Singularity Fund of Funds II
Our view on the fund, the AMC, the strategy, the performance & the investment team.
IME's Review of Singularity Fund of Funds II
| Fund Rating | Strategy Rating | Performance Rating |
|---|---|---|
Upgrade | Upgrade | Upgrade |
View on the Fund
Singularity FoF II can be considered for investing; however, outcomes in the unlisted space are inherently difficult to evaluate upfront, as performance depends largely on deal sourcing, access, and fund selection capabilities rather than an observable investment philosophy. The strategy’s secondary-led orientation, combined with a co-investment sleeve, may help improve deployment efficiency and provide exposure to companies already partially vetted by underlying funds. While this structure may help improve entry quality and deployment efficiency, it does not eliminate the inherent uncertainties of private market investing. Accordingly, we maintain a Neutral stance on the strategy and would primarily recommend it to investors who understand and are comfortable with the underlying risks of the unlisted investment ecosystem.
Strategy
Venture FoF
Fund's Strategy View
Singularity FoF II is structured as a secondary-led fund of funds, allocating capital across venture capital and private equity funds while also participating in selective direct co-investments and secondaries. The portfolio is designed to blend primary commitments (~40–50%) with secondaries and co-investments (up to ~60%) to improve deployment efficiency and access later-stage opportunities. - **Primary investments**: Commitments to top-tier VC/PE fund managers with strong track records across different stages. - **Secondaries & Co-investments**: Includes secondary purchases of existing fund interests, direct investments in growth-stage companies (Series B onwards), co-investments in high-performing portfolio companies of underlying funds, and select pre-IPO opportunities
Fund Performance
Performance is highly based on power law, where a handful of investment make up for majority of returns. Network and ability to source deals is a key aspect of unlisted returns.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Singularity Fund of Funds II |
Performance as of: 28-Feb-26 | Inception Date: 23-Sep-23 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Yash Kela | 3-star rated FM
Founder & CIO | 13 yrs Experience | 11 yrs at current firm
Yash Kela founded Singularity Ventures in 2015 and has since been responsible for driving the firm’s investment strategy and portfolio development, including taking board roles in several portfolio companies. Prior to launching Singularity, his experience was largely across credit, venture ecosystems, and industry exposure through partnerships and investment committees. While he has been active in venture investing since establishing Singularity, his direct public markets fund management experience prior to launching the platform appears limited. He has also partnered with early-stage venture funds such as Artha Ventures and Sixth Sense Ventures during their formative years
Ramanan Venkateswaran | 4-star rated FM
Co-CIO | 31 yrs Experience | 1 yrs at current firm
Past Experience: Reliance MF (Head of Research), Premjiinvest (Partner), MK Ventures (Chief Investment Strategist)
Ramanan Venkateswaran brings ~28+ years of experience in listed equities, spanning research, sell-side equities, and fund management. He served as Head of Research at Reliance Mutual Fund and later served as Co-Head of Listed Equities at Premji Invest, the investment arm of the Premji family office.
Sandeep Bapat | 3-star rated FM
Co-CIO | 18 yrs Experience | 2 yrs at current firm
Past Experience: Trifecta Capital (Partner), Hillhouse (Executive Director), Blackstone (Sr Associate)
Sandeep Bhagat brings ~16+ years of experience in growth and venture equity investing, with prior roles across private equity and venture capital platforms. Before joining Singularity, he was a Partner at Trifecta Capital, a venture debt platform focused on high-growth startups, and earlier served as an Executive Director at Hillhouse Capital, working on growth-stage investments in Asia. He also began his investing career as part of the Private Equity team at Blackstone India, gaining exposure to large-cap private market transactions
IME's Review of Singularity AIF
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
View on AMC
We maintain a **Neutral** stance on Singularity. While we acknowledge their **pedigree and its ability to assemble a seasoned team spanning both alternatives and listed equity investing**, the firm is still relatively early in establishing its track record. Given the limited visibility on **performance across multiple market cycles**, we believe the platform is still in the process of building its long-term credibility.
AMC's Pedigree
Singularity's Pedigree is driven by their founder network and sponsor backing, notably Yash Kela (Founder & CIO) and entrepreneur Mithun Sacheti (CaratLane founder), with strategic mentorship from market veteran Madhu Kela (Ex-Head Reliance MF). The platform has gradually expanded from venture investing to multiple alternative strategies, including growth equity, PIPE, and fund-of-fund structures. Between 2015 and 2021, Singularity operated primarily as a private investment vehicle and family office. They only transitioned to a formal, SEBI-registered Alternative Investment Fund (AIF) structure (Singularity AMC) in July 2021 - vintage of these regulated funds is still new.
AMC Team
Singularity is supported by a seasoned investment team led by Yash Kela (Founder & CIO), who built the platform and has driven its investment strategy since inception. He is joined by Ramanan Venkateswaran (Co-CIO), formerly with Reliance Mutual Fund, bringing extensive experience in listed equities, and Sandeep Bhagat (Co-CIO), who comes from the private markets ecosystem with prior roles at Trifecta Capital and Hillhouse Capital. The firm also benefits from the guidance of Madhu Kela (ex-Reliance MF & Reliance Capital), a well-known market veteran who serves as a mentor to the platform.
Investment Philosophy
Singularity’s philosophy centres on ecosystem access, partnering with fund managers or founders who already have strong deal flow and networks, allowing Singularity to participate in high-quality opportunities through funds, co-investments, and direct deals. Manager quality, access to differentiated networks, and the ability to capture value across multiple stages of the startup lifecycle are central to their investment approach
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