® charter holder.
Prachi is a Partner at Bay Capital. Prachi has over 11 years of experience in Equity Research. Prior to Bay Capital, Prachi worked with Vinya Capital, a boutique investment management firm and Edelweiss Securities, one of the largest domestic brokerage houses.
Prachi holds a Master’s degree in Management Studies and Bachelors in Commerce from Mumbai University.
Nishad is a Principal at Bay Capital. Nishad has over 8 years of professional experience in investment analysis. Prior to Bay Capital, he worked as an Investment Analyst with Singular Capital, an investment management firm and with the wholesale asset management platform of Edelweiss Financial Services.
Nishad has an M.Sc. in Physics from Indian Institute of Technology, Kharagpur (IIT KGP) and PGDM from Indian Institute of Management, Ahmedabad (IIM A). He is a CFA® charter holder.
Rahul is a Principal at Bay Capital. He has over 5 years of professional experience in investing and strategy. Prior to Bay Capital, Rahul was with the Alternative Assets division of the Kotak Mahindra Group where he held the position of investment analyst in the real estate fund. At Kotak, Rahul was part of team which invested close to USD 100 mn across three real estate deals, in addition to managing four investments totalling USD 110 mn. Prior to Kotak Realty, he was with HSBC’s model risk team. Rahul was an MBA summer associate at Edelweiss as part of the proprietary trading desk and also worked with multiple start-ups as a consultant.
Rahul completed his PGDM from the Indian Institute of Management, Calcutta (IIM C) and holds a Bachelors degree in Electrical Engineering from Indian Institute of Technology (IIT) Kanpur. Rahul was among the Top 25 ranking students of his batch at IIM C. He has passed CFA Level III (June 2017).
Devang is a Senior Investment Analyst at Bay Capital. He has over 8 years of professional experience in equity research across all sectors and market capitalization. Prior to Bay Capital, Devang was part of the Equity Research division of Tamohara Investment Managers Private Limited as Vice President – Research, in Portfolio Management Services (PMS). Prior to Tamohara, he was with Canara Robeco Asset Management Company in their Equity Research team which was managing USD 800mn in Equity assets with top quartile performance in most of its funds. He has also worked with Edelweiss Capital in their Principal Strategy Group.
Devang holds an PGDM from the Welingkar Institute of Management Development and Research, Mumbai and a Bachelor’s degree in Management from Mumbai University.
Bhavesh has over 11 years of professional experience. Prior to Bay Capital, he was with Globe Op Financial Services where he was responsible for pricing OTC derivative products.
Bhavesh holds a Master’s Degree in Finance from ICFAI and a Master’s Degree in Commerce from University of Mumbai. Bhavesh is also a Chartered Financial Analyst from ICFAI.
Nushrat has over 11 years of professional experience. She previously worked for over 5 years in the Discretionary Portfolio Management Division and heading the Fund Administration team of a leading investment management company in Mauritius.
Nushrat holds a degree in Finance with Law from the University of Mauritius and a diploma in Trust Creation Law & Practice from STEP
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