Fund overview
Gymkhana Partners is an India-dedicated long-only investment fund managed by Farley Capital. Since 2013, Farley Capital's investments in India have generated a cumulative USD return net of all fees, profit allocations, & Indian taxes of 384.9% – for an annualized return over that period of 13.9%,* exceeding the returns over the same period of the S&P 500, the BSE Sensex, & MSCI India indices. After successfully investing in India via Farley Capital's generalist funds, Gymkhana Partners was born in 2017 out of demand for direct exposure to our India investing expertise.
*Returns are net of fees and updated as of July 31, 2025.
Why Indian Small Caps?
Opportunities abound in India for investors exploring beyond the well-known large-caps.
Compared to U.S. equities, Indian stocks – particularly those of mid- & small-cap companies – are significantly less correlated with their benchmark index.
Median institutional ownership among India’s ~3,000 largest listed companies is only 13%*, vs. 93% in the case of the United States’ ~3,000 largest listed companies.
Among all major global equity markets, India is the one where active managers outperform their passive equity benchmarks by the widest margin.
Otherwise reliable data sources such as Bloomberg often report inaccurate or incomplete figures for smaller-cap Indian stocks’ financials & cross-shareholdings – further bolstering the opportunities available to diligent investors.
*Per Bloomberg data on ~3,000 largest listed US and Indian companies.
Why Gymkhana?
Our performance has been – and, in our view, should continue to be – the result of applying our distinctive strategy to India’s target-rich opportunity set.
Our Team
Our multinational team conducts intensive & recurring in-person research in India. Our experience analyzing businesses around the world allows us to better understand & contextualize Indian companies’ competitive advantages & valuations.
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Interested in learning more about investing with Gymkhana Partners?
Past performance of Gymkhana Partners and any funds managed by Farley Capital L.P. (collectively, the “Funds”) is not indicative of future results. No representations or warranties of any kind are made or intended, and none should be inferred, with respect to the economic return or the tax consequences from a potential investment in the Funds. Each investor should consult their own counsel and accountant for advice concerning the various legal, tax and economic matters concerning their investment. The information provided herein does not constitute an offer to sell an interest in the Funds. Such offer can only be made to qualified investors pursuant to the Funds’ Confidential Private Placement Memorandum (“Offering Memorandum”), the Subscription Documents relating thereto and the Limited Liability Company Agreement, as applicable, which set forth the complete terms of the offer.
No representation or warranty (express or implied) is made or can be given with respect to the accuracy or completeness of the information found within this website. Certain information constitutes “forward-looking statements” about potential future results. Those results may not be achieved, due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors. Nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance or otherwise.