The Wealth Company, formerly known as Pantomath Capital Management, is gearing up to launch its fourth fund, Bharat Value Fund (Series-IV), with a corpus exceeding ₹3,000 crore. Meanwhile, the Mumbai-headquartered firm aims to raise about ₹10,000 crore within a year to capitalise on promising equity investment opportunities across various sectors.

The Wealth Company ventured into the alternative investment space in 2022 with its first CAT-II AIF, India Inflection Opportunity Fund (IIOF), which had a total size of ₹500 crore and reached its final close in November 2023.

The company then launched Bharat Value Fund (Series-II) in April 2024, securing commitments of ₹1,800 crore and achieving full subscriptions by August 2024. The latest fund, Bharat Value Fund (Series-III), was introduced in October 2024 with a total size of ₹2,500 crore, comprising a ₹1,500 crore corpus and a green shoe option of up to ₹1,000 crore. It has already received commitments exceeding ₹1,500 crore.

“This third fund will be fully deployed by the end of this month. We are launching our fourth fund — Bharat Value Fund (Series-IV) — this month, with a target size of over ₹3,000 crore. The fund will focus on manufacturing, ‘Make in India, Make for the World,’ and rural consumption sectors. Our goal is to close it within six months to a year, as we have successfully done in the past. However, the current market conditions are slightly challenging,” said Madhu Lunawat, Managing Director of The Wealth Company Asset Management Pvt Ltd.

She stated that the company primarily works with mid-market enterprises rather than large corporates. “These businesses, despite their high potential, often lack access to structured equity funding. Our role is to identify and support these enterprises located across clusters, helping them grow sustainably and profitably,” she added.

Over the last two years, the company’s funds have made more than 20 investments. The company typically targets firms with annual revenues of ₹500 crore and above, with an average investment size ranging from ₹150-200 crore, acquiring an average equity stake of 15 per cent. “As part of our strategy, we also facilitate co-investments, enabling our fund investors to invest alongside us,” Lunawat said.

“Many private equity funds and investors focus exclusively on revenue growth, often overlooking profit margins. Our approach is different—we ensure both top-line and bottom-line growth. Unlike large PE funds that push companies to scale aggressively, we emphasize profitability,” she said. “While we invest in growth-stage companies, our valuations are always based on profit after tax (PAT) and industry multipliers.”

The company raises funds from high-net-worth individuals, family offices, and international investors from Dubai, Qatar, Singapore, and Kenya.