White Whale Partners PMS Review: North Star Portfolio & Returns (2026)
White Whale Partners PMS is offered by White Whale Partners LLP, a Mumbai-based, multi-disciplinary investment firm. As of 31 August 2026, it reported a PMS AUM of ₹115.31 crore across 33 clients and 2 investment approaches.
With an average of roughly ₹3.5 crore per client, White Whale is a high-ticket boutique. Its North Star Portfolio has a 5-year record since November 2020, while the Rising Star strategy was launched in October 2024.
White Whale Partners PMS is offered by White Whale Partners LLP, a Mumbai-based, multi-disciplinary investment firm. As of 31 August 2026, it reported a PMS AUM of ₹115.31 crore across 33 clients and 2 investment approaches. With an average of roughly ₹3.5 crore per client, White Whale is a high-ticket boutique. Its North Star Portfolio has a 5-year record since November 2020, while the Rising Star strategy was launched in October 2024. Key takeaways White Whale Partners PMS reports assets under management of ₹115.31 crore across 33 clients as of 31 August 2026. Investment approaches: 2 (North Star Portfolio, Rising Star PF). Highest 3-year return in the line-up: North Star Portfolio at 11.5% 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 Whale Partners PMS Portfolio Manager White Whale Partners LLP SEBI Registration No. INP000006970 PMS AUM ₹115.31 crore (as on 31 August 2026) Number of Clients 33 (as on 31 August 2026) Investment Approaches 2 (North Star Portfolio, Rising Star PF) Key People Hardik Doshi (Fund Manager, PMS); Kunal Vora and Shapath Parikh (Fund Managers) Registered Office Mumbai (Fort) Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About White Whale Partners White Whale Partners emphasises a disciplined investment process and describes its platform as built on strong alignment of interest and partnership ideals. Drawing on about 20 years of experience in financial services globally, the team evaluates opportunities in public markets at a granular level through a private equity lens, with thorough research and diligence at the core. The PMS team listed publicly includes: Hardik Doshi, Fund Manager (PMS) : a CFA charterholder with a 20-year career, including 6 years of equity research at Lehman Brothers in New York and 13 years heading the investment research team at First Voyager, adviser to the India-focused TVF Fund. Kunal Vora, Fund Manager : over 15 years across India, the US, Europe and the Middle East in equity investing, private equity and advisory. Before founding White Whale Partners, he was part of the investment team at FM Capital Partner, a London-based hedge fund. Shapath Parikh, Fund Manager : 24 years across investment banking, entrepreneurship and investing, including senior roles at Barclays, Nomura and Lehman Brothers. He runs early and growth stage investing at White Whale Ventures and sits on the PMS investment committee. He holds a Bachelor's degree in Finance from NYU Stern. White Whale Partners PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception North Star Portfolio Multi Cap & Flexi Cap 4.88% 7.55% 11.50% 8.05% Nov 2020 White Whale Partners LLP RISING STAR PF Multi Cap & Flexi Cap 27.55% NA NA NA Oct 2024 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. North Star Portfolio The flagship multi-cap strategy, launched in November 2020. As of 31 August 2026, it reported 4.88% over one year, 7.55% annualised over two years, 11.50% over three years and 8.05% annualised over five years. Its 2-year return is notably better than its one-year figure, which suggests it held up comparatively well during the 2024-26 correction. Rising Star PF Listed as White Whale Partners LLP RISING STAR PF, this multi-cap strategy was launched in October 2024. As the name suggests, it may focus on emerging companies. It reported 27.55% over one year, but with less than two years of history it is too early to judge how it behaves across a full cycle. How to Read These Numbers Strategy returns are most meaningful when compared with the category benchmark over the same period, rather than with a headline index or a cherry-picked window. The 2-year column largely captures the 2024-26 correction in Indian equities, particularly in mid and small caps, so many equity strategies show muted or negative 2-year numbers even where 3-year and 5-year figures look healthier. Reading all periods together gives a fairer picture than any single column. The figures are Time-Weighted Rates of Return (TWRR) for the strategy as a whole. An individual client's experience depends on when money went in, any top-ups or withdrawals, and the fee structure chosen. PMS returns are reported net of fees and expenses as per SEBI norms, but taxes are paid by each investor separately and vary with holding periods and portfolio churn. PMS portfolios are also typically more concentrated than mutual funds, which can widen the gap between good and bad years. Who White Whale Partners PMS May Suit Investors with ₹50 lakh or more, including larger-ticket HNIs, who value a private equity style of company analysis. Those who prefer a small, partner-led boutique with globally experienced professionals. Investors seeking a multi-cap strategy that has held up relatively well over the past two years (North Star). It may not suit investors who want a large client base and institutional scale, or those expecting consistently high returns, given North Star's 8.05% 5-year figure. Fees, Minimum Investment and Taxation The minimum investment in White Whale Partners PMS, as in any SEBI-registered PMS, is ₹50 lakh, which can be brought in as cash, as existing securities, or a combination of both. Portfolio managers typically offer a choice of fee structures: a fixed management fee, a hybrid of a lower fixed fee plus a performance share, or a performance-linked fee charged only above a hurdle rate. The exact fee schedule, exit load and other charges are in the Disclosure Document, which investors should read before signing the Client Agreement. In a PMS, the securities sit in a demat account held in the investor's own name, which offers transparency but also means every trade is a taxable event for the investor. For listed equity, short-term capital gains are taxed at 20% and long-term capital gains at 12.5% above the annual ₹1.25 lakh exemption. Debt and other asset classes follow their own rules. For a step-by-step explainer, see how PMS onboarding, funding, taxation and exit work (/insights/how-pms-works-onboarding-funding-taxation-exit) . Money n Wealth's View White Whale Partners brings an unusually international team, with backgrounds at Lehman Brothers, Barclays, Nomura and a London hedge fund, and a private equity approach to listed equities. North Star's positive 7.55% over two years as of 31 August 2026 stands out against many peers that turned negative in that window. What to watch: North Star's 5-year return of 8.05% is moderate, the one-year number of 4.88% is subdued, and the client base of 33 is very small. The Rising Star strategy's strong first year should not be extrapolated. For broader context, see India's largest PMS players by AUM (/insights/pms-players-in-india-aum-vintage) , or speak with our team (/contact) . Frequently Asked Questions Is White Whale Partners PMS good? White Whale has an experienced, internationally trained team. As of 31 August 2026, North Star reported 7.55% over two years and 8.05% annualised over five years, which is steady but moderate. Whether it suits you depends on your goals and the benchmark comparison. What is the minimum investment in White Whale Partners PMS? The minimum investment is ₹50 lakh, the SEBI-mandated minimum for PMS, in cash or securities. Which is the best White Whale Partners PMS strategy? It depends on your goals. North Star Portfolio (November 2020) has the longer record and a 5-year history; Rising Star (October 2024) is newer with only a one-year record. Who manages White Whale Partners PMS? Hardik Doshi is Fund Manager for the PMS, alongside fund managers Kunal Vora and Shapath Parikh. Is White Whale Partners PMS registered with SEBI? Yes. White Whale Partners LLP is a SEBI-registered portfolio manager with registration number INP000006970. 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 Whale Partners 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.