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Novastar Partners, a new fund of funds (FoF) that aims to back India-focused venture capital and private equity funds by acting as a limited partner (LP), is targeting a ₹350 crore maiden fund. It has a green shoe option of ₹150 crore, according to a person familiar with the development. Registered as a Category II Alternative Investment Fund (AIF), Novastar Partners is looking to achieve its first close within the next four to six months. The fund seeks to provide investors with curated exposure to India’s private market ecosystem through partnerships with top-tier investment managers and high-quality private opportunities, offering a single, efficient entry point into the country’s growth story. “Our approach leverages deep relationships with fund managers, investors, and founders across the ecosystem. We provide curated exposure to India’s top private market opportunities through rigorous diligence, meaningful GP commitment, and an investor-first structure,” Dhruv Jhunjhunwala said in a statement. Novastar Partners — earlier known as Dhruva Investment Partners — joins a small but growing set of private fund of funds in India. This segment is largely dominated by government-led vehicles. Other notable private FoFs include HDFC FoF, Oister Global, and 360One, which focus on backing Indian new-age companies and startups. Jhunjhunwala, an alumnus of New York University’s Stern School of Business, previously worked at RBC Capital Markets in New York. Over the years, he has evaluated over 100 private market opportunities and invested in technology-driven businesses across e-commerce, SaaS, gaming, education, and consumer technology. His past investments include Capillary Technologies, R for Rabbit, AdmitKard, and Kratos Studios. Novastar’s General Partner Gaurav Sharma, an alumnus of Duke University, brings experience from Bridgewater Associates and APL, a Japan-based private investment firm. “India is entering its golden age, fuelled by robust macroeconomic growth, rising domestic consumption, and rapid digital adoption. This is a pivotal moment for private markets, and we’re building an optimised gateway for investors to capture the value creation ahead,” Sharma said. The firm plans to announce its initial fund partnerships in early 2026. Published on November 6, 2025
