Designation: Associate - Public Markets
Function: Investments
ABOUT:
Hornbill Capital Services LLP (Hornbill Capital) was founded in 2014. Hornbill Capital (https://hornbillcap.com/), along with its joint venture partner Orchid Asia (http://www.orchidasia.com/?lang=en), runs an investment management firm, Hornbill Orchid Investment Manager Private Limited (Investment Manager) which is domiciled in Mauritius. Orchid Asia is a 30 years old multibillion dollars investment firm with strong American and European institutional LP relationships. The Investment Manager has been managing Hornbill Orchid India Fund (HOIF) which is an India-focused absolute return public equity fund since its inception in April 2015.
The Investment Manager also advises global investors, including the fund and LPs of Orchid Asia, in identifying and managing investment opportunities in private internet and digital technology and healthcare companies in India. The Investment Manager has advised some of the Orchid Asia fund and LPs in making direct private equity investments in India. Hornbill Capital recently led the USD 210 mn investment round in PhysicsWallah.
HOIF invests mainly in internet and digital technology sectors and also in consumer products and services, retail, financial services, IT services and healthcare sectors. The fund has won several performance awards including:
Emerging Markets Asia 2023 award from BarclayHedge
Indian Equity Asia Performance Awards 2021 from HFM
Investors Choice Award 2021 from Allocator
Top Performing Equity Strategy Hedge Fund in 2021 and Top Performing Emerging Markets Focused Hedge Fund 2020 award from Preqin.
HOIF is ranked in the Top 1 percentile for 1-years, 3-years, and 5-years returns in Asia ex-Japan by HFR
HOIF has significantly outperformed Preqin’s APAC-based L/S equity hedge fund benchmark as of December 2023 on 1-year, 2-years, 3-years, and 5-years returns.
HOIF was the anchor investor in the IPOs of IndiaMART, Affle, Nazara Technologies, Latent View, Star Health, Supriya Lifescience, PropEquity, eMudhra Limited and Honasa Consumer Limited. Hornbill Capital has a deep understanding of internet and digital technology sectors, underpinned by its ability to access private companies in these sectors. This is augmented by Orchid Asia’s experience of investing in ~55 companies across Internet and TMT sectors in China. Hornbill Capital adds significant value to its portfolio companies by sharing Orchid Asia’s learnings and experience.
HOIF, has delivered phenomenal returns since its inception in April 2015. Since its inception in April 2015, it has delivered an annualized net return of 14.2% (in USD) through March 2025. The Nifty50 has delivered an annualized return of 7.3% (in USD) over the same period.
We follow an open and transparent organizational structure, where all team members are encouraged to bring in their perspective on portfolio companies. Ideas and views are welcomed. HOIF is seeking to expand its public markets investment team in India.
RESPONSIBILITIES:
Idea generation in line with the firm’s investment philosophy.
Should be independently able to conduct thorough primary and secondary research on companies, along with due diligence, including interacting with industry/sector experts, competitors, deals/suppliers/channel partners to validate the investment hypothesis.
Prepare detailed financial models, valuation models, return expectations and investment memos laying down the investment argument.
Monitor portfolio companies on a regular basis, including updating financial models and valuations. Identify lead indicators to trigger an exit decision.
Working with portfolio companies to improve their investor disclosures and communications.
Supporting the top management in various strategic issues as well as day to day management of the business of Hornbill Capital.
REPORTING:
The Associate will report to an Executive Director.
GENERAL QUALIFICATIONS:
1-3 years of overall experience in equity research, preferably tracking sectors such as consumer internet, e-commerce and digital technologies, consumer discretionary/retail or healthcare.
Strong written and verbal communication skills, knowledge of finance and accounting is required; ability to interact with top management teams is a must.
Outstanding academic background with undergraduate engineering degree from a reputed institute / Chartered Accountant, along with post graduate degree in business from premier institutes.