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India Capital Growth FundAnnouncement

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RNS Number : 3911X  India Capital Growth Fund Limited  20 March 2026

20 March 2026

India Capital Growth Fund Limited

LEI: 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 Manager                          +44 7702 799 117

Lucy Draper, Robin Sellers
 Neville Registrars Limited, Registrar and Receiving Agent                +44 121 585 1131
 Shore Capital, Financial Adviser and Broker                              +44 20 7408 4050

Gillian Martin, Daphne Zhang (Corporate Advisory)

Fiona Conroy (Corporate Broking)
 Apex Fund and Corporate Services (Guernsey) Limited (Company Secretary)  +44 20 3530 3687

Matt Lihou                                                              indiacapitalbox@apexgroup.com (mailto: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
(https://url.avanan.click/v2/r02/___http:/www.indiacapitalgrowth.com___.YXAxZTpzaG9yZWNhcDphOm86MzdlMzhkMGU4M2NhMWI2MzJkNjg3MjhlYTM2ZWU2OTY6Nzo2Yjc4OjQ4ZWFiOWQzYTZmM2Y2Yjk1NDIwMzY1MjFjNDM1MzYzMjI4YjZjZWRlNGRlN2EyNzQyZGIwZDJiY2JkYzU0ZTg6cDpUOk4)

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