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Last checked at 
20 Mar 2026 07:00
20 March 2026
India Capital Growth Fund LimitedLEI: 213800TPOS9AM7INH846
Investment Manager Update
India Capital Growth Fund Limited (the "Company"), the London listed investment company focused on long-term investment opportunities in India's mid-and small-cap sectors, announces that Liontrust Asset Management plc has agreed to acquire River Global Holdings Ltd, the holdings company that encompasses the asset management business of River Global PLC, including the Company's Investment Manager River Global Investors LLP. This transaction is subject to approval by the shareholders and regulatory approval from the Financial Conduct Authority
Following completion, the River Global asset management business will be combined with Liontrust's wider active equity business, operating under the Liontrust brand and supported by a shared, centralised infrastructure. This integration will broaden the resources available to India Capital Growth Fund, including deeper investment support and improved global distribution.
There will be no change to the investment team, which will continue to advise and manage the portfolio with the same process and philosophy from Mumbai and London. The team has delivered an average annual NAV return (net of fees) of more than 12% since Gaurav Narain joined.
Elisabeth Scott:
"The Board of India Capital Growth Fund supports this transaction and welcomes the transition to Liontrust, a more fully resourced global asset management group whose belief in long‑term active management and distinctive investment processes is strongly aligned with our shareholders' interests. We are also pleased that the successful India investment team, led by Gaurav Narain, will continue unchanged, ensuring continuity in the strategy that has delivered long‑term value."
ENQUIRIES
River Global Group, AIFM and Investment ManagerLucy Draper, Robin Sellers | +44 7702 799 117 |
Neville Registrars Limited, Registrar and Receiving Agent | +44 121 585 1131 |
Shore Capital, Financial Adviser and BrokerGillian Martin, Daphne Zhang (Corporate Advisory)Fiona Conroy (Corporate Broking) | +44 20 7408 4050 |
Apex Fund and Corporate Services (Guernsey) Limited (Company Secretary)Matt Lihou | +44 20 3530 3687 indiacapitalbox@apexgroup.com |
About India Capital Growth Fund
India Capital Growth Fund, the London Stock Exchange's Main Market listed investment company registered and incorporated in Guernsey, was established to take advantage of long-term investment opportunities in companies based in India. ICGF predominantly invests in listed mid and small cap companies, although investments may also be made in large cap and private Indian companies where the Investment Manager believes long-term capital appreciation will be achieved. www.indiacapitalgrowth.com
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