Investors should carefully consider the investment objectives, risks, charges and expenses of the EM Capital India Gateway Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 866-611-4967 or at  EM Capital India Gateway Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC

The prospectus should be read carefully before investing.  There are special risks associated with international investing including currency fluctuation, economic conditions, and different governmental and accounting standards.  The fund contains international securities that may provide the opportunity for greater return but also have special risks associated with investing including currency, government regulation, differences in accounting standards and liquidity.


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Emerging and Frontier Markets & Distressed Assets Specialists

EM Capital Management, LLC is a Registered Investment Adviser and International Asset Manager

 regulated by the United States Securities and Exchange Commission under the Investment Adviser Act of 1940.

















































































































Senior Advisors & Global Team Located in San Francisco, Mumbai, Delhi,

Hong Kong, Shenzen, Singapore, Hanoi, Washington, D.C. and New York

G.N. Bajpai, Senior Advisor — Mumbai, India

Former Chairman of Securities & Exchange Board of India (SEBI)

Former Chairman of Life Insurance Corporation of India (LIC)

Former Chairman of National Stock Exchange (NSE)

Director of Future Generali Insurance, India


Based in Mumbai. Mr. G.N. Bajpai is the former Chairman of the Securities and Exchange Board of India (SEBI), the Indian SEC equivalent, having served his full three-year term ending in February, 2005.  He is an advocate for enhanced corporate governance in emerging markets.  Mr. Bajpai is credited for transforming and streamlining the Indian securities watchdog and market regulator during a period of unprecedented growth. During his stewardship, SEBI improved its procedures for enforcing compliance to ensure market integrity and implemented straight-through-processing of record order volumes. Prior to becoming Chairman of SEBI, Mr. Bajpai was the Chairman of Life Insurance Corporation of India, the largest life insurance company in India, which he joined in 1964.  Mr. Bajpai is a frequent key-note speaker and a lecturer at institutions such as the London School of Economics. He is a Director of several important Indian companies.  Mr. Bajpai is the founding Chairman of the India Chapter of the Turnaround Management Association.  Mr. Bajpai is an avid golf enthusiast.


Dhruba Gupta, CA, Senior Advisor — New Delhi & Washington, D.C.

Co-Founder, EM Capital Management, LLC

Special Director for India Investor Leadership of the Emerging Markets Disclosure Project (EMDP)

Former Co- Portfolio Manager of the EM Capital India Gateway Fund

Former Deputy Treasurer of the International Monetary Fund

Consultant to OECD


Based in New Delhi and Washington, D.C., Dhruba is a recognized expert in Indian infrastructure policy, banking industry, government commercial policy and corporate governance. Prior to returning to India, Dhruba was Deputy Treasurer of the International Monetary Fund for the last seven years of a 29-year IMF career. He recently served as Senior Advisor to the Chairman of India’s IFCI Bank and assisted in the organization of Asset Care Enterprises, one of the first Indian asset reconstruction companies. Dhruba is a member of numerous advisory boards and councils in India including the ASSOCHAM Expert Committee on Company Law & Corporate Affairs and is the President-elect of the new India Chapter of the Turnaround Management Association. He is a Chartered Accountant and holds a Bachelor of Science in Economics from the London School of Economics and a Master of Economics from George Washington University.



Seth R. Freeman, CIRA, Global Chief Executive Officer — San Francisco

Co- Portfolio Manager of the EM Capital India Gateway Fund

Portfolio Manager of the EM Capital India Discovery Fund

Executive in Residence, Thunderbird Global Financial Services Center

Lead India Investor Representative to the Emerging Markets Disclosure Project (EMDP)


Based in San Francisco, Seth is responsible for business strategy, private equity strategies, fund marketing and client service. He is an expert in cross-border, emerging markets deal origination, financial analysis, risk assessment, due diligence, cross-cultural negotiation, restructuring and turnaround management. Seth has over 13 years emerging markets financial advisory and private equity industry experience including manufacturing, consumer goods, banking, aviation, alternative energy, health care and real estate sectors in Latin America, Southern Europe and India. Prior to co-founding EM Capital Management, LLC, he founded an emerging markets focused financial and operational restructuring advisory and turnaround management firm. Seth has over 22 years’ investment, financing, development and management experience in operating companies, equities, private equity, real estate and distressed assets. He holds an MBA in International Management from Thunderbird, the American Graduate School of International Management. Seth is a Certified Insolvency and Restructuring Advisor (CIRA) and a Director of the Turnaround Management Association, Northern California. He is a frequent speaker and instructor on emerging markets investment strategies and implementation, fund management and cross-border finance, private equity and real estate. He is a regular contributor on Bloomberg TV, CNBC India and NDTV India.

Richard Zahm, Esq., Managing Director & Chief Compliance Officer — San Francisco & Darien, CT 

Richard is responsible for the firm’s SEC and global regulatory compliance and real estate products and services.  A licensed California attorney, Richard earned a JD at Stanford Law School, an MBA at the Graduate School of Business, University of Cape Town, South AfricaB.A. at Colorado College (cum laude), a .  He also holds a California Real Estate Broker License.  Richard is a member of: California State Bar Association, Financial Institutions Committee (Chair); California State Bar Association, Real Estate Finance Committee (Member); San Francisco Bank Attorneys Association; National Association of Mortgage Brokers and the California Mortgage Association (Committees: Fund Management, Construction Lending).  Richard is a founder and Principal of Second Angel Bancorp.  He is also a Manager of Second Angel Fund I, LLC, a California finance lender regulated by the California Department of Corporations, and a member of Second Angel’s Loan Committee.

Lincoln Rathnam, PhD, CFA, Managing Director, Global Head of Investment Management  - Singapore & Boston

Dr. Rathnam is based in Singapore and Boston and is responsible for building and managing the firm’s innovative emerging markets institutional products focused on Asia and investment implementation and risk management.  He has a long and distinguished background in the investment industry and is widely viewed as a pioneer in emerging market investing across both listed securities and private equity.

Dr. Rathnam was educated at Dartmouth College (A.B., History, Phi Beta Kappa, 1971) and Balliol College, Oxford (D.Phil., History, 1976). He is a Chartered Financial Analyst and a former director of the Boston Security Analysts Society. Dr. Rathnam is the author of numerous published articles on investing.

Before joining EM Capital Management, LLC, Dr. Rathnam was Managing Director of BCP Securities Asia Pte Ltd, the Singapore branch of the U.S. institutional broker/dealer specializing in emerging market debt.  Dr. Rathnam began his investment career in 1979 at Connecticut General Investment Management Company (later CIGNA Investment Management) as an analyst, where he followed a variety of industries and worked in both the equity and bond departments.  In 1984, Dr. Rathnam joined Scudder, Stevens & Clark, Inc. in Boston as an equity analyst, where he rose to the position of chairman of the stock review committee.  In this capacity, he oversaw the firm's policy in regard to overall equity strategy and difficult investment issues.  In 1988, Dr. Rathnam founded the firm's high yield bond department.  Believing that U.S. high yielding bonds were overpriced, he turned to higher yielding Eurobonds issued by Latin American governments and, in 1989, launched the Sovereign High Yield Investment Company, one of the first bond funds for emerging countries since the 19th century.  Dr. Rathnam built Scudder's emerging markets fixed income assets under management to approximately $1.7 billion by the end of 1995.  In 1994, he founded Scudder's private equity department and launched the Scudder Latin American Trust for Independent Power, one of the first private equity funds for Latin American investments. In 1998, Dr. Rathnam joined Vistech Corporation of Westport, CT, where he was active in private equity investments in Latin America and in the United States.  From 2002 to 2006, he advised BTU Ventures, a firm specializing in energy investments in the Middle East and North Africa.

Tinh Dang, LLB, Managing Director Vietnam — Hanoi

Mr. Tinh Dang, a Vietnam-born Canadian barrister and solicitor, has more than fourteen years professional experience in the foreign investment field in Vietnam.  Mr. Dang graduated from York University, Toronto (BA) and the University of Ottawa Law School (LL.B) in 1990. He has been practicing as barrister and solicitor both in Canada and in Vietnam for over 14 years.  Mr. Dang was instrumental in securing all necessary regulatory licenses and  permits for Tiberon Minerals (Canada) beginning in 1997. Tiberon successfully discovered the Nui Phao tungsten and polymetallic mine which, when in production, will be the world’s largest producer of tungsten and bismuth, as well as major producer of fluorspar. Mr. Dang’s accomplishments also include playing an instrumental role in the successful acquisition of a 6,000 sq km offshore oil exploration block and a coal bed methane project with Keeper Resources. Dang is considered one of the foremost experts on Vietnam’s mineral law, petroleum law and foreign investment in Vietnam. His published works include a book on Vietnam’s Mineral Law. He was the co-founder of the Canadian Chamber of Commerce in Vietnam and served as the Hanoi chapter president from 2000-2005.

Jatinder (Jit) Yadav, CFA, Senior Analyst (Consultant) - New Delhi

Based in India, Jit supports the investment process in India including fundamental sector and company research. Prior to returning to India, to re-join the family steel and energy business, Jit worked at Russell/Mellon Analytical Services and Callard Asset Management where he researched and recommended stocks using both technical and fundamental analysis and performed attribution analysis and performance measurement reporting for client portfolios. He is a US-trained Chartered Financial Analyst charter-holder and earned an MBA in International Management from Thunderbird, the American Graduate School of International Management. and a B Eng. in Electronics and Communication from Govind Ballabh Pant Engineering College in UP, India.

Rajiv Shastri, Chartered Accountant, Managing Director India — Mumbai

Co-Portfolio Manager EM Capital India Gateway Fund


Rajiv Shastri, based in Mumbai, India, is responsible for India market-entry and investment strategies, investment research, due diligence and portfolio management .  He is the Co-Portfolio Manager of the EM Capital India Gateway Fund (EMINX).  Rajiv is a licensed Chartered Accountant. 

Prior to joining EM Capital Management, LLC, from September 2006 until December, 2008, Rajiv was employed by Lotus India Asset Management Limited (acquired by Religare Mutual Funds) as Head of Business Development and Strategic Initiatives and Head of Alternative Business.  At Lotus India Asset Management, he was responsible for new product design and management including the launch and portfolio management of India’s first quantitative equities mutual fund.  From January 2005 to June 2006, Rajiv was the CEO of Sahara Mutual Funds, a mutual fund company based in Mumbai, India.  From January 2004 to January 2005 he was employed by ABN AMRO Mutual Funds as Head of Debt Markets responsible for launching new debt mutual fund products.  From January 2000 to January 2004, he held various positions at HDFC Mutual Funds including Fund Manager of HDFC Income Fund one of India’s largest and best performing Bond Funds and later as Head of Debt Markets.

Changyao (Michael) Chen, MBA,  Managing Director China - Hong Kong & Shenzen

Michael has over 17 years of experience in China's dynamic capital markets. Michael provides China-focused strategic market-entry, asset management and financial markets advice and intermediates transactions serving clients across many industries,  domestic and foreign PE & VC firms as well as creditors in restructuring.

Michael has held senior executive positions in China's prestigious investment banks, including Great Wall Securities, J&A Securities, Etech Securities and trust & investment institutions.  His broad experience in the Chinese securities industry covers corporate financing, corporate restructuring, M&A, brokerage management, securities marketing, portfolio management, business expansion and general management.

Michael gained hands-on experience in US markets at the CSE, CBOT, CBOE, CME and at AON Group.   Michael is a founder/principal and interim CEO of a Chinese real estate investment company.   Michael earned a Bachelor and Master of Economics from Zhongnan University of Economics and Law.  He was a senior visiting scholar at University of Illinois.

U.S. Tel: 925-376-8700     US Toll-Free: 800-933-1850