Millingtonia Capital
Research-driven fundamental equity India fund
Who We Are
Millingtonia Capital is an India focused research-driven public equity fund. The fund takes concentrated, long-term positions and focuses on primarily mid-cap stocks with high discovery value. A key focus area for the fund is the “once in a generation” digitalization and technology transformation taking place in India. Its principals have extensive international and India investing experience and have invested behind digitalization and technology transitions in other global markets.
Our Approach
Target Universe
Extensive travel to find undiscovered businesses with limited sell-side coverage. Mid and small cap focus.
Global + Local
We like businesses where a global parallel is amplified by local India context. Global and India experience uniquely positions us to find these investments.
Research Intensive Diligence
Diligence processes refined at top private equity firms and hedge funds. Value primary research to confirm our theses and monitor our positions.
Our Differentiation
Pattern Recognition
We have invested in the US, Europe, Russia, Brazil, Japan and other geographies on themes now playing out in India.
Pattern Recognition
We have invested in the US, Europe, Russia, Brazil, Japan and other geographies on themes now playing out in India.
Portfolio Construct
Concentrated portfolio of small and mid-cap stocks with high discovery value comprise majority of exposure.
Portfolio Construct
Concentrated portfolio of small and mid-cap stocks with high discovery value comprise majority of exposure.
World Class Tool Set
Managing Partners have over 40 years of combined experience at firms such as Bain Capital, Blackstone, Jericho Capital, JP Morgan and UBS AG.
World Class Tool Set
Managing Partners have over 40 years of combined experience at firms such as Bain Capital, Blackstone, Jericho Capital, JP Morgan and UBS AG.
Offshore Structure
Among the first few public investment funds to be approved to operate from GIFT City. Tax advantaged for non India resident target investor base.
Offshore Structure
Among the first few public investment funds to be approved to operate from GIFT City. Tax advantaged for non India resident target investor base.
Patient Capital
Long investment horizon. Board level experience in both India and the US. Viewed as partners by portfolio management teams.
Patient Capital
Long investment horizon. Board level experience in both India and the US. Viewed as partners by portfolio management teams.
Top Service Providers
Top tier service providers for custody, fund accounting, audit and taxation. Fully electronic trade reconciliation and settlement.
Top Service Providers
Top tier service providers for custody, fund accounting, audit and taxation. Fully electronic trade reconciliation and settlement.
Managing Partners
Managing Partner, Chief Investment Officer
Misha R. Sanwal
Prior to moving back to India to start Millingtonia Capital in 2021, Misha was a Managing Director at Jericho Capital in New York, where he focused on global technology and led the firms investments in India.
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Misha began his career in the global healthcare investment banking group at UBS Investment Bank. He began investing in India in 2005 as a founding member of Blackstone’s private equity business in India, followed by 5 years at Bain Capital’s public equity fund investing in global technology including India. He was also part of the founding team at Seven Harbour Global where he served as the Director of Research and invested in global technology and consumer including in India.
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Misha has an MBA from Harvard Business School where he was a Baker Scholar. He was part of the Management and Technology Program at the University of Pennsylvania where he was a Benjamin Franklin Scholar and a Joseph Wharton Scholar. He holds a BS in Economics, a BSE in Computer Science and a minor in Mathematics.
Managing Partner
Sasha M. Sanwal
Sasha began his career in the top ranked IT Services and Payments research team at JP Morgan where he worked on IPOs such as Visa, Cognizant and Genpact, and helped expand coverage to new sub-sectors in the emerging fintech ecosystem. He also has experience covering a range of companies across energy and industrial sectors at UBS Investment Bank.
Prior to moving back to India in 2020 he was the Lead Analyst for Oil Services at UBS. Sasha completed his undergraduate degree from the University of Pennsylvania. He holds a BSc in Economics from Wharton with concentrations in Finance, Accounting and Management. He has an MBA with Dean’s Honors with Distinction from Columbia Business School and is a CFA charterholder.
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Regulatory Disclosures
‘Millingtonia Capital AIF’ is registered with IFSCA as a Category III Alternative Investment Fund with effect from December 07, 2021 and Millingtonia Capital India Opportunity Fund is registered with SEBI (through a DDP) as Category I Foreign Portfolio Investor with effect from December 20, 2021.Registration No. AIF IFSC/AIF3/2021-22/0011.
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‘Millingtonia Capital Advisors LLP’ is registered with IFSCA as a Registered FME (Non-Retail) with effect from February 03, 2023.Registration No. IFSCA/FME/II/2022-23/011.
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Regulatory Disclosure: Registration with IFSCA does not imply approval or endorsement by IFSCA of the FME, any fund of the FME.
© August 2026 Millingtonia Capital Advisors LLP ("Millingtonia"). All rights reserved.