Novastar Partners, a newly established fund of funds (FoF), is focused on supporting India-oriented venture capital and private equity funds as a limited partner (LP). The firm is aiming to raise ₹350 crore for its inaugural fund, with an additional green shoe option of ₹150 crore, according to sources familiar with the matter.
Registered as a Category II Alternative Investment Fund (AIF), Novastar Partners plans to reach its first close within the next four to six months. The fund aims to offer investors a curated entry point into India’s private market ecosystem by partnering with leading investment managers and providing high-quality private opportunities.
“Our approach leverages deep relationships with fund managers, investors, and founders across the ecosystem. We offer curated exposure to India’s top private market opportunities through rigorous diligence, significant GP commitment, and an investor-first structure,” stated Dhruv Jhunjhunwala, co-founder of Novastar.
Previously known as Dhruva Investment Partners, Novastar Partners enters a growing niche in India’s private fund of funds sector, which is mostly dominated by government-led initiatives. Other notable private FoFs include HDFC FoF, Oister Global, and 360One, all of which are focused on investing in new-age companies and startups in India.
Jhunjhunwala, a graduate of New York University’s Stern School of Business, has an extensive background, having worked at RBC Capital Markets in New York. Over the years, he has assessed more than 100 private market opportunities and invested in technology-driven sectors such as e-commerce, SaaS, gaming, education, and consumer technology, with past investments including Capillary Technologies, R for Rabbit, AdmitKard, and Kratos Studios.
Gaurav Sharma, Novastar’s General Partner and a Duke University alumnus, brings expertise from his experience at Bridgewater Associates and APL, a Japan-based private investment firm. “India is entering its golden age, driven by strong macroeconomic growth, increasing domestic consumption, and rapid digital adoption. This is a critical moment for private markets, and we aim to create an optimized gateway for investors to seize upcoming value creation,” Sharma remarked.
The firm intends to announce its initial fund partnerships by early 2026.
