01 Universe
Own listed Indian equities.
A public-equity field, approached as long-term ownership. Up to 75% of investable funds.
- Listed
- Up to 75%
SEBI-registered Category III AIF · Mumbai
Listed Indian equities. Held for the long term.
An open-ended Category III scheme seeking long-term capital appreciation, sector agnostic. Managed by Avsara Asset Management LLP.
Investment discipline
A wide market.
A narrow mandate.
Research begins with many signals. The mandate determines what can become an investment, and what cannot.
Many signals enter. Few convictions continue.
02 Access
Use primary markets selectively.
IPOs and pre-listing situations, plus REITs, InvITs and hybrid securities. Unlisted up to 25%.
- Unlisted
- Up to 25%
03 Boundaries
Hold the limits in writing.
No more than 10% in any one company. Leverage, hedging and short-selling are permitted within the PPM’s limits, not assumed.
- Leverage cap
- 2× NAV
The public record
Evidence before adjectives.
Public information is dated, attributed and presented without marketing language. The final PPM governs any offering.
Fund particulars
Public record · Verified 27 Jul 2026- Registered trust
- Cipher Alternative Investment Fund
- SEBI registration
- IN/AIF3/25-26/1926
- Category
- Category III AIF
- Regulator
- Securities and Exchange Board of India
- Registration validity
- 15 October 2025 — Perpetual
- Legal form
- Determinate contributory irrevocable trust · Indian Trusts Act, 1882
- Scheme
- Cipher Vision Fund · open-ended, no definite tenure
- Sponsor & investment manager
- Avsara Asset Management LLP
- Trustee
- Orbis Trusteeship Services Private Limited
- Legal adviser
- Economic Laws Practice
- Tax adviser
- Nangia and Co. LLP
- Merchant banker
- Resurgent India Limited
- Custodian, auditor, RTA
- To be appointed
- Minimum commitment
- Generally ₹1 crore, subject to applicable exemptions and the final PPM
- Registered office
- 1801, Vasant Marvel, Grandure Tower, Borivali East, Mumbai 400066
Investment manager
Avsara Asset Management LLP
Founded in December 2024 by Sonal Maheshwari and Ayush Toshniwal, its two designated partners. The Fund is currently investing capital committed by the founders and their family.
- LLP identification
- ACK-7528
- Incorporated
- 9 December 2024 · RoC Mumbai
- Registered office
- Borivali East, Mumbai 400066
Founder & designated partner
Sonal Maheshwari
- Chartered Accountant
- NISM Series XIX-C
- Passed CFA Level I
Over seven years in wealth-management and investment roles, including IIFL Wealth and Reliance Wealth Management.
Founder & designated partner
Ayush Toshniwal
Co-founder of Avsara Asset Management LLP and designated partner since its incorporation in December 2024.
Founder capital · Opening in due course
Clarity before capital.
Cipher Vision Fund is currently investing capital committed by its founders and their family. External participation, if opened, would be by private placement to eligible investors only.
Subject to KYC, eligibility and applicable regulatory checks.