Branch 02 · Private Capital

AIF & PE.

11 funds across the family entities. Drawdowns, distributions and manager marks — reconciled fund by fund against the statements, never blended with the public book.

Capital drawn

₹30.52 Cr

Cash returned

₹17.96 Cr

net of TDS

Current NAV

₹31.15 Cr

Total value

₹49.11 Cr

Net TVPI

1.609x

DPI 0.588x

Reconciled

10 / 11

0 drifting · 1 unchecked

Fund	First drawn	Drawn	Returned	NAV	DPI	TVPI	XIRR	Status	Reconciled
Fireside Ventures Fund IIKartikeya Singhania	Feb 20206.5 yrs	₹5.00 Cr	₹2.78 Cr	₹13.49 Cr	0.556x	3.255x	+29.34%	Active	✓ 30 Jun 2026
Chiratae Ventures India Fund IVUjjwala Akshaypat Singhania	Aug 20197.0 yrs	₹4.90 Cr	₹0.46 Cr	₹6.53 Cr	0.094x	1.426x	+8.35%	Active	✓ 31 Mar 2026
TVS Shriram Growth Fund 3Akshaypat Singhania	Oct 20187.9 yrs	₹5.00 Cr	₹2.39 Cr	₹4.24 Cr	0.478x	1.326x	+7.23%	Active	✓ 31 Jul 2026
Fundamentum Partnership Fund IIShreyashi Singhania	Jun 20224.2 yrs	₹4.03 Cr	₹0.02 Cr	₹4.76 Cr	0.005x	1.188x	+10.90%	Active	✓ 30 Jun 2026
Avendus Future Leaders Fund IShashvat Singhania	Apr 20197.3 yrs	₹2.50 Cr	₹3.48 Cr	₹0.58 Cr	1.393x	1.625x	+9.77%	Active	✓ 31 Mar 2026
India Realty Excellence Fund IVAkshaypat Singhania	Aug 20188.0 yrs	₹2.41 Cr	₹3.43 Cr	no mark published	1.423x	—	+12.43%fund-stated	Extension	✓ 09 Jul 2026
Singularity Equity Fund IAkshaypat Singhania	Jun 20263 mo	₹1.50 Cr	₹0.00 Cr	₹1.53 Cr	0.000x	1.022x	—held under a year	Active	✓ 30 Jun 2026
TVS GF3 Co-InvestmentAkshaypat Singhania	Mar 20206.5 yrs	₹0.50 Cr	₹0.00 Cr	no mark published	0.000x	—	—no valuation published	Active	not yet checked
Investcorp SCORE FundTrident Retail Ventures Private Limited	Sep 20169.9 yrs	₹2.00 Cr	₹2.85 Cr	realised	1.423x	1.423x	+9.78%	Winding up	✓ 06 May 2026
India Realty Excellence Fund IIIAkshaypat Singhania	Oct 20214.9 yrs transferred in	₹1.68 Cr	₹1.31 Cr	no mark published	0.780x	—	—no valuation published	Winding up	✓ 31 Mar 2026
Nippon India Yield Maximiser 3Akshaypat Singhania	Dec 20169.7 yrs	₹1.00 Cr	₹1.24 Cr	₹0.02 Cr	1.239x	1.256x	+6.51%	Winding up	✓ 29 May 2026
Whole book — 11 funds	Sep 20169.9 yrs	₹30.52 Cr	₹17.96 Cr	₹31.15 Cr	0.588x	1.609x	+14.25%7 funds	7 active · 1 extension · 3 winding up	10 / 11 tied

Reading this table. Every fund the book holds, in one table. 7 carry a manager's mark. 3 are live but unmarked — the manager publishes no valuation, so NAV and TVPI say no mark published rather than showing a zero; DPI and any fund-stated return still stand. 3 funds are winding up and sit at the foot, kept in the book because the cash they returned is still real — realised there means the fund returned everything and holds nothing, which is not the same as never having been marked.

Performance vs public markets

Same money, same dates, two destinations. Every rupee these 7 funds called, and every rupee they paid back, put instead into Midcap 150 and Smallcap 250 — whichever of those two that fund is measured against. The first two rows are identical on both sides — that is the point — so the whole comparison comes down to the last row: what is still held today.

	7 of your 11 funds	Midcap 150 (4) · Smallcap 250 (3)
You paid in	₹24.93 Cr	₹24.93 Cr
Paid back to you so far	₹11.98 Cr	₹11.98 Cr
Still held today	₹31.13 Cr	₹38.78 Cr
Which works out at, per year	+14.68%	+18.80%

Your funds are holding ₹7.65 Cr less than the same money in Midcap 150 and Smallcap 250 would be holding today.

Why compare it this way: a fund calls your money when it chooses and returns it when it chooses, so quoting an index’s return over the same calendar years assumes a lump sum sat invested throughout, which it did not. Matching the dates rupee for rupee is the only like-for-like version. Venture funds are measured against Smallcap 250 and growth/PE funds against Midcap 150. This table always uses a tradeable index, which is why TVS and Avendus appear here against Midcap 150 even though the panels below judge them against their stated 10% hurdle — a hurdle is a contract term, not somewhere the money could have gone. There is no single broad-market number here because no fund in this book is benchmarked against one.

The other 4 funds are not in this comparison. Nippon India Yield Maximiser 3 is a credit fund — no equity index is the alternative to structured debt or real-estate credit; India Realty Excellence Fund III, India Realty Excellence Fund IV and TVS GF3 Co-Investment publish no valuation, so there is nothing to compare.

Each fund, against its own benchmark

3 of 8 funds are ahead of their own benchmark. Best: Fireside Ventures Fund II +10.1 pp. Worst: Chiratae Ventures India Fund IV -8.3 pp. The benchmarks differ by fund on purpose: a venture fund, a real-estate credit fund and a growth-PE fund are not judged by the same yardstick. Each panel names the one it uses and where it comes from.

Fireside Ventures Fund II +10.1 pp ahead

Smallcap 250 — this fund's own cash flows, same dates, put into the index instead

India Realty Excellence Fund IV fund-level +3.8 pp ahead

CRISIL AIF Cat II, FY19 vintage, 58 schemes, at 2025-03-31

India Realty Excellence Fund III fund-level +3.1 pp ahead

CRISIL AIF Cat II, FY16 vintage, 17 schemes, at 2025-09-30

Avendus Future Leaders Fund I -0.2 pp behind

Avendus FLF I PPM, Apr 2026, p182 — Hurdle 10% pa

TVS Shriram Growth Fund 3 -2.8 pp behind

TVS SGF 3 PPM, Annexure A p192 — Hurdle Rate, Class A1–A5

Fundamentum Partnership Fund II -4.6 pp behind

Smallcap 250 — this fund's own cash flows, same dates, put into the index instead

Investcorp SCORE Fund -5.4 pp behind

Midcap 150 — this fund's own cash flows, same dates, put into the index instead

Chiratae Ventures India Fund IV -8.3 pp behind

Smallcap 250 — this fund's own cash flows, same dates, put into the index instead

Not charted: Nippon India Yield Maximiser 3: a credit fund has no equity index that is its alternative; Singularity Equity Fund I: held under a year, so there is no annual return yet; TVS GF3 Co-Investment: no valuation published, so there is no return to compare.

Notes.

Which benchmark. Per fund, the best source available: the manager’s own vintage-matched CRISIL AIF Category II comparison where it publishes one, else the hurdle in the fund’s PPM, else the public index closest to its strategy. Credit funds get none.
IREF III and IV are fund-level. Neither publishes a folio valuation, so the chart shows the manager’s pooled scheme IRR — the fund’s result, not this folio’s.
TVS valuation. Carried at ₹4.24 Cr, its published NAV of ₹943.9774 per unit at 31 March 2026, valued by BDO Valuation Advisory LLP under IPEV guidelines.
Why some funds show no return. An XIRR needs a closing value. Where a manager publishes no folio valuation — IREF III and the TVS co-investment — there is nothing to close the calculation on, and running it on cash alone would report a loss the manager has never stated. Their DPI is real and still shown.
Reconciliation. Every fund is checked against its own statement on each recompute; 10 of 11 tie exactly.
Net of tax. Distributions are shown net of TDS, treated per fund from its own statement rather than by one blanket rule.