OPERATOR-LED PRIVATE EQUITY | INDIA | USA | UK | SPECIAL SITUATIONS & PLATFORM ACQUISITIONS
Acquiring and transforming
exceptional businesses.
where disciplined investing and hands-on execution can unlock significant value.
Capital Structure
Deal-by-Deal
Independent sponsor model
Revenue Range
$5M–$50M
Target acquisition range
EBITDA Margin
10%+
Minimum profitability threshold
Holding Period
5–7 Years
Long-term value creation
The Opportunity
Operational complexity creates acquisition opportunities.
Many founder-led and family-owned businesses face succession challenges, operational inefficiencies, and capital constraints. In special situations and overlooked middle-market companies, these pressures often create attractive entry points for disciplined investors with the capability to execute operational transformation. Pepper Fund focuses on acquiring businesses where hands-on leadership, strategic restructuring, and global operating expertise can unlock significant long-term value.
“Pepper Fund acquires businesses where execution matters as much as capital.”
Fund Parameters
Geography
India · USA · UK · Western Europe
Cross-border sourcing with global operating capabilities
Business Type
Industrial · Consumer · Fashion · B2B Services
Businesses with operational complexity and scalable platforms
TRANSACTION SIZE
$5M–$50M Revenue
Flexible structuring through equity, debt, and co-investment
OWNERSHIP
Control or Significant Influence
VALUE CREATION
Operational Improvement
Strategic Integration · Global Expansion
VALUE CREATION FRAMEWORK
Four levers.
Enduring value.
01
Operational Improvement
Streamlining processes, strengthening management systems, and improving working capital to enhance efficiency, visibility, and cash generation.
02
Strategic
Growth
Expanding into adjacent products, channels, and markets to accelerate revenue growth and increase customer lifetime value.
03
Supply Chain Optimization
Reducing input costs, improving procurement, and strengthening logistics to expand margins and improve service levels.
04
Strategic Integration
Leveraging cross-border capabilities, partnerships, and acquisitions to unlock synergies and create scalable platforms.
“We create value through execution, not financial engineering.”
OPERATOR ADVANTAGES
Built-in advantages.
From day one.
Global Supply Chain
Deep sourcing and procurement relationships across Asia, with experience in cost optimization, vendor management, and margin expansion.
Commercial Infrastructure
Established relationships across marketplaces, wholesale channels, and strategic partners that can accelerate growth immediately after acquisition.
Digital Execution
In-house capabilities across eCommerce, performance marketing, marketplace optimization, SEO, and analytics deployable from day one.
THE PRINCIPAL
Karan Bose
Operator. Entrepreneur. Investor.
Karan Bose is the founder of Pepper Fund and an operator with over a decade of experience building and scaling businesses across sourcing, supply chain, eCommerce, and global operations.
Through Hula Global and other ventures, he has worked with fashion, consumer, and lifestyle brands across North America, Europe, and Asia, combining strategic insight with direct execution to unlock operational and commercial value.
Pepper Fund
Principal
Operator-led acquisitions and special situations
Hula Global
Founder & Managing Director
Global sourcing and supply chain platform
Glam Brands
Co-Founder
U.S.-based consumer and eCommerce venture
Uniqlo
Strategy
International retail and operations exposure
ESSEC Business School
MSc Nanyang Technological University — MBA
Brands Worked With
“Capital provides the opportunity. Execution creates the outcome.”
Get In Touch
Let’s discuss exceptional opportunities.
Reach out to discuss investment partnerships, acquisition opportunities, special situations, or proprietary deal introductions.