PPFAS Alternate Asset Managers IFSC Private Limited is a subsidiary of Parag Parikh Financial Advisory Services Limited (PPFAS)
It was set up in GIFT City in November 2024, with an intention of expanding the bouquet of services and products that could be offered to clients utilizing the GIFT platform. It operates as a Retail Fund Management Entity (Retail FME) regulated by the International Financial Services Centres Authority (IFSCA). Through the GIFT City IFSC platform, it currently offers Portfolio Management Services (PMS) and outbound retail investment schemes to eligible investors. The planned launch of inbound investment offerings will further broaden its product range and support the continued expansion of its investment and wealth management capabilities.
Rajeev Thakkar
Rajeev Thakkar possesses over 2 decades of experience in various segments of the Capital Markets such as investment banking, corporate finance, securities broking and managing clients' investments in equities.
His tenure at PPFAS began in 2001. His passion for researching and analysing the fundamentals of companies was evident from the very beginning and very soon he was heading the Research division at PPFAS.
His responsibilities soon expanded as he was appointed the Fund Manager for the flagship scheme of the Portfolio Management Service, titled "Cognito" in 2003.
Rajeev is a strong believer in the school of "value-investing" and is heavily influenced by Warren Buffet and Charlie Munger's approach...
Apart from his technical ability, what distinguishes him from many others is his ability to stand his ground and remain unflappable during difficult times...
A very impressive aspect about Rajeev is that even before he was appointed the CEO (in 2007), he was always observant about various aspects of the business...
Rajeev's academic inclination is evident in the plethora of degrees earned by him. He is a Chartered Accountant, Cost Accountant, CFA Charterholder and a CFP Certificant.
Nirmal Bari
Nirmal Bari possesses more than 11 years of experience in Equity Research, Private Equity & Venture Debt. In his current role, he is actively involved in coverage of listed Indian & Global companies.
As the Principal Officer at PPFAS GIFT City, he is responsible for the overall operations of the FME encompassing fund operations, compliance, and governance.
At Nuvama Asset Management, Nirmal evaluated private equity deals and helped deploy INR 950+ Crores. He managed IPO exits, sourced venture debt deals, and tracked regulatory developments in the BFSI sector.
He spent over 6 years at Sameeksha Capital as an Equity Research Analyst covering BFSI, IT, and Auto sectors. His contributions influenced top-quartile portfolio performance and he also mentored junior analysts and optimized research workflows.
Nirmal holds a PGDM from MDI Gurgaon and a BE in Mechanical Engineering from M.S. University, Baroda.
Dhinal Shah
Dhinal is a practicing advocate and Chartered Accountant with more than 30 years of experience in taxation, exchange control, insolvency, and corporate laws.
He has advised Indian corporates and multinationals on transfer pricing, corporate tax, and IFRS.
A former partner at EY, Dhinal has held positions such as Central Council Member of ICAI and Chairman of the Direct Tax Committee of the Gujarat Chamber of Commerce.
He has co-authored a book, presented papers at seminars, and contributes articles to professional journals including ICAI publications.
Viral Jhaveri
Viral has over two decades of experience in research management, portfolio management, and industrial management.
He has managed model portfolios and conducted in-depth sector research.
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Nirmal Bari – Principal Officer
Nirmal Bari possesses more than 11 years of experience in Equity Research, Private Equity & Venture Debt. In his current role, he is actively involved in coverage of listed Indian & Global companies. In addition, as the Principle Officer at PPFAS GIFT City, he is responsible for the overall operations of the FME encompassing fund operations, compliance, and governance.
Prior to this, at Nuvama Asset Management, Nirmal played a key role in evaluating late-stage private equity deals and was part of the team successfully deploying INR 950+ Crores across multiple transactions. He also managed the operational process for an IPO exit, coordinating seamlessly with investment bankers and internal stakeholders. He was responsible for sourcing venture debt deals by building a strong network with investment bankers, venture capitalists, and private equity firms. Additionally, he was instrumental in tracking industry trends, regulatory changes, and emerging opportunities and risks in the BFSI sector. He was designated as the Principal Officer for the AIF funds launched from GIFT.
Earlier, he spent over six years at Sameeksha Capital as an Equity Research Analyst, where he was responsible for investment idea generation and sector research, with a focus on BFSI, IT, and Auto. The research process emphasized high-quality companies with strong return on invested capital, free cash flow generation, and long-term growth potential, valued using a proprietary dynamic DCF and ERoE model. His recommendations were influential in Sameeksha consistently achieving top quartile portfolio performance. Additionally, he played a leadership role in mentoring junior analysts, streamlining research processes, implementing automation as well as taking care of certain additional responsibilities pertaining to hiring and training.
Nirmal did his PGDM from Management Development Institute, Gurgaon, where he studied value investing under Prof. Sanjay Bakshi and also got his first hand experience in portfolio management as a part of Unnati, the inhouse investment & research group at MDI. He pursed BE in Mechanical Engineering from Faculty of Technology, M.S. University, Baroda.
Purvesh Pandit – Compliance Officer and Company Secretary
Purvesh Pandit is the Compliance Officer and Company Secretary at PPFAS IFSC, where he combines his expertise in corporate law and company secretarial functions to ensure regulatory compliance and support the company’s operations
With over a decade of experience, Purvesh has successfully managed complex corporate assignments, including mergers, acquisitions, IPO, private equity transactions, start-up fund raising and high-stake due diligence. His in-depth knowledge of corporate governance, statutory compliance, stakeholder relations and the AIF sector has been instrumental in guiding corporates and fund managers through compliance challenges in his previous roles.
Purvesh holds a Bachelor's degree in Law (LLB), a Master’s degree in Commerce (M.Com), and has been a member of the Institute of Company Secretaries of India since 2015.
Akshay Falgunia – Fund Manager
Akshay Falgunia is an investment professional with more than 7 years of experience in equity research, covering a wide range of sectors across both Indian and global markets. Throughout his career, he has developed a deep understanding of financial analysis, market dynamics, and strategic insights, enabling him to identify high-potential opportunities and mitigate risks effectively.
His expertise spans across company valuations, financial modeling, and in-depth sector analysis, providing a solid foundation for crafting well-balanced and growth-oriented investment strategies. He is a Chartered Accountant.