• Platform expansion strategy: Gaja is focused on scaling its flagship mid-market growth and buyout capital strategy and raising a new secondaries fund (Fund 5), with no current operations in credit or real estate.
• Carried interest structure: The firm uses a European waterfall model where profits are distributed across the entire fund rather than deal-by-deal, minimizing clawback risks and removing the need for balance-sheet provisions.
• Management fee dynamics: The absolute decline in management fees after FY24 was driven by a one-off lump-sum catch-up fee received at Fund 4's final close, while underlying fees remain stable on committed capital.
• Financial growth trajectory: Net profit grew from approximately ₹45 crore in FY24 to ₹62 crore in FY25 and ₹82 crore in FY26, while net worth expanded from ₹330 crore to ₹600 crore.