Building The India Portfolio #10 – Common Investors And Overlapping Portfolios

The Portfolio Overlap feature is designed to help you understand the immediate ecosystem of funds that have also invested in the portfolio companies of the selected fund and thus gain deeper insight into investment flows, strategies, trends and so on.

At its core, this feature answers a simple but powerful question: “Which funds share a similar investment playbook in practice - based on how and when they actually deploy capital?”

You are able to go beyond stated strategies of funds and actually see what they practice.

Data to Structure

Most directories show you who else invested in the same company. While useful, that information is often left for you to interpret:

• Who came in earlier?
• Who typically co-invests?
• Who follows in later rounds?

The Portfolio Overlap feature structures this automatically. By analyzing shared investments, we categorize other funds into three distinct chronological groups relative to your selected fund:

• Invested Before: Funds that entered these portfolio companies before the selected fund did.
• Same Stage: Funds that invested around the same time (syndicates, co-investors, etc.).
• Invested After: Funds that followed the selected fund into these companies.

Understanding Through Illustration

Let's look at a real-world example using Creador.

In the 'Invested Before' column, we see funds that invested into portfolio companies of Creador before it. For instance, Multiples PE. invested into Apacfin in Dec-18, while Creador invested later in Mar-24, alongside Norwest (which appears in the 'Same Stage' category for that specific deal).

However, relationships can vary across a portfolio. In the case of IKF Finance, Norwest invested in May-25, while Creador invested in Nov-25—hence Norwest also appears in the 'Invested Before' category for that company.

Conversely, Multiples PE shows up in the 'Invested After' category for Kogta Financial, as it invested in Mar-22 while Creador had already entered in Oct-19.

Points to Note & Limitations

• Active Portfolio focus: This feature considers only active portfolio companies of the selected fund and the overlapping funds.
• Chronology vs. Pathing: These columns depict the chronology of investment. They do not necessarily represent direct entry or exit paths between the funds.
• Data Integrity: We sourced this data from fund websites and public news. While we strive for 100% accuracy, we are bound by the limitations of these public sources.

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