Catamaran Ventures, the family office of Infosys co-founder Narayana Murthy, plans to double its exposure to India over the next five years, its president Deepak Padaki said on 14 October 2026 at Bloomberg’s New Economy Forum. Catamaran runs about $1.4 billion for Murthy and targets annual returns of 16% to 18%, Bloomberg reported.
The usual advice to wealthy families is to spread money across countries. Here a large Indian family office is putting more of it at home.
What Catamaran is
Murthy set up Catamaran as his family office. (If the term is new, start with What Is a Family Office?) It invests in listed shares, private companies and funds, and its known holdings include SpaceX and the National Stock Exchange of India. Padaki, who spent about 30 years at Infosys, joined as president in 2022, according to Venture Intelligence.
Where Catamaran’s money would go
Bloomberg names three themes:
- AI services. Indian companies that sell AI-based solutions to large businesses around the world, not only those that build AI models.
- Data centres. AI raises demand for power, cooling, computing and storage.
- Precision manufacturing. Indian firms that supply more complex parts to global customers as supply chains spread out.
The report does not give Catamaran’s current India share, so “double” could mean more money in India, a bigger share of the portfolio, or both.
Home bias versus diversification
“Home bias” is the habit of holding more of your own country’s assets than its weight in world markets would suggest. It has reasons: you know the companies and laws, you spend in the home currency, and you may see deals outsiders never do. Diversification is the counterweight: if one country has a bad decade, assets elsewhere soften the blow. For a family whose wealth was made in one country, investing more at home adds to a concentration it already has. We look at concentration risk in five mistakes in managing family wealth.
What a 16% to 18% target means
A target return is the yearly gain an investor aims for over time, not a promise. At 17% a year, money roughly doubles in about four and a half years. Returns that high usually require growth-stage private companies and smaller listed firms, whose values can swing sharply and which can take years to sell. Aiming higher means accepting some losing years.
What to watch
- Whether Catamaran discloses its India share or new large deals in the three themes.
- Valuations of Indian AI and technology companies, which can run high.
- Whether other Indian family offices follow, or keep adding abroad.
A fair caveat
The plan comes from one interview reported by Bloomberg, and Catamaran does not publish its holdings or returns. A target is not a track record. Private investments can also take longer than five years to return cash.
Questions to bring to your advisors
How much of our wealth depends on one country, one currency or one company? What return do we actually need, and what losses could we live with to try for more? These are questions to bring to your advisors, not advice.
