Motilal Oswal Alternates said the Motilal Oswal Group and its team committed approximately 10% or more to a private equity fund, putting their capital at risk alongside outside investors.
India Business Excellence Fund V closed at ₹8,500 crore in February 2026, exceeding its initial ₹6,500 crore target. Motilal Oswal described the combined commitment as consistent with its earlier funds. It did not say how much came from individual managers.
At Carnelian Asset Management & Advisors, managing partner for private equity Umesh Agrawal told Mint that he and the fund’s general partner team planned to commit more than ₹100 crore. Carnelian Private Growth & Innovation Fund is a Category II fund seeking ₹2,000 crore. The reported commitment is a plan, rather than an amount confirmed as already invested.
The Securities and Exchange Board of India (SEBI) requires managers or sponsors of Category I and II alternative investment funds to invest at least 2.5% of a fund’s corpus or ₹5 crore, whichever is lower. For Category III funds, the minimum is 5% or ₹10 crore, whichever is lower. The investment must be disclosed to investors and cannot be replaced with a waiver of management fees.
Fundraising figures provide context for the commitments, though they do not show how common large manager stakes are. EY and the Indian Private Equity & Venture Capital Association recorded $21.174 billion across 48 fundraises in the first half of 2026, compared with $10.137 billion across 55 in the first half of 2025. The 2026 tally includes Bain Capital’s $10.5 billion Asia Fund VI, so it does not represent fundraising solely for India.
The two commitments also measure different contributors. Motilal Oswal’s disclosed figure combines money from the group and its team; Agrawal’s reported plan covers him and Carnelian’s general partner team. Neither figure establishes how much an individual manager has invested, and the examples do not establish an industrywide change.
Agrawal told Mint that Carnelian was targeting a final close by December 2026.
