Leadership

S. Sriniwasan (Srini) heads Kotak Alternate Asset Managers Limited ((Kotak Alts). He is also a part of the Group Management Council that drives Kotak Mahindra Group’s growth charter.

Srini has played a crucial role in setting up and building the different asset classes in Kotak Alts including Real Estate, Infrastructure, Special Situations & Credit, Private Equity and Investment Advisory. Overall, Kotak Alts has raised / advised ~USD 9.3 billion in funds across these asset classes. As one of the earliest fund managers to raise and invest capital in India, Srini has introduced significant financing, financial structuring and negotiating skills in the alternate assets industry. Srini joined the Kotak Mahindra Group in 1993.

Prior to Kotak Alts, he was a part of Kotak’s investment banking joint venture with Goldman Sachs from inception in 1995, and was co-head of Kotak Investment Banking until 2005. At Kotak Investment Banking, Srini advised leading domestic and international companies on capital raising, M&A and strategic divestitures.

Srini Sriniwasan is a member of the Confederation of Indian Industry (CII) subcommittee on Capital Markets. He is also a Board member of Asia Pacific Real Estate Association Limited (APREA) & Co-Chairman of the India Chapter. He is also a member of the Governing Council of Global Real Estate Institute (GRI) – India Chapter. He is a Member of the Executive Committee at the Indian Private Equity & Venture Capital Association (IVCA) and is a Member of the Private Credit Council at Emerging Markets Private Equity Association (“EMPEA”).

Srini holds a Bachelor's degree in Commerce from Delhi University and an MBA from the Institute of Management Technology (IMT), Ghaziabad.

Srini Sriniwasan Managing Director

Eshwar Karra joined the Kotak Group in 2000 and brings with him over two decades of financial services experience. He is part of the core leadership team at Kotak Alternate Asset Managers Limited (Kotak Alts).

Eshwar Karra was the CEO of Kotak Special Situations Fund where he oversees investments across all special situations, credit and stressed assets opportunities. The fund strategy is to invest in opportunities across all asset classes with a flexible approach to investing and structuring.

Prior to Kotak Special Situations Fund, Eshwar was the CEO of Phoenix Asset Reconstruction Company (a Kotak sponsored ARC) which had an AUM of USD 1 billion. During his 5 year tenure at Phoenix, he made investments across all major sectors and successfully resolved investments.

Eshwar was the founding member of the distressed assets business at Kotak and has helped the group in successfully investing over INR 2,500 crores (USD 417 million) of its proprietary capital in distressed assets. He has built time tested expertise in identifying distressed opportunities, structuring and executing complex financial transactions as well as securing profitable exits.

Eshwar holds a Bachelor's degree in Commerce from the University of Pune and is a Management graduate from the Institute of Management Development and Research, Pune.

Eshwar Karra Deputy Managing Director

Rajeev Saptarshi joined Kotak Alternate Asset Managers Limited as the Chief Operating Officer in November 2013. He is a Whole-Time Director and on the Board of Kotak Alternate Asset Managers Limited. He is responsible for the Finance, Compliance, Operations and Investor Relations functions of the entire alternate assets practice of the Kotak Group.

Rajeev brings with him a wealth of experience in dealing with the regulatory authorities and is well versed with fund structuring and compliance. Rajeev has been with the Kotak Group for over 30 years during which he has held several senior management roles across different businesses. In his earlier roles, Rajeev was the Chief Operating Officer of the Institutional Equities business at Kotak Securities Limited, where he led technology initiatives and also headed the Operations and Finance functions. He was also the Chief Financial Officer of Kotak Mahindra Capital Company, the Investment Banking arm of the group where he managed finance and operations.

Rajeev is a Chartered Accountant and a Company Secretary.

Rajeev Saptarshi Whole-Time Director & Chief Operating Officer

Vikas Chimakurthy joined the Kotak Investment Bank in 1999 and has over 21 years of work experience in the financial services industry.

Vikas moved to Kotak Realty Fund in 2007. He is a Chief Executive Officer at Kotak Realty Fund where he oversees fund raising and investments and divestments.

Prior to Kotak Realty Fund, Vikas was in the M&A team of Kotak Investment Banking. His last role was as the Head of the Real Estate and Energy Sector Verticals. He had set up the coverage of the realty sector for Kotak Investment Banking. He has led several M&A transactions across sectors such as energy, telecom, technology, media and chemicals. He was also appointed as Part Time Advisor to the Board of IL&FS after Government of India took control to resolve the issues.

Vikas holds a Bachelor's degree in Technology from the Indian Institute of Technology (IIT) Delhi, and an MBA from Faculty of Management Studies (FMS), Delhi University.

Vikas Chimakurthy CEO – Realty Funds

Rahul has been with Kotak Special Situation Fund since inception and plays a pivotal role across all the facets of its operations, including Fund Raise, Investor Interaction, Deal Origination, Investment, and Asset Management. As a representative of Kotak Special Situation Fund on the board of several Investee companies, he makes significant contribution in the strategic decision making, especially where the Fund has taken a controlling stake. Rahul has more than 16 years of diverse experience across Alternate Asset Investments, Investment Banking, Credit Rating and Management Consulting.

Rahul has been a part of the Kotak group for the past decade and prior to that he worked with CRISIL and A.F.Ferguson Consulting. He has hands-on experience of originating, structuring, and investing in transactions across sectors, situations, and capital stack.

Rahul is a Chartered Accountant and has a Master’s in Business Administration.

Rahul Chhaparwal Managing Partner

Rahul Shah has joined Kotak Alternate Asset Managers in 2012 and brings with him more than two decades of experience across private equity, investment banking and treasury, of which the last 16 years were in Alternate Assets.

Rahul Shah was a Partner at Kotak Strategic Situations Fund (KSSF) and is part of the core leadership for this strategy since inception and is involved in strategy, fund raise, investments and asset management. Rahul Shah has been instrumental in incubating the Kotak Data Center Fund, been a key member in Kotak Private Equity and also led the early stage life sciences investments strategy at Kotak Alternate Asset Managers Limited.

Prior to joining Kotak, Rahul worked with Multiples Alternate Asset Management and Fidelity Growth Partners India where he was involved in several growth private equity transactions across IT, telecom, banking, services and infrastructure.

Before moving to Private Equity, Rahul worked in the Treasury and Investment Banking Group of ICICI Bank for 4 years where he led the TMT initiative for the Investment Banking group of the Bank.

Rahul is a CA, CS, CFA, FRM and MBA from INSEAD.

Rahul Shah Managing Partner

Sonu Jalan joined the Kotak Group in 2006 and has over 20 years of professional experience.

Prior to that, he was a Vice President at Kotak Investment Banking, covering the Financial Sponsors Group and the Alternate Energy practice. At Kotak Investment Banking, Mr. Jalan has worked on a wide range of sectors including, among others, renewable energy, healthcare, financial services, and industrials and was involved in marquee transactions such as the USD 104 million growth equity raise by Apollo Hospitals from Apax Partners, USD 175 million equity raise by Mahindra & Mahindra from Goldman Sachs PIA, USD 175 million buyout of Sigma Electric by Goldman Sachs PIA and USD 50 million growth equity investment in Magma Fincorp by KKR.

Sonu Jalan is a Chartered Accountant and has cleared all three levels of the Chartered Financial Analyst (CFA Institute, USA) program.

Sonu Jalan Managing Partner, Real Estate

Amit Jain is a Partner at Kotak Alternate Asset Managers Limited and brings with him two decades of experience in the Indian Credit markets. Prior to joining Kotak Alts, Amit was instrumental in setting up the Infrastructure Credit vertical at Kotak Mahindra Bank and contributed meaningfully to the healthy growth of this portfolio as part of Wholesale Bank. During his stint with Kotak Mahindra Bank, he played a vital role in setting up credit evaluation and monitoring frameworks for large infra projects across Renewable Energy, Roads, Transmission, Ports, Thermal Power, Smart Meters etc. In addition to this, he also managed Credit for the Structured Finance and Metals & Mining portfolio of the Bank prior to joining KAAML. Over nearly two decades with Wholesale Banking - Credit, Amit has managed Credit portfolios across multiple industries and multiple segments such as Conglomerates, MNCs, BFIG, Large Corporate and Mid Markets. He brings rich credit experience across business cycles, diverse industry connects and deep understanding of Indian markets.

Amit had been part of Kotak Young Leaders Council and worked on multiple strategic level projects across the firm. He has also won the coveted “The Economic Times Young Leader” award. Amit is a CFA, FRM and MBA from NMIMS, Mumbai.

Amit Jain CEO – Real Assets

Tejal Shah holds a B.S. in Electrical Engineering from Duke University, USA, where he graduated Summa Cum Laude. With over 23 years of extensive experience in asset management and wealth management, Tejal has held several key positions throughout his career. He served as the Regional Head (Gujarat) at Zurich Mutual Fund from 2001 to 2003, and then as the Investment Counselor at Citibank NA for Gujarat and Madhya Pradesh, In 2007, Tejal joined Kotak Private Banking as the Head of Client Relations for Gujarat and Madhya Pradesh. Over his 17-year tenure at Kotak Private, he has successfully managed client relations teams across various Tier II markets and Bengaluru and was a senior member of the investment advisory practice during 2021-22. Currently, he is the Executive Director and Business Head for Gujarat, Rest of Maharashtra, and Goa.

Beyond his professional achievements, Tejal Is an avid sports enthusiast who plays badminton dally and passionately follows tennis and basketball. He maintains a strong focus on health and longevity, and his love for reading spans books, periodicals, and publications on diverse topics, including economics, finance, and history. Tejal also enjoys listening to both classical and rock music, adding a rich cultural dimension to his dynamic personality.

Tejal Shah CEO - Private Client Investment Advisory Services

Rahul joined Kotak in Sep 2015, He is Partner – Asset Management. He is responsible for end-to-end asset management of all real estate investments across all funds.

Rahul brings with him rich experience in handling diverse functions of asset management. He is performing a pivotal role in providing comprehensive assessment of ongoing portfolio investments to the investment team as well as management. He also overseas compliance investor communication and reporting for ongoing funds.

Apart from active asset management, Rahul is also responsible for pre investment technical and statutory assessment, which is a crucial for overall investment evaluation, providing team valuable inputs on project costs, approvals and timelines.

Rahul has over 24 plus years of experience.

Rahul Deshpande Co-Head, Asset Management

Dhiraj Rajendran is a Partner in the Private Equity business at Kotak Alternate Asset Managers Limited (“KAAML”). He is a member of the investment team and has extensive experience in private equity investing across sectors such as healthcare, technology and consumer. Over the years, he has built a strong track record of evaluating and investing in companies across different stages of growth, while managing all aspects of the investment lifecycle, including deal sourcing, business diligence, investment committee presentations and transaction execution.

Dhiraj joined KAAML in 2008 and has since played an important role in identifying and executing investment opportunities, supporting portfolio companies and contributing to the growth of the private equity platform.

Prior to joining KAAML, Dhiraj was part of the Corporate Advisory Group at Kotak Mahindra Bank, where he focused on mid-market investment banking transactions with a particular emphasis on private equity fund raising. In this role, he advised clients on strategic transactions, engaged with private equity investors and supported the execution of growth-oriented capital raising mandates.

Earlier, Dhiraj worked with J.P. Morgan Services India Private Limited as part of the investment banking research division, supporting the M&A advisory team across the consumer, healthcare and retail sectors in Europe. He began his career with Thermax Limited, where he was a member of the treasury team responsible for investment management, cash management and banking operations.

Dhiraj holds a Post Graduate Degree in Management from Narsee Monjee Institute of Management Studies (NMIMS), Mumbai, and a Bachelor of Engineering in Production Engineering from D.J. Sanghvi College of Engineering, Mumbai. He has also completed the NISM certification requirements applicable to Alternative Investment Funds.

Dhiraj Rajendran Partner, Kotak Alts

Gaurav Sarayan is a Partner at Kotak Alternate Asset Managers Limited (“KAAML”), where he focuses on residential investments and strategic opportunities across the real estate platform.

With nearly two decades of experience across capital markets, merchant banking, M&A advisory, corporate banking and private banking, Gaurav brings a diverse financial services perspective to real estate investing. Over the years, he has developed extensive expertise across the real estate capital stack, spanning structured credit, construction finance, high-yield debt and equity investments. His experience covers both investing and capital raising across various stages of the real estate project lifecycle.

At KAAML, Gaurav has been instrumental in sourcing, evaluating and executing investment opportunities across the residential real estate sector. He has led and managed investments exceeding INR 1,000 crore and has worked closely with some of India’s leading real estate developers, including DLF, Phoenix Mills, Prestige Group, My Home Group and Lodha, among others.

Gaurav has been associated with the Kotak Group for nearly 17 years and has held roles across multiple businesses, providing him with deep insight into investment management, capital markets and transaction execution.

He holds a Post Graduate Diploma in Management with specialization in Finance and Strategy from the Indian Institute of Management, Lucknow. He is a CFA Charter holder, holds the Financial Risk Manager (FRM) designation, and earned a Bachelor's degree in Computer Engineering from Mumbai.

Gaurav Sarayan Partner

Ankit Deora joined Kotak in July 2021. He is a seasoned credit professional with 15+ years of diverse experience in the areas of risk assessment across large corporates, structured finance and distressed asset credit. At Kotak, he manages manages the KAAML portfolio, which is diversified across sectors and strategies (including buyout deals, listed equity and debt instruments) each of which require unique and nuances approach.

Prior to joining Kotak, Ankit spent 4+ years at Edelweiss wherein he was responsible for managing the credit risk for AUM of ~USD 1.5 billion for Edelweiss Distressed Asset Business. Prior to that, he was working with ICRA for 8 years executing credit rating assignments of listed/unlisted corporate entities encompassing diverse sectors. Ankit holds a Bachelor of Management Studies (BMS) degree from NM College (Mumbai University) and an M.B.A. from Narsee Monjee Institute of Management Studies (NMIMS), Mumbai. He has also completed CFA from CFA institute, USA.

Ankit Deora Co-Head, Asset Management

Mr. Nishant Kumar has been associated with Kotak Group since October 2019. Prior to joining Kotak Discretionary Solutions team, he was heading the investment advisory division at Kotak Alternate Asset Managers Limited overseeing investment assets of over 500+ UHNI families. He has over 19 years of experience in the wealth management industry across Investment Advisory, Product Management, Investment Products Distribution and Investment Strategy.

Prior to joining Kotak, he has worked with IIFL, Citibank N.A. and ICICI Bank in various roles.

Nishant Kumar Head – Discretionary Solutions

Dr. Ashish Ranjan leads the firm’s healthcare and life sciences private equity investment strategy through the Kotak Life Sciences Fund (KLSF). Uniquely bridging the gap between advanced scientific rigor and sophisticated investment structuring, Dr. Ranjan brings nearly two decades of deep domain experience in investing across the life sciences, healthcare, and biotech landscapes.

At Kotak Alts, his mandate focuses on identifying and backing high-conviction, early-to-growth-stage companies that are poised to shape the next decade of healthcare innovation. His strategic investment focus spans pharmaceuticals, biotechnology, medical devices, digital health, and diagnostics. Dr. Ranjan is a strong advocate for scalable, affordable, and IP-led indigenous technologies - ranging from breakthrough cell and gene therapies (such as bispecific CAR-T platforms) to institutionalized regional care ecosystems. By combining his PhD-level academic foundation with comprehensive private market expertise, he partners closely with visionary founders to build resilient, long-term value and elevate medical capabilities from India.

Dr. Ashish Ranjan holds a PhD in Molecular Medicine & Stem Cell Biology from Humboldt University of Berlin and an MS in Business Administration & Bio-entrepreneurship from Copenhagen Business School.

Dr. Ashish Ranjan Director, Private Equity

Rupanjana Ray is a strategic HR leader with over 20 years of experience across Banking, Financial Services, Capital Markets, and Alternate Assets. She leads the people agenda at Kotak Alternate Asset Managers

Rupanjana Ray is a strategic HR leader with over 20 years of experience across Banking, Financial Services, Capital Markets, and Alternate Assets. She leads the people agenda at Kotak Alternate Asset Managers, driving talent strategy, leadership hiring, organizational development, performance management, and culture transformation. Partnering closely with business leaders to build high-performing teams and drive sustainable growth. Prior to this role, she served as CHRO at Monarch Networth Capital and has held several HR leadership positions within the Kotak Group. She is an alumnus of IIM Calcutta’s Executive Programme in Human Resource Management and holds a Master’s degree in Human Resource Management.

Rupanjana Ray Head – Human Resources, Kotak Alternate Asset Managers Limited

Sanjay Mitra is – Head of Legal, Compliance & Secretarial and also the Chief Risk Officer of the firm. He has over 27 years of experience spanning legal strategy, regulatory compliance, corporate governance and fund structuring. Over the course of a distinguished career in private equity and financial services, he has led legal and compliance functions for multi-billion-dollar fund platforms and listed entities, bringing deep institutional expertise to complex business and governance matters.

He has advised on more than 100+ investments and 100+ exits, structured funds across India and multiple offshore jurisdictions, and overseen sophisticated cross-border legal, regulatory and litigation matters. His experience spans acquisitions, divestments, joint ventures, fund formation, stakeholder engagement and listed company secretarial responsibilities, underpinned by a proven ability to navigate high-stakes domestic and international transactions with sound judgement and strategic clarity.

Prior to joining Kotak he was Senior Managing Partner, General Counsel and Company Secretary of the private equity arm of IL&FS. He started his career with Larsen & Toubro Limited, where he worked across legal and secretarial functions, supporting significant corporate transactions, joint ventures and compliance initiatives. Sanjay is recognised for bringing legal rigour, governance discipline and commercial acumen to institution-building and long-term value creation.

Sanjay Mitra Head of Legal, Compliance & Secretarial