Zerodha co-founder Nikhil Kamath’s True Beacon on Tuesday said it has appointed entrepreneur Abhijeet Pai as a general partner and co-founder.
Pai will be responsible for building new partnerships for True Beacon. He will also work to expand the client product suite and focus on originating and executing private deals for the firm's client base, the company said in a statement.
True Beacon was founded in 2019 by Kamath and Richard Pattle, former global vice chairman of Standard Chartered Private Bank. It operates a category-III alternative investment fund (AIF), catering to ultra-high networth Individuals (UHNIs) and high net worth individuals (HNIs). Earlier this year, it added portfolio management services (PMS) to its product suite, foraying into personalised wealth management, going beyond investment funds.
“I believe the opportunity to create a differentiated set of products and services around a rapidly-growing UHNI community is immense, and I look forward to building on True Beacon’s achievements to date,” said Pai.
Pai also co-founded Gruhas Proptech, a proptech investment firm, with Kamath in 2021. He is the President of Puzzolana Machinery Fabricators, a mining and construction equipment manufacturing company.
“I have known Abhijeet for a few years and was fortunate to co-found Gruhas with him. We are eager to work with him at True Beacon, where his experience in private markets, real estate and partnerships will be invaluable,” said Kamath.
True Beacon works on a client-aligned fee model, with an open-ended flagship fund with zero management fees and a 10% annual performance reward on gains achieved by the company.
“As we expand True Beacon and react to UHNI and HNI client needs, Abhijeet is a very exciting addition to the founding team and will help us provide increasing focus on our client wealth, advisory and transaction requirements,” Pattle said.