SEBI Registered Category-II AIF

ICON Capital Trust

Alternate Investment Funds

A Professional Gateway to Private Markets

ICON Capital Logo

Target IRR

22-25%

Focus

Pre-IPO & Late Stage

Structure

Cat-II AIF

Our Investment Thesis

Target High-Growth

Entry at competent valuations early in the cycle.

Hold for IPO

Prepare for listing within 6–24 months.

Strategic Exit

Via OFS or public markets for multifold returns.

The Hidden Opportunity: Pre-IPO

The sweet spot between startup risk and public market returns.

Startup (0-3 Yrs)

High Risk • High Failure Rate

Proven Business Model:

Audited Financials:

Clear Path to Exit:

Potential: 10-50x
Very High Risk
The Sweet Spot

Pre-IPO (7-10 Yrs)

Moderate Risk • High Liquidity

Proven Business Model

Audited Financials

Clear Path to Exit

Potential: 2-5x
18-36 Month Horizon

Public (10+ Yrs)

Lower Risk • Listed

Listed

High Liquidity

Transparent

Potential: 1.2-2x
Low Risk

How We Find IPO-Ready Winners

Scout → Validate → Co-Invest

200+

Companies Tracked

Pre-IPO stage, Growth sectors.

30-40

IPO Readiness Filter

Clean governance, Market timing.

15-20

Institutional Validation

Lead investors entered.

8-10

Strategic Co-Investments

Secured allocation.

Our Co-Investment Criteria

Institutional Lead Investor

360One, Motilal Oswal or equivalent leading the round.

Minimum Round Size

₹50 Cr+ institutional commitment needed.

IPO Timeline

Clear path to listing in 18-24 months.

"They're not just picking companies—they're deal makers who only invest when big institutions lead. I'm getting the same deals as 360One, but with ICON's IPO expertise added."

- Rajiv's Comfort (Investor)

How We Protect Capital

4 Guardrails + Early Warning System + Downside Playbook

01

Concentration Limits

No single company gets more than 15% of fund capital. Forces diversification.

02

Valuation Discipline

Entry at ₹500-2,000 Cr sweet spot. We target 12-24 months from IPO—not seed, not post-listing.

03

Financial Covenants

Revenue > ₹100 Cr, Positive Unit Economics, Big 4 Audited, Board-approved IPO plan within 24 months.

04

Exit Readiness

We only invest if the company has a credible, time-bound exit plan. DRHP draft ready.

Downside Playbook

What we do when things go wrong

IPO Delayed Activate secondary market buyers list & Explore strategic M&A options.
Metrics Drop Escalate concerns to lead investors, review management action plan.
Valuation Gap Work with co-investors on alternate exit strategies or partial secondary exit.