Novastar Partners is registered as a Category II Alternative Investment Fund (AIF) and aims to achieve its first close within the next four to six months. The fund aims to provide investors with curated exposure to India’s private market ecosystem through partnerships with leading investment managers and high-quality private opportunities, providing a single, efficient entry point to 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 dedication, meaningful GP involvement and an investor-first structure,” Dhruv Jhunjhunwala said in a statement.
Novastar Partners – formerly known as Dhruva Investment Partners – joins a small but growing group of private funds in India. This segment is largely dominated by government-run vehicles. Other notable private FoFs include HDFC FoF, Oister Global and 360One, which focus on supporting 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 more than 100 private market opportunities and invested in technology-driven companies in e-commerce, SaaS, gaming, education and consumer technology. His previous 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, fueled by robust macroeconomic growth, rising domestic consumption and rapid digital adoption. This is a pivotal moment for private markets and we are building an optimized gateway for investors to leverage future value creation,” Sharma said.
The company plans to announce its first fund partnerships in early 2026.
Published on November 6, 2025
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