AIF · Equity · CAT III - Mid/Small Cap
IKIGAI Small Cap Fund
Fund size₹3,837 Cr
IRRSince inception27.03%
Minimum investment₹1 Crore
Fund age5 mo
From the research desk
Investing in a a broader pricing opportunity
IKIGAI Small Cap Fund is IKIGAI Asset Managers Small Cap PMS strategy from a boutique India focused investment manager. It is founded on the view that the small cap universe offers a broader pricing opportunity that is less efficiently set than the larger cap universe, and that returns are increasingly driven by fundamental differentiation between companies.
Built for stock picking, not index riding
Positioned for a phase of the small cap market where the opportunity lies less in capturing broad index returns and more in identifying businesses capable of delivering sustainable earnings through market cycles.
Forensic checks reach all the way to the promoter
Due diligence covers cash conversion, working capital, auditor quality, related party transactions and promoter history, specifically to catch governance risks before they show up in the numbers.
No leverage, no shortcuts
Manages risk through position sizing and sector exposure limits alone, with no leverage, short selling or derivative usage anywhere in the portfolio.
Fund Manager
Pankaj Tibrewal
Pankaj Tibrewal
Founder & CIO, Ikigai
Pankaj Tibrewal is the Founder and CIO of IKIGAI Asset Manager. He spent over two decades in fund management, including a 14-year stint at Kotak Mahindra AMC where he ran the Kotak Emerging Equity Fund, Kotak Small Cap Fund and the equity portion of Kotak Equity Hybrid Fund, together managing assets of roughly Rs 56,000 crore. He grew Kotak Emerging Equity Fund from about Rs 113 crore to Rs 36,000 crore and Kotak Small Cap Fund from about Rs 127 crore to Rs 13,000 crore. He holds a Bachelor's degree from St. Xavier's College, Kolkata and a Master's in Finance from the University of Manchester, and has been recognised among India's top fund managers by Outlook Business, The Economic Times and Morningstar.
Managing AUM–
Growth of₹Cr
IKIGAI Small Cap
Returns: How it has done
Scheme / BenchmarkYTD1Y2Y3Y5YSince inception
IKIGAI Small Cap—————27.03%
Nifty Smallcap 2502.65%————23.00%
Excess over benchmark—————4.03%
Returns up to one year are absolute; two years and above are annualised (CAGR). YTD is calendar-year-to-date. As on 31 Aug 2026.
Portfolio Details : Where the money actually sits
Stocks
48
P/E ratio
28.00
Median market cap
₹16,220 Cr
Asset class
Equity
Market cap
Large cap5.83%
Mid cap16.04%
Small cap76.20%
Cash & others1.93%
As on 31 Aug 2026
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