A concentrated long-only fund capturing India’s structural multi-decade growth story through its highest-quality financial services businesses. 26% net IRR since inception. +69% in 2024.
India’s economy — currently $5 trillion — is projected to become a top-3 global GDP. Global institutional investors remain dramatically underallocated to India compared to their allocations to Japan, Germany, and the UK.
Per capita credit spend in India is as low as $0.02–$0.04 versus $12–$18 in the US. This represents a multi-decade credit penetration story in its earliest innings — the infrastructure of India’s capital markets formation is being built today.
As Morgan Stanley India’s Ridham Desai noted in February 2025: foreign investor positioning in India is at all-time lows. The Sensex measured in gold ounces is at its cheapest since November 2020. This is a COVID-like entry window.
The world’s largest macro investor has called India’s next decade unstoppable. We have been investing in India’s highest-quality financial monopolies since 2021 — owning the infrastructure of the world’s fastest-growing major economy at what we believe are still-compelling valuations.
In the Berkshire Hathaway 2007 letter, Warren Buffett distinguished three types of businesses: The Great (an extraordinarily high interest rate that rises as the years pass), The Good (attractive returns that can be earned on additional deposits), and The Gruesome (inadequate returns requiring constant capital infusion).
Every Veda holding — NSE, CRISIL, CARE, ICRA — falls in the Great category by ROE, oligopoly position, growth prospects, and valuation at entry. We own the infrastructure of India’s capital markets formation.
We are evaluating a new special situation stock in India with a 2026 catalyst. Current return projection: 2–3× in 1 year, 5–7× over 3–5 years. This reminds us of the NSE special situation which returned 3×+ in less than 2 years. A side pocket will be established for interested LPs.
Full Buffett 2007 framework applied to Veda’s holdings. NSE, CRISIL, CARE, ICRA — each examined against the Great Business criteria. India macro outlook and new 2026 special situation.
Ridham Desai of Morgan Stanley India on foreign investor positioning, the Sensex in gold ounces, and why now is the time for investors who have been waiting on India.
The original thesis for India’s credit rating agencies. Per-capita credit spend at $0.02–$0.04 vs. $12–$18 in the US. Why these businesses are natural monopolies in early innings.