Identity
State of Alpha is a corporate institutional body established under the banner of Emmar Research.
The State of Alpha is a sophisticated global investment management platform, designed as a portfolio holding institutional investor — capitalised by global institutional investors spanning debt & equity market Qualified Institutional Buyers, allowing us to construct large-scale portfolios through private equity and strategic positions downstream.
Alpha’s offerings and funds are developed on the basis of downstream strategies in the markets of Infrastructure, Industry, Real Estate and Agri-Tech. Our core market focus lies in offering institutional investors sophisticated investment & management infrastructure and platforms.
Alpha also offers strategic solutions to a diverse asset class — from origination through to investment management — under a single turnkey umbrella; a solution base unparalleled in the institutional finance industry.
The Institutional structure hosts a fully segregated Governing Body of Members from diverse walks of industries and markets, providing a strong governance structure to the establishment. Alpha hosts a vertically driven range of business and commercial ventures that face the markets to generate strategic revenue modules.
Active Strategies deployed directly into portfolio companies and downstream operating platforms.
Passive Strategies — capital deployed as limited partner alongside sophisticated fund managers.
Lending and Investment Management across structured, asset-backed capital modules.
Emmar Research · Est. 1976
The flagship brand, Emmar, was founded by Mr. M.R. Narayanan and Mrs. Nirmala Narayanan. Established in 1974 and registered under the Registrar of Companies Act in 1976, Emmar was created to provide integrated engineering solutions for major production industries of Railways, Steel, Power, Energy, Automotive and others.
Emmar was among the first companies to provide turnkey integrated solutions — in 1976, collaborating with global leaders Group Danobat (Spain) and Zayer S.A. (Spain), becoming the first Spanish technologies to reach India in the 1970s and pioneering Spanish tech & CNC machinery in the country.
Second-generation entrepreneur; Madabushi Narayanan Gosakan (Gosakan Narayanan), sole beneficiary of the family business Emmar, took up active management in 2004 and has been instrumental in the expansion and diversification of the family enterprise.
With over 400 turnkey integrated solutions delivered, Emmar’s core market space was Capital Assets — high-value developments serving public infrastructure at national scale, playing a defining role in nation-building across Railways, Power, Steel, General Heavy Engineering, Defence, Aerospace and R&D.
In 2014, Emmar Family Offices was launched to manage the family’s wealth — generated solely from business revenues — expanding the legacy business into a contemporary development and management firm, structured with a top module to work with institutional investors from across the world, and to establish the infrastructure that allows Emmar to raise capital and feed its downstream activities.
Gosakan Narayanan has since been instrumental in the rebranding and global repositioning of the house — ultimately co-founding State of Alpha alongside Mesrop Nerkararian.
Capital Origination
State of Alpha’s core area of work lies in global investor relations. Alpha and its downstream structures have been developed to provide investors with high quality regulated funds, administration and special investment vehicles — enabling them to remain sophisticated global investors and managers. The module raises capital from Debt & Equity Capital Markets, with our institutional investor base providing structured and defined capital for active and passive investments in downstream asset-holding platforms.
While there is clear segregation between our verticals, the ideology remains consistent — creating both market underwriting and structures through bespoke integration of revenue and credit risk management, while specialised holding provides a clear underwriting perspective to investors’ security in providing capital for downstream activity. The structure caters to in-house growth and expansion while providing capital directly into global capital market positions — securitized issuances, senior debt, private equity and other modules within our investment strategy.
Investment Anatomy
Alpha integrates a sophisticated model that involves both a top-down and bottom-up approach, interlinking and mediating buy & sell side market opportunities. Alpha is designed to create sub-structures and compartments to suit the needs of the markets as a tailor-made fund — investing as a passive direct or passive in-direct investor across a diverse target spectrum.
Focused on investing as a Limited Partner, and hosting capacities to invest in private equity, structured debt or hybrids, Alpha’s anatomy provides a strong capital partnership to scalable and expanding corporations across emerging & mature market spectrums — investing on the basis of downstream strategies managed by sophisticated private equity & alternative investment funds with an active direct approach.
Alpha hosts a wide syndication network, managed by global prime brokerage and other equity & debt partnerships with leading global institutional asset managers, debt capital market funds, banking institutions and fund managers.
