We build the capability,
not just the position.
A focused mandate, executed with precision.
Tavasya acquires stressed loans and securities below intrinsic value, acquires companies as a resolution applicant under the IBC, and co-invests alongside successful resolution applicants where its capital and capability accelerate the outcome.
It is this pitch, between distressed pricing and intrinsic value, which Tavasya calls home ground. The Fund does not depend upon market cycles for its returns. It generates them through resolution.
Three principles govern every rupee of investor capital.
- 01
Acquisition below intrinsic value. A lower entry price is the most durable form of downside protection. Each transaction is structured to secure asset cover at a multiple of capital invested, value that persists irrespective of the pace of resolution.
- 02
Alignment of Investor Economics. A hurdle rate of 14% IRR with no catch-up. Carry earned solely above the hurdle. Sponsor capital committed at several times the regulatory minimum. The Fund is rewarded only after its investors are.
- 03
Accelerated return of capital. The velocity of capital return, as much as the profit realised, determines an investor's returns. Tavasya structures its investments for early redemption, and the resulting advantage compounds materially in the investor's favour.
Capabilities built, not acquired.
Tavasya pursues a focused mandate executed with precision, across sourcing, underwriting, and the resolution of complexity.
Proprietary sourcing
Consistent monitoring of NCLT, SARFAESI and debt-market opportunities, supported by established relationships across leading public-sector banks, asset reconstruction companies, insolvency professionals and the country's principal legal and advisory firms.
Rigorous underwriting
Every investment must demonstrate tangible asset cover, defined resolution timing, a substantial discount to intrinsic value, a visible exit path, and an outcome the Fund can navigate on its own resources.
Command of complexity
Across multi-creditor security structures, dispute navigation and monetisation, with the ability to align stakeholder expectation such that it converts a stalled situation into an orderly exit.
Memo to partners · 2026 · New Delhi
Distress is not a verdict.
It is a mispricing.
When an enterprise enters distress, the underlying assets are not destroyed; they are mispriced. An operational road continues to collect tolls. An arbitration award awaits execution. Assets with substantial commercial potential remain trapped beneath a weak balance sheet.
The Fund does not depend upon market cycles for its returns. It generates them through resolution.
The market discounts such assets steeply, because their resolution demands capabilities that conventional managers rarely possess: the patience to track an opportunity over years, the legal fluency to engineer a clean resolution, and the pulse to align creditors and other stakeholders toward that outcome. It is this pitch, between distressed pricing and intrinsic value, which Tavasya calls home ground.