White Pine PMS Review: India Emerging Stars Returns & Founders (2026)
White Pine PMS is offered by White Pine Investment Management Pvt Ltd, founded in May 2021 by Niraj Mansingka and Manish Karwa. As of 31 August 2026, it reported PMS assets under management of ₹538.19 crore across 226 clients, offered through 1 investment approach.
Its single strategy, White Pine India Emerging Stars, is a multi cap and flexi cap mandate launched in May 2022. Below we look at the founders, the reported numbers and the kind of investor it may suit.
White Pine PMS is offered by White Pine Investment Management Pvt Ltd, founded in May 2021 by Niraj Mansingka and Manish Karwa. As of 31 August 2026, it reported PMS assets under management of ₹538.19 crore across 226 clients, offered through 1 investment approach. Its single strategy, White Pine India Emerging Stars, is a multi cap and flexi cap mandate launched in May 2022. Below we look at the founders, the reported numbers and the kind of investor it may suit. Key takeaways White Pine PMS reports assets under management of ₹538.19 crore across 226 clients as of 31 August 2026. Investment approaches: 1. Highest 3-year return in the line-up: White Pine India Emerging Stars at 27.01% a year, against 12.1% for the S&P BSE 500 TRI over the same period (to 31 August 2026). Minimum investment ₹50 lakh; reported returns are TWRR, net of fees but before your taxes. Quick Facts: White Pine PMS Portfolio Manager White Pine Investment Management Pvt Ltd SEBI Registration No. INP000007331 PMS AUM ₹538.19 crore (as on 31 August 2026) Number of Clients 226 (as on 31 August 2026) Investment Approaches 1 Key People Niraj Mansingka (Co-Founder), Manish Karwa (Co-Founder) Registered Office Mumbai (Jogeshwari West) Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About White Pine White Pine says its founders set out to build a sustainable organisation known for its investing acumen, with the aspiration of creating long-term wealth for investors. It describes an entrepreneurial environment with a long-term, process-driven investing culture. Manish Karwa has 22 years of equity research experience, primarily covering the financial sector (banking, insurance and NBFCs) at firms including Kotak, Deutsche, Axis and Motilal Oswal, and was well rated in institutional investor polls. He holds an MBA (Finance) from Mumbai University. Niraj Mansingka has around 22 years of experience across equity investing, equity research and information technology, including 18 years in equities. In his last role he was an Executive Director at Goldman Sachs Asset Management, the entity managing the GS India Equity Fund. He holds a B.Tech in Chemical Engineering from IIT (BHU) Varanasi and an MBA from ISB Hyderabad, and has been a CFA charterholder since December 2007. White Pine PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception White Pine India Emerging Stars Multi Cap & Flexi Cap 26.29% 14.02% 27.01% NA May 2022 S&P BSE 500 TRI (broad-market reference) Index 4.7% -0.1% 12.1% 10.9% — Returns as of 31 August 2026, TWRR, as reported by the portfolio manager; returns over one year are annualised. Index rows are shown for reference only, as of 31 August 2026 (index figures as published in Sundaram Alternates' August 2026 PMS performance disclosure); each strategy's own SEBI category benchmark may differ, so ask the manager for its benchmark comparison. White Pine India Emerging Stars India Emerging Stars is a multi cap and flexi cap strategy launched in May 2022. As of 31 August 2026 it reported 26.29% over one year, 14.02% annualised over two years and 27.01% over three years. A five-year record is not yet available. As the name suggests, the strategy may seek out emerging leaders across market capitalisations; the flexi cap category gives it room to move between large, mid and small companies. Its 14.02% two-year return is relatively resilient for a period that included a broad correction. How to Read These Numbers PMS returns mean little in isolation. Each strategy should be compared with its category benchmark (for example, a broad multi cap index for a flexi cap mandate or a small and midcap index for a small and mid cap mandate) over the same period, and with comparable mutual funds net of costs. The 2-year column is worth particular attention because it largely captures the 2024-26 correction in Indian equities, which hit smaller companies hardest; a strategy that held up well over that window may have different risk characteristics from one that rallied sharply before or after it. The figures are Time-Weighted Rates of Return (TWRR) for the strategy as a whole, as reported by the portfolio manager. Your own experience can differ meaningfully depending on when you invested, any additions or withdrawals, and the exact stocks in your account. SEBI norms require PMS performance to be reported net of fees and expenses, but taxes are paid individually by each client and are not reflected in these numbers, so post-tax outcomes will vary. PMS portfolios are typically more concentrated than mutual funds, often holding a limited number of stocks. That concentration can help or hurt relative to the benchmark, and it means drawdowns in individual positions can have a visible impact. Investors should look at volatility and the worst peak-to-trough fall, not just headline returns, when assessing White Pine PMS. Who White Pine PMS May Suit Investors seeking a flexible, all-market-cap equity PMS from a founder-led boutique. Investors who value deep sell-side and buy-side research backgrounds, including financial-sector expertise. Investors with a horizon of five years or more who accept a track record of a little over four years. It may not suit investors who insist on a five-year or full-cycle track record, or those who need near-term liquidity. Fees, Minimum Investment and Taxation SEBI mandates a minimum investment of ₹50 lakh for any PMS, which can be brought in as cash, as existing securities, or a combination of both (subject to the portfolio manager accepting the stocks transferred in). PMS houses typically offer a fixed-fee structure (a flat annual percentage of assets), a hybrid structure (a lower fixed fee plus a share of profits), or a performance-fee structure with a hurdle rate. The exact fee schedule for White Pine PMS, including any exit load, is in the Disclosure Document, which investors should read before signing the client agreement. In a PMS, securities are held in the investor's own demat account, so every trade is a taxable event in the investor's hands. For listed equity, short-term capital gains (holding period of 12 months or less) are taxed at 20%, and long-term capital gains are taxed at 12.5% on gains above the annual exemption of ₹1.25 lakh. Dividends are taxed at the investor's slab rate. For a fuller walkthrough, see our guide on how PMS onboarding, funding, taxation and exit work (/insights/how-pms-works-onboarding-funding-taxation-exit) . Money n Wealth's View White Pine has delivered strong reported numbers in its early years, with 27.01% over three years and a resilient 14.02% over two years as of 31 August 2026, and its founders bring complementary research and institutional fund management experience. What to watch: the strategy is still young and has not yet been tested through a full market cycle, and growth in assets can change how a boutique invests. Investors should compare results with a flexi cap benchmark. See PMS versus mutual funds (/insights/pms-vs-mutual-funds-1-crore-investors) , or speak with our team (/contact) . Frequently Asked Questions Is White Pine PMS good? It depends on your goals. As of 31 August 2026, India Emerging Stars reported 27.01% over three years and 14.02% over two years. Its history is still short, so compare with a benchmark and read the Disclosure Document. What is the minimum investment in White Pine PMS? The SEBI-mandated minimum of ₹50 lakh applies, in cash, securities or both. Which is the best White Pine PMS strategy? White Pine offers one strategy, India Emerging Stars, running since May 2022. Who manages White Pine PMS? Co-founders Niraj Mansingka and Manish Karwa lead the firm. Is White Pine PMS registered with SEBI? Yes. White Pine Investment Management Pvt Ltd is a SEBI-registered portfolio manager, registration number INP000007331. Related Reading Portfolio Management Services (PMS) in India: the complete 2026 guide (/insights/pms-india) How PMS works: onboarding, funding, taxation, reporting and exit (/insights/how-pms-works-onboarding-funding-taxation-exit) PMS vs mutual funds above ₹1 crore (/insights/pms-vs-mutual-funds-1-crore-investors) PMS players in India by AUM and vintage (/insights/pms-players-in-india-aum-vintage) Wright Research PMS Review (/insights/wryght-research-and-capital-pms-review) WhiteOak Capital PMS Review (/insights/white-oak-capital-management-consultants-pms-review) Tata Asset Management PMS Review (/insights/tata-asset-management-pms-review) Axis AMC PMS Review (/insights/axis-asset-management-company-pms-review) All PMS reviews (/insights/category/pms) Sources SEBI: registered portfolio managers (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=10) Association of Portfolio Managers in India (APMI) (https://www.apmiindia.org) Disclaimer: This article is for general informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer/solicitation to invest in any security or PMS strategy. Portfolio Management Services are subject to market risks; please read the Disclosure Document and Client Agreement carefully before investing. AUM, client and performance figures cited are as reported by White Pine in public disclosures as of 31 August 2026, are calculated using the Time-Weighted Rate of Return method, are not verified by SEBI, and individual client returns may vary. Past performance is not indicative of future returns. Strategies, fees and figures may change without notice and should not be construed as a recommendation to buy or sell. Money n Wealth (Predics Fintech Services Pvt Ltd) is an AMFI-registered Mutual Fund Distributor (ARN-121995) and APMI-registered PMS Distributor (APRN-07444); this is not a SEBI-registered investment advisory service. Please consult your financial advisor before making investment decisions.