First Water Capital Advisors LLP

AUM (Cr.)

N/A

Clients

N/A

Inv. Approach

As On Date

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First Water invests exclusively in publicly listed Indian companies, following a long-only, value-driven, and highly concentrated portfolio strategy. The firm prioritizes intrinsic value creation at the portfolio level, rather than short-term fluctuations in individual stock prices. With a preferred investment horizon of 5–7 years, First Water allows its convictions to fully materialize. Its focus remains firmly on India—an economy the firm believes holds substantial long-term potential.

AIF Investments

AIF Investment Approach(s)		Returns
Investment Approach	Category	1 Yr Return	2 Yr Return	3 Yr Return	5 Yr Return	Inception Date
First Water Capital Fund	Multi Cap & Flexi Cap	0.28%	20.64%	29.72%	33.89%	Aug 2020
First Water Capital Fund -2	Multi Cap & Flexi Cap	1.64%	18.93%	NA	NA	Jul 2023

* All performance above are as on 31st October 2025, * Above 1 year returns are in CAGR*

Portfolio Managers

Mr Ricky Kirpalani

Fund Manager

As the Founder and Chief Investment Adviser of First Water Capital, Ricky is a logic-driven value investor with over 30 years of experience. His investment philosophy blends rigorous due diligence with a deeply intuitive grasp of how global, industry, and company-specific factors interact—supported by a strong macro perspective on evolving emerging markets. Before establishing First Water Capital, Ricky managed his own pool of capital, consistently generating alpha with a CAGR exceeding 30% over more than 15 years. His experience also extends to owning and advising businesses in Africa, giving him a first-hand understanding of operational realities, leadership challenges, and the nuanced internal dynamics that shape successful enterprises. This multifaceted background underpins his disciplined, high-conviction investment approach.

AMC Reg. Address

1403, Sorrento Building Hiranandani Gardens, Powai, Mumbai, Maharashtra, India, 400076 SEBI Reg No.: IN/AIF3/19-20/0710

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