ALTERNATIVE INVESTMENTS, UNMATCHED OPPORTUNITIES
INVESTING IN TOMORROW, TODAY.
ABOUT US
Unlocking Growth Potential
Firstlight Capital Advisors LLP, is a Mumbai-based strategic advisory and investment management firm, specializing in private equity funds. We provide inflection capital to high-growth companies and facilitate turnarounds for distressed businesses.
Your Trusted Partner in Growth
“To be a valued strategic partner, delivering sustainable financial returns through expert asset allocation, informed decision-making, and precision risk management.”
Empowering Visionary Businesses, Enhancing Investor Success
“We strive to partner with innovative companies to drive growth, transformation, and market leadership through strategic private equity investments.”
Integrity
Boldness
Collaboration
Strategic Relationship
Why us
TEAM
Managing Partners
Investment Team
Fund
- Name of the Fund: Azure First Light Alternate Investment Fund
- Category: SEBI Registered Category II Alternative Investment Fund
- Registration No.: IN/AIF2/16-17/0249
- Sponsor: Mr. Ankur Kumar
- Fund Manager: First Light Capital Advisors LLP
- Trustee: MITCON Credentia Trusteeship Services Limited
- Custodian: Nuvama Custodial Services Limited
Azure First Light Alternate Investment Fund
The Azure First Light Alternate Investment Fund accelerates growth by forging strategic partnerships that drive transformative success, delivering exceptional returns while reshaping industries and communities for long-term sustainability.
- • Category: SEBI Registered Category II Alternative Investment Fund
- • Registration No.: IN/AIF2/16-17/0249
- • Fund Manager: First Light Capital Advisors LLP
- • Trustee: MITCON Credentia Trusteeship Services Limited
- • Custodian: Nuvama Custodial Services Limited
First Light Opportunities Fund
(A Scheme of Azure First Light AIF)
The First Light Opportunities Fund, a scheme of the Azure First Light AIF, is an initiative to empower high-growth SMEs and distressed assets in India with stable capital and expert turnaround strategies, driving growth, creating long-term value for investors, and fostering sustainable economic development.
- • Size: INR 100 Crores with a green shoe option of up to INR 200 Crores
- • Term: Close-ended, with a term of 7 years starting from the first closing, further extendable upto a period of 2 years, in accordance with the SEBI Guidelines
- • Focus: Capital will be deployed across high-potential assets, including equity, quasi-equity, and diversified instruments, with tailored strategies designed for steady returns, capital appreciation, and risk management across multiple industries
- • First Closing: Year 2025
First Light Opportunities Fund
(A Scheme of Azure First Light AIF)
The First Light Opportunities Fund seeks to provide stable capital to small and medium-sized enterprises (SMEs), addressing their challenges in accessing necessary funding for expansion. It will also focus on companies undergoing restructuring or business turnaround, unlocking value through strategic improvements and asset optimization, ultimately driving growth and long-term success.
First Light Opportunities Fund
(A Scheme of Azure First Light AIF)
Azure First Light Alternate Investment Fund
The Azure First Light Alternate Investment Fund accelerates growth by forging strategic partnerships that drive transformative success, delivering exceptional returns while reshaping industries and communities for long-term sustainability.
- • Category: SEBI Registered Category II Alternative Investment Fund
- • Registration No.: IN/AIF2/16-17/0249
- • Fund Manager: First Light Capital Advisors LLP
- • Trustee: MITCON Credentia Trusteeship Services Limited
- • Custodian: Nuvama Custodial Services Limited
First Light Opportunities Fund
(A Scheme of Azure First Light AIF)
The First Light Opportunities Fund, a scheme of the Azure First Light AIF, is an initiative to empower high-growth SMEs and distressed assets in India with stable capital and expert turnaround strategies, driving growth, creating long-term value for investors, and fostering sustainable economic development.
- • Size: INR 100 Crores with a green shoe option of up to INR 200 Crores
- • Term: Close-ended, with a term of 7 years starting from the first closing, further extendable upto a period of 2 years, in accordance with the SEBI Guidelines
- • Focus: Capital will be deployed across high-potential assets, including equity, quasi-equity, and diversified instruments, with tailored strategies designed for steady returns, capital appreciation, and risk management across multiple industries
- • First Closing: Year 2025
First Light Opportunities Fund
(A Scheme of Azure First Light AIF)
The First Light Opportunities Fund seeks to provide stable capital to small and medium-sized enterprises (SMEs), addressing their challenges in accessing necessary funding for expansion. It will also focus on companies undergoing restructuring or business turnaround, unlocking value through strategic improvements and asset optimization, ultimately driving growth and long-term success.
First Light Opportunities Fund
(A Scheme of Azure First Light AIF)
Offerings
We offer more than just advice—we become a trusted partner, helping businesses navigate growth challenges and achieve their full potential. Whether you’re scaling or facing a critical inflection point, our team is here to provide the strategic guidance needed to propel your dream forward.
Insights
FAQs
Alternative Investment Fund or AIF means any fund established or incorporated in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors.
Securities and Exchange Board of India (“SEBI”)
SEBI has categorised AIFs into three categories:
Category I AIF: AIFs that invest in start-ups, early-stage ventures, social ventures, SMEs, infrastructure, or other sectors deemed socially or economically desirable, including but not limited to venture capital, SME funds, angel funds etc.
Category II AIF: AIFs which does not fall in Category I and III and which does not undertake leverage or borrowing other than as permitted under the SEBI (Alternative Investment Funds) Regulations, 2012.
Category III AIF: AIFs which employ diverse or complex trading strategies and may employ leverage including through investment in listed or unlisted derivatives.
No. Category I and II AIFs are required to be close ended with a minimum tenure of three years. Category III AIFs may be open ended or close ended.
No. Each scheme of the AIF must have a minimum corpus of INR 20 crores (200 million), except for Angel Funds, which require a minimum corpus of Rs. 5 crores (50 million) and social impact funds, which requires a minimum corpus of Rs. 25 crores (250 million), special situation fund which requires a minimum corpus of Rs. 100 crores (1000 million).
Due to their high minimum investment requirements, AIFs are mostly aimed at institutional or high-net-worth individuals (“HNIs”).
Some of the benefits of investing in AIFs are as follows:
- High return potential
- Low volatility
- Diversification
No. AIFs are privately pooled investment vehicles. AIFs shall raise funds through private placement by issue of a placement memorandum. As an eligibility criterion for registration as an AIF, the applicant is required to be prohibited by its constitutional documents from making an invitation or solicitation to the public to subscribe to its securities.
FAQs
The Investment Manager of the Scheme is First Light Capital Advisors LLP; and the Trustee of the Scheme is Mitcon Credentia Trusteeship Services Limited.
The target corpus of the Scheme is INR 100 crores (INR 1000 million) with a green shoe option of up to INR 200 crores (2000 million).
The investment objective and the investment strategy of the scheme is to provide contributors with opportunities to participate in instruments issued by portfolio entities, aiming for capital preservation, yield, and potential capital appreciation by investing in equity, quasi-equity, equity-related instruments, and other securities like preference shares, warrants, and convertible/non-convertible debt of portfolio entities, with an emphasis on growth-oriented SMEs and stressed companies in India that have strong fundamentals for value creation.
No scheme of an AIF (other than angel fund) shall have more than 1000 investors. Further, the provisions of the Companies Act, 2013 shall apply to the AIF if it is formed as a company. In case of an angel fund, no scheme shall have more than 200 angel investors.
Subject to the applicable SEBI Guidelines, units of a Scheme may be listed on stock exchange subject to a minimum tradable lot of INR 1 crore (10 million). Further, the listing of Scheme units shall be permitted only after final close of the Scheme.
Yes, the Scheme is permitted to borrow funds, subject to the terms and conditions as under the SEBI Guidelines and Scheme documents.
Yes, the Scheme provides for co-investment opportunities in accordance with the SEBI Guidelines and Scheme documents.
An investor can invest in the Scheme through execution of a Contribution Agreement. Get in touch with First Light Capital LLP to know more.
FAQs
Alternative Investment Fund or AIF means any fund established or incorporated in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors.
Securities and Exchange Board of India (“SEBI”)
SEBI has categorised AIFs into three categories:
Category I AIF: AIFs that invest in start-ups, early-stage ventures, social ventures, SMEs, infrastructure, or other sectors deemed socially or economically desirable, including but not limited to venture capital, SME funds, angel funds etc.
Category II AIF: AIFs which does not fall in Category I and III and which does not undertake leverage or borrowing other than as permitted under the SEBI (Alternative Investment Funds) Regulations, 2012.
Category III AIF: AIFs which employ diverse or complex trading strategies and may employ leverage including through investment in listed or unlisted derivatives.
No. Category I and II AIFs are required to be close ended with a minimum tenure of three years. Category III AIFs may be open ended or close ended.
No. Each scheme of the AIF must have a minimum corpus of INR 20 crores (200 million), except for Angel Funds, which require a minimum corpus of Rs. 5 crores (50 million) and social impact funds, which requires a minimum corpus of Rs. 25 crores (250 million), special situation fund which requires a minimum corpus of Rs. 100 crores (1000 million).
Due to their high minimum investment requirements, AIFs are mostly aimed at institutional or high-net-worth individuals (“HNIs”).
Some of the benefits of investing in AIFs are as follows:
- High return potential
- Low volatility
- Diversification
No. AIFs are privately pooled investment vehicles. AIFs shall raise funds through private placement by issue of a placement memorandum. As an eligibility criterion for registration as an AIF, the applicant is required to be prohibited by its constitutional documents from making an invitation or solicitation to the public to subscribe to its securities.
FAQs
The Investment Manager of the Scheme is First Light Capital Advisors LLP; and the Trustee of the Scheme is Mitcon Credentia Trusteeship Services Limited.
The target corpus of the Scheme is INR 100 crores (INR 1000 million) with a green shoe option of up to INR 200 crores (2000 million).
The investment objective and the investment strategy of the scheme is to provide contributors with opportunities to participate in instruments issued by portfolio entities, aiming for capital preservation, yield, and potential capital appreciation by investing in equity, quasi-equity, equity-related instruments, and other securities like preference shares, warrants, and convertible/non-convertible debt of portfolio entities, with an emphasis on growth-oriented SMEs and stressed companies in India that have strong fundamentals for value creation.
No scheme of an AIF (other than angel fund) shall have more than 1000 investors. Further, the provisions of the Companies Act, 2013 shall apply to the AIF if it is formed as a company. In case of an angel fund, no scheme shall have more than 200 angel investors.
Subject to the applicable SEBI Guidelines, units of a Scheme may be listed on stock exchange subject to a minimum tradable lot of INR 1 crore (10 million). Further, the listing of Scheme units shall be permitted only after final close of the Scheme.
Yes, the Scheme is permitted to borrow funds, subject to the terms and conditions as under the SEBI Guidelines and Scheme documents.
Yes, the Scheme provides for co-investment opportunities in accordance with the SEBI Guidelines and Scheme documents.
An investor can invest in the Scheme through execution of a Contribution Agreement. Get in touch with First Light Capital LLP to know more.