Dear Valued Client,
With the close of FY2025–26, we would like to take this opportunity to reflect on the investment work and family office advisory initiatives undertaken by the Upwisery team during this period.
Navigating market volatility with disciplined research, uncompromising selectivity, and holistic family office support to preserve and compound legacy wealth.
Market Context
Vigilance Amidst Global Uncertainty
The past financial year was fundamentally shaped by a complex confluence of geopolitical developments, evolving global trade dynamics, and rapidly shifting macroeconomic conditions. Strategic discussions globally were dominated by renewed tariff regimes, sustained geopolitical tensions across parts of West Asia, and acute volatility in crucial commodities — including crude oil and precious metals — which periodically dictated market sentiment.
Domestically, the Indian equity markets experienced necessary and meaningful valuation corrections, particularly within the small and micro-cap segments. This recalibration served to moderate the exuberance built up during preceding rally phases. In such a complex environment, disciplined, research-driven advisory proved essential in distinguishing enduring value from speculative momentum.
Practice Overview
Against this dynamic backdrop, our Family Office practice operated decisively across two core pillars: Investment Advisory and our comprehensive Family Office Advisory mandate.
This multifaceted mandate spans sophisticated estate structuring, seamless global investment access, high-level strategic advisory, and dedicated concierge support.
Our investment philosophy remains resolutely anchored in extensive manager interactions, rigorous due diligence, and a highly selective framework — ensuring that portfolio positioning remains intrinsically aligned with long-term wealth creation, insulated from the distractions of short-term market fluctuations.
Research Coverage During FY2025–26
Selective By Design
Mutual Fund Allocation Metrics
| Metric | Count |
|---|---|
| Total Mutual Fund Universe | 1,200 |
| Funds advised at beginning of FY2025–26 | 10 |
| Funds divested during the year | 4 |
| New fund additions during the year | 5 |
| Total Funds at end of FY2025–26 | 11 |
PMS / AIF Allocation Metrics
| Metric | Count |
|---|---|
| Total PMS/AIF Universe | 400 |
| Funds advised at beginning of FY2025–26 | 6 |
| Funds divested during the year | 3 |
| New fund additions during the year | 5 |
| Total Funds at end of FY2025–26 | 8 |
From this vast universe, only 8 opportunities were eventually advised. This profound selectivity reflects our stringent emphasis on exceptional governance standards, underwriting discipline, and robust investment frameworks. These final selections comprised five public equity strategies (demonstrating consistent 5-year rolling returns averaging around 23%), two elite private credit strategies, and one specialised private equity strategy aligned exclusively with our winner portfolio approach.
Investment Highlights
The meaningful corrections witnessed across small and micro-cap segments presented a strategic opportunity to actively refine our manager selection. We focus on seasoned managers possessing an average experience of over 20 years, bringing formidable exposure across market capitalisations and geographies. Their stock-picking discipline has enabled sustained outperformance versus peers and benchmarks, consistently ranking their strategies in the top quartile.
During our extensive review of PE/VC funds — many operating with tenures extending beyond eight years — we observed that relatively few consistently generated attractive realised outcomes in terms of MOIC or TVPI over such protracted horizons. Consequently, we pivoted towards a more visible path to value creation. We adopted a "winner portfolio" approach, exclusively evaluating strategies that emphasise investing in established, well-recognised, and scaled businesses. These target entities have already demonstrated formidable operating traction and market leadership. The objective is to capture the next phase of exponential growth while engineering active exit opportunities within a notably shorter investment horizon of approximately three to four years.
Recognising the absolute necessity of geographical diversification, we significantly expanded our operational ability to facilitate international exposure. Our clients are now provided seamless access to opportunities across global markets through meticulously selected global ETFs and funds, executed via globally recognised wealth and transaction platforms — ensuring that international allocations benefit from the same rigorous, research-driven framework applied domestically.
Private credit remains a critical cornerstone within our portfolio allocations, engineered to generate highly predictable income while embedding strict downside protection. We expanded this footprint with one manager in each category:
Leveraging the deep sourcing reach of our Alternatives — Real Estate and Investment Banking teams, we evaluated numerous direct private credit opportunities in the Real Estate space. Each underwent exhaustive due diligence, scrutinising sponsor quality, collateral coverage, cash-flow visibility, and legal structuring.
Sourced through our proprietary Alternatives and Investment Banking network, a variety of private equity direct and co-investment opportunities were evaluated. Through comprehensive due diligence focused on business fundamentals, corporate governance, operational scalability, and exit visibility, we enabled our clients to participate selectively alongside highly experienced, tier-one institutional sponsors.
Top deal-flow segments: AI & SaaS · Fintech · Deep-Tech & Health Tech
We have established our footprint in Dubai, serving Single Family Offices and U-HNI. These families have appreciated the value-add and depth that our CARRVA — Manager Selection & Alpha Methodology — brings, cutting noise and remaining geared towards consistent alpha generation across full business cycles.
Family Office Practice
Research-Led. Governance-Focused.
During the fiscal year, the Family Office practice supported 8 families across a wide range of structures and complex needs. These engagements addressed inter-generational wealth transfer, the establishment of resilient governance structures, asset protection, and long-term succession planning — ensuring families can efficiently preserve and transition wealth across generations with absolute clarity.
Understanding that authentic wealth management extends far beyond investments alone, we expanded our family office offering to encompass elite concierge and lifestyle services. We onboarded Lush Escapes as a premier travel partner dedicated to curated, high-touch travel experiences. Client appreciation for this elevated convenience has been overwhelmingly positive. Looking ahead to the next financial year, we intend to further expand these services by offering exclusive concierge services for the arts and sports.
Operating synergistically with our Investment Banking practice, several Family Office clients received institutional-quality counsel on their corporate and business interests. This encompassed guidance on strategic corporate decisions, capital raising initiatives, and broader holistic financial advisory — empowering clients to optimise both their private wealth and their operating businesses.
Closing Note
The FY2025–26 financial year conclusively reaffirmed the indispensable value of rigorous fundamental research, highly disciplined manager selection, and impenetrable due-diligence frameworks. These core investment principles are immensely amplified by a broader, holistic family office platform that provides strategic support extending far beyond traditional capital allocation.
As global markets continue to navigate inevitable cycles of volatility and recovery, portfolios architected around carefully vetted boutique managers and rigorously structured private market opportunities remain exceptionally well-positioned. Combined with our comprehensive advisory across wealth structuring and strategic business initiatives, we stand uniquely equipped to defend and advance the long-term, multi-generational objectives of our client families.
Warm regards,
Prashant Joshi
Head — Multi-Family Office & Private Wealth, Upwisery
