ICICI Pru PIPE Strategy is ICICI Prudential Alternates' PMS strategy that invests predominantly in mid and small cap companies enjoying an economic moat, undergoing special situations, or caught in an unfavourable business cycle. Rather than waiting for a clean growth story to emerge, it looks to buy businesses while they are still mid cycle, priced for their current troubles rather than their underlying quality. Every opportunity is evaluated through the BMV framework, business, management and valuation, aiming to combine three sources of return: earnings growth, a potential re-rating as demand and margins recover, and a margin of safety from buying at a price that already reflects the bad news.