The vehicle that operationalizes the thesis.
Fund II is open to qualified LPs. First close target Q1 2028; final close Q4 2028.
Where the thesis argues what we believe and why we have the right to act on it, Fund II is how — a 12-to-18-company, pre-seed-and-seed vehicle deployed over four years across the US-India corridor, anchored on twelve years of operator-grade conviction and the Hurun India network.
Four investable convictions.
Each pillar is mapped to a specific market dislocation — the AI capability shift, the China-plus-one supply chain reset, the trillion-dollar climate buildout, and India's per-capita-GDP inflection. Fund II will deploy 3–5 companies per pillar.
AI-native vertical applications where the moat is proprietary Indian data, regulatory positioning, or frugal-engineered cost structures.
Robotics, advanced materials, space, industrial IoT — a global business model with an Indian engineering and manufacturing footprint.
Solutions designed for India that work in 60+ emerging markets sharing affordability constraints and leapfrog opportunities.
Native-Indian consumer brands, vernacular content platforms, and financial-inclusion infrastructure for the tier-2/3 wave.
Three force-multipliers that make 2026 the right year to deploy.
The 2024-era "invest in AI" thesis is mispriced. The sharper bet is vertical AI where the moat is proprietary Indian data, regulatory positioning, and cost structure that incumbents structurally cannot match. Fund II buys that moat at pre-seed prices.
The China-plus-one capital realignment is real, measurable, and accelerating. India is the only economy with the demographic scale, English-speaking engineering bench, and political alignment to absorb that reallocation. Fund II is the corridor-specialist exposure that lets institutional capital participate.
Indian-origin founders account for ~10% of all global unicorn founders despite being ~18% of the world's population — measurably the most successful entrepreneurial community of the last twenty years. Fund II concentrates the bet on the demographic that has already proven it wins.
Three things make Callapina the right firm to deploy this vehicle.
Angel portfolio of 24 bets since 2013 — 4 exits including Carestack, Profoundis, Aisle, Insent. Realized 3.15× MOIC at ~30% IRR. Fund I deployed 16 companies; three follow-on rounds led by tier-1 firms.
See the public track record →The canonical dataset of Indian wealth, founders, and future unicorns — anchored on our co-GP relationship. Every deal we evaluate carries that context. Hurun events put portfolio companies in front of the exact buyers, partners, and capital pools they need.
The Callapina network →An operator network of 150+ Indian-origin executives, co-investors, and LPs across Philadelphia, NY, SFO, Houston, London, Cochin, Dubai, Singapore, Hong Kong. On call for every founder we back — for customers, hiring, follow-on signal, exits.
How it shows up in the portfolio →How the capital deploys across the four years.
80% of new-investment capital deployed at pre-seed and seed; 20% reserved for A/B follow-on into the strongest performers from the first portfolio cohort.
12-18 companies, not 30+. Each receives direct GP attention monthly. We are not running a scout program; conviction is the unit of work.
3-5 companies per pillar. No single conviction over-weighted. Vertical AI and India Consumption likely lead the portfolio by count; DeepTech and Climate compensate with longer-duration, larger-outcome shape.
India + diaspora. Roughly half the portfolio HQ'd in India, half in the US/UK serving global markets — every company anchored on Indian-origin founders and the corridor.
Two LP audiences. Different reasons. Same vehicle.
The most credible India-corridor exposure for diaspora-aware capital.
You want India exposure with a GP duo that speaks your language — diaspora founders, the India consumption story, the corridor between the two countries that will define the next decade. You want operator-grade conviction, not a sector index.
An emerging-manager India allocation that's defensible to your IC.
You underwrite emerging managers with discipline. You want a defensible India exposure that complements your existing developed-market venture allocation. You measure GPs on track record, repeatability, and value-add quantification — areas where Fund II is purpose-built to perform.
What happens after you request the data room.
Within 48 hours of your request, you'll receive access to the Fund II data room — fund deck, construction model, Fund I detail, references, terms.
60 minutes with the GPs to walk through the thesis, the portfolio, and your specific underwriting questions. Founders available for reference calls on request.
Indicative commitment. We work toward terms with anchor LPs first — opportunity for influence on Fund II's investor profile.
Target Q1 2028. Capital calls begin shortly after. First investments deployed inside the same quarter.
The relationship does not end at the wire transfer. The discipline that produced the outcome on one side compounds into capital commitment on the other — exited founders putting their realized capital back into the next fund.
That feedback loop is the receipt that the GP-founder relationship was real, not transactional. It is the strongest single LP-credibility signal we can offer, and it is the operational pattern Fund II is structured to compound.
For qualified LPs. We respond within 48 hours.
Questions sophisticated LPs ask first.
What is the target fund size?+
Disclosed in the data room. The construction model is anchored on 12-18 companies with $250K–$1M initial cheques and reserves for follow-on. We will share the specific size and the construction logic in the diligence call.
What's the fee and carry structure?+
Standard institutional terms — management fee on committed capital with declining tail, carry above a market-rate hurdle. Specifics in the data room. We aim to align fully with LPs and welcome term-sheet conversations.
How does Fund II differ from Fund I?+
Fund I was a 16-company portfolio with a deliberately broad-mandate stance to validate the four-pillar thesis with real bets. Fund II tightens the focus: same four pillars, sharper concentration (12-18 vs 16), AI-era reframing of every conviction, and explicit reserves for follow-on. The diaspora and Hurun networks behind both funds are the same.
How are conflicts with the Opportunity Fund handled?+
Fund II has right of first refusal on all opportunities that fit the pre-seed/seed mandate. The Opportunity Fund participates only in follow-on rounds where Fund II is already invested and capacity is constrained. Full conflicts policy in the LPA.
What's the reporting cadence to LPs?+
Half-yearly written updates with portfolio-company commentary, fund-level financials, and value-add receipts. Quarterly LP calls. Real-time access to the LP portal for capital activity, NAV, and distributions.
What does diligence access look like?+
Beyond the data room: GP calls, founder reference calls (we'll arrange with companies that have consented), reference calls with Fund I LPs, and on-request deep dives into specific portfolio companies or pillars. We aim to make underwriting easy.
What's the timeline to first close?+
First close target Q1 2028. Final close Q4 2028. Capital deployment from Q1 2028 through Q4 2030. Hold period: typical venture 7-10 years; we structure for exits in the 5-8 year window where the thesis allows.
Are there minimum check sizes for LPs?+
Yes — minimums vary by LP profile and timing of commitment. Anchor LPs get materially preferred terms. Specific minimums in the data room; flexible in conversation for the right partners.