ValueQuest’s ₹2,100 crore manufacturing fund is backing Hi-Q Electronics. This move injects private equity directly into India’s aerospace and defence PCB ecosystem.
The Tristar Fund didn’t just meet its goal. It exceeded it. With over ₹2,100 crore in commitments, the fund closed out its greenshoe option and beat its target within 15 months of first close. The money targets advanced manufacturing: aerospace, defence, precision engineering, and energy transition-linked businesses.
One of its four portfolio investments is Hi-Q Electronics, which manufactures printed circuit boards (PCBs) for the aerospace and defence sectors. The investment adds to the fund’s exposure to specialised electronics manufacturing serving strategically important industries. The amount invested in Hi-Q Electronics has not been disclosed.
The fund has also invested in Rangsons Aerospace, which specialises in fluid distribution systems and satellite communications; Waaree Energy Storage Solutions, which operates in battery energy storage; and Trusted Aerospace & Engineers (TASE Global), a precision engineering company with cross-border manufacturing capabilities.
ValueQuest’s strategy isn’t guesswork. It relies on sector research and supply-chain mapping to find niche manufacturers. They evaluate businesses at various stages based on specific milestones.
Aniket Dharamshi, Co-founder and Managing Partner, emphasised this milestone-driven assessment. Arvind Ananthanarayanan, Partner, added that manufacturing expertise, supplier qualification, quality, and reliability are key considerations.
Meanwhile, ValueQuest Private Equity is raising SCALE Fund II. It targets growth and late-stage businesses with established models and clear competitive advantages.
