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First Water Capital Advisors LLP – Portfolio Management Services (PMS)

First Water focuses on investing in companies that are publicly listed on Indian stock exchanges. The investment philosophy of the firm centres primarily on a long only strategy, with a value driven and concentrated portfolio approach. The focus is on intrinsic value maximization at a portfolio level rather than just market value of individual names. Our preferred investment time frame is around 5-7 years in order to allow our investment decisions to play out. Our focus is India, which is an economy that we believe has a long way to go.

Strategies

2

Investment Strategies & Performance

Alternative Investment Funds (AIF)

First Water Capital Advisors LLP Alternative Investment Funds (AIF) - Performance Returns
Strategy Category 1Y 3Y 5Y Inception

First Water Capital Fund

Multi Cap & Flexi Cap -5.50% 25.67% 28.03% Aug 2020

First Water Capital Fund -2

Multi Cap & Flexi Cap -1.00% — — Jul 2023

AIF investments carry market risks. Please read scheme documents carefully.

Portfolio Managers & Fund Management Team

Mr Arun Chulani

Fund Manager

Seasoned investment professional with over 20 years experience. Arun previously headed the Principal Investments team for Ikarus Petroleum Industries, a fund that focuses on the energy value chain with over USD 400m AUM. Arun has overseen investment opportunities in the manufacturing, shipping and chemical sector. Prior to Ikarus, Arun was with EY London before transferring to Dubai, where he was instrumental in building the Debt & Capital Markets division across the Middle East. He has led, designed and executed transactions for Sovereign Wealth Funds, FTSE 100 companies and Financial Institutions including QIA, Etisalat and ENDB. Arun is a Chartered Accountant (ICAEW), which he obtained while at Arthur Andersen and holds a MSc. Accounting and Finance from the LSE.

Mr Ricky Kirpalani

Fund Manager

As Founder and Chief Investment Adviser for First Water Capital, Ricky is a logic-based value investor with over 30 years of experience. His investment approach is fueled by passion and perseverance.His investment approach involves a combination of rigorous due diligence, an intuitive understanding of the correlation between global, industry, and company specific factors, and a macro perspective on the ever-changing landscape of the emerging markets. Prior to launching First Water Capital, Ricky was an independent business analyst and ran a pool of capital generating alpha with a CAGR north of 30% over a timeline of over 15 years. Additionally, Ricky has seen commerce from an owner’s viewpoint with interests in various industrial businesses in Africa and as financial advisor to a number of CEOs. This has allowed him to obtain a broader viewpoint of the internal dynamics and conflicts of operating and managing a business.

Interested in First Water Capital Advisors LLP?

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Regulatory Information

SEBI Registration: IN/AIF3/19-20/0710

Registered Office: 1403, Sorrento Building Hiranandani Gardens, Powai, Mumbai, Maharashtra, India, 400076

Disclaimer

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Last Updated: December 2025 · Published by Affluense AI (affluense.ai)