Overview
As foretold, India is finally delivering a big bang exit year for Limited Partners (LPs)--those investors who provide capital to private equity (PE) and venture capital (VC) funds.
The influx of global liquidity into India combined has played out twofold. One, it is making it easier for PE and VC firms to raise new capital. Second, it has also led to a frenzy in the capital markets, allowing HNIs to book profits and divert a significant chunk of that capital into the domestic alternative investment industry.
India is also set to benefit from the pivot from China. Many funds are shifting their allocation from China to India, in light of the Chinese government crackdown on certain segments and industrialists.
Moreover, following the successful listings of VC-backed unicorns such as Nykaa and Fino Paytech, there was continued strong investor interest for VC-backed, new-age companies like Zomato, PayTM, Policy Bazaar, and others looking to complete their listings. It's hardly a surprise, then, that the amount of money returned to LPs this year has exceeded the past three years combined.
PE/VC deal activity in Calendar 2021 has significantly exceeded previous all-time highs. PE/VC investments have recorded $65.6 billion in 2021 till October end, 38% higher than the previous annual high recorded in 2020, and exits have recorded $38.7 billion, 43% higher than the previous calendar high recorded in 2018, according to a report by the Indian Private Equity & Venture Capital Association (IVCA) and consultancy firm EY.
On a year-on-year (y-o-y) basis, too, exits recorded more than a seven-fold increase in terms of value in the first half of 2021 (1H21) compared to 1H20 and 2H20 ($22.5 billion vs. $3 billion in 1H20 and $3.1 billion in 2H20), and more than 3.7 times the value recorded in entire 2020. This is also the highest half-yearly value of exits and the second-highest on an annual basis. The number of exits in 1H21 (118 exits) was 82% higher compared to 1H20 (65 exits) and 37% higher compared to 2H20 (86 deals), according to IVCA and EY.
Exits via strategic sale were the highest with $12.7 billion recorded across 29 deals, accounting for 57% of all exits in 1H21 which is mainly on account of the large GlobalLogic-Hitachi deal worth $8.6 billion. Next in line were exits via secondary sale (sale to other PE funds) at $4.5 billion (31 deals) that recorded the highest ever half-yearly value and four times the value recorded in entire 2020. Open market exits recorded 38 deals worth $2.9 billion, the IVCA and EY report noted. PE-backed IPOs too recorded the highest ever half-yearly value of exits in 1H21 and second highest in terms of number of IPOs, which saw PE funds garner US$1.6 billion in sale proceeds across13 IPOs.
Going forward, what does this mean for LP allocation going forward? The IPO boom has also come as a booster shot to the HNI community, which will have implications for the domestic LP ecosystem. Already, significant HNI money has been poured into domestic funds such as Sixth Sense, 3one4 Capital, and others. This has also turbocharged the angel investment community – which has seen exponential growth this year.
This has translated into a surge in investments into the start-up ecosystem, kickstarting a new era for India.
Agenda
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9:20 AM – 9:30 AM
Welcome Address
By Jaideep Mehta, CEO, Mosaic Digital & Head - Mint
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9:30 AM – 9:50 AM
Keynote: Placing India in the Asian Context
By Amit Dixit, Head of Asia Private Equity, Blackstone
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9:50 AM – 10:35 AM
Panel Discussion 1: Year of Exits
This was a landmark year for exits, in part because of the booming public markets. Investors across the board were able to return money to their limited partners. As the public markets show signs of tapering, will this momentum for exits continue into 2022? The Indian business cycle has also kicked into expansion mode, with business housing favouring increased capital expenditure. Will this mean more M&As and fundraising events in 2022?
Speakers:
Dominic Goh, Principal, Harbour Vest
Sunil Mishra, Partner at Adams Street Partners and Vice Chairman at Singapore Venture Capital & Private Equity Association
Nithya Easwaran, Managing Director, Multiples Alternate Asset Management
Pushkar Kulkarni, Managing Director, CPP Investments
Subeer Monga, Partner, Mayfield India
Raghubir Menon, Corporate, M&A, and PE Partner, Shardul Amarchand Mangaldas & CoModerator
Jaideep Mehta, CEO, Mosaic Digital & Head - Mint
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10:35 AM – 11:15 AM
Panel Discussion 2: LP Asset Allocation
Technology investors reported stunning returns to their limited partners in 2021. What is the thinking amongst traditional LPs towards tech investments? Are General Partners in sector agnostic funds allocating more capital to tech deals? Are LPs keen to increase their allocation to tech investments.
How are LPs viewing their allocation into India in light of the shift out of China? Are there particular sectors that will benefit?
Speakers:
Michael Liu, Managing Director, Portfolio Advisors
Ajit Kumar, Managing Partner, Evolvence India Fund
Craig Gifford, Head of South Asia Private Equity Funds, CDC Group
Neha Grover, South Asia Lead, Private Equity, International Finance Corporation
Praneet Garg, Managing Director, Asia Alternatives, Hong KongModerator
Ranjani Raghavan, Associate Editor, VCCircle
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11:15 AM – 11:25 AM
VCCircle Awards: Jury Felicitation & VCCircle Awards Distribution
Fund Raiser of the Year - PE
Fund Raiser of the Year - VC
Exit of the Year
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11:25 AM – 11:45 AM
Special Address: Investing in India-Finding value in the current environment
The past year has seen valuation soar in specific segments – tech, non-tech and public markets. How should fund managers find value in this environment? How are investors coping with company valuations jumping three times in a single year?
Will a contrarian strategy work? Are the lines blurring between early, growth and late-stage investors?
By Vishal Mahadevia, Managing Director, Head of India, Warburg Pincus
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11:45 AM – 11:55 AM
VCCircle Award Distribution
Law firm of the Year - PE
Law firm of the Year - M&A
Investment bank of the Year - PE
Investment bank of the Year - M&A
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11:55 AM – 12:35 PM
Panel Discussion 3: Is Fundraising Becoming Easier for Indian GPs?
In 2021, many VC funds exceeded their target corpus and were significantly over subscribed. In light of a bumper exit year, has Fundraising becoming easier for Indian GPs? Indian home-grown PEs such as Chrys Capital, True North and Everstone Capital are on the road to raise new large funds. Are funds comfortable with increasing their corpus? What is their key selling point to LPs? How are they protecting their turf when there is so much competition from cross over funds?
Speakers:
Gopal Srinivasan, Managing Director & Chairman, TVS Capital
Padmanabh Sinha, CIO & ED – Private Equity, National Investment and Infrastructure Fund
Ishpreet Gandhi, Founder and Managing Partner, Stride Ventures
Anshul Jain, Managing Director, Lighthouse Funds
Shivani Bhasin Sachdeva, Founder & CEO, India AlternativesModerator
Beena Parmar, Assistant Editor, VCCircle
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12:35 PM – 1:15 PM
Panel Discussion 4: Boom in Domestic LP
The boom in public markets has boosted investor net-worth significantly. Many HNIs are now considering alternative investments and tapping wealth managers or setting up their own family offices. Have HNIs finally have emerged as an influential LP segment within India. Have family offices become more sophisticated about their alternative strategies? What are their aspirations?
Speakers:
Mihir Vora, Senior Director & Chief Investment Officer, Maxlifeinsurance
MD Ranganath, President, Catamaran
Radhika Rajan, Executive Vice President, DSP Investments
Tinaz Mistry, Mistry Family Office
Nitin Singh, MD & CEO, Avendus Wealth Management
Skanda Jayaraman, CEO, Qapita MarketplaceModerator
Ranjani Raghavan, Associate Editor, VCCircle
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1:15 PM – 1:25 PM
VCCircle Award Distribution
Consumer Company of the Year
Education Company of the Year
Healthcare Company of the Year
Agri Company of the Year
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1:25 PM – 1:45 PM
Special Address: AIF Regulations
The Securities Exchange Board of India introduced various tweaks to the AIF regime this year.
But certain proposals in taxation could end up eating into the AIF fee pool. How is the industry lobbying the government on this? What is the industry wish list? How can the government boost the AIF regime further?
By Siddarth Pai, Founding Partner, 3one4 capital
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1:45 PM – 1:55 PM
VCCircle Award Distribution
Financial Services Company of the Year
Infrastructure Company of the Year
Industrial Company of the Year
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1:55 PM – 2:35 PM
Panel Discussion 5: Infrastructure Investments
The Indian government has aggressively offered sops to sovereign funds on their infrastructure investments. As a result, in 2021, several sovereign funds including the likes of GIC, ADIA, Mubadala made massive investments in infrastructure. Can we expect this to continue in 2022? How can we boost domestic infrastructure investors?
Speakers:
Pawan K. Kumar (IRS), Deputy Managing Director, India Infrastructure Finance Co. Ltd.
Milind Joshi, India Partner, Global Infrastructure Partners
Gaurav Kapoor, Head Capital, British High CommissionModerator
Beena Parmar, Assistant Editor, VCCircle
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2:35 PM – 2:45 PM
VCCircle Award Distribution
Global Fund Manager of the Year
Indian Fund Manager of the Year
Investment Professional of the Year
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2:45 PM – 3:25 PM
Panel Discussion 6: Will Family Offices rise to the occasion?
Jumping off the capital markets boom, Family Offices have taken to the investment space in a more organised manner. What is their strategy? How are they sourcing deals? And can they compete against VCs in the hyper-competitive growth investing market?
Speakers:
Jai Rupani, Chief Investment Officer, Dinesh Hinduja Family Office
Ruchi Dana,Partner & Executive Board Member, Dana Group
Anirudh Damani, Director, Artha India Ventures
Sanjay Mehta, Founder & Partner, 100X.VCModerator
Joseph Rai, Special Correspondent, VCCircle
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3:25 PM – 3:40 PM
Fireside Chat: Industry view & the role of domestic LPs
Jaideep Mehta, CEO, Mosaic Digital & Head - Mint in conversation with Puneet Nanda, MD & CEO, ICICI Venture Funds Management Company Limited
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3:40 PM – 3:55 PM
Fireside Chat: How UHNI families construct their portfolio
The world of investments has changed significantly over the past 10 years and is going to change in the next years. UHNI families are embracing new-age opportunities that enhance the return profile of the portfolio significantly. They are doing portfolio construction minimizing risk and optimizing returns. Families are investing time in differentiating perception of risk and real risk. Decode the evolving trends and understand “How UHNI families construct their portfolio” and get insights on the developments in the public and private market space and other new-age financial products.
Shalil Gupta, CBO, Mosaic Digital in conversation with Arvind Bansal, Executive Director and Head, Products and Advisory, Avendus Wealth Management
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3:55 PM – 4:10 PM
Fireside Chat: Year of Exits & What it means for future
This was a landmark year for exits, in part because of the booming public markets. Investors across the board were able to return money to their limited partners. As the public markets show signs of tapering, will this momentum for exits continue into 2022? The Indian business cycle has also kicked into expansion mode, with business housing favouring increased capital expenditure. Will this mean more M&As and fundraising events in 2022?
Shalil Gupta, CBO, Mosaic Digital in conversation with Amit R. Krishnan, Co-Founder and Principal, FidelisWorld
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4:10 PM – 4:20 PM
VCCircle Award Distribution
LP of the Year
LP Professional of the Year
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4:20 PM – Onwards
End of Conference
LPs Attending This Year

Harbourvest Partners

Adams Street Partners

Portfolio Advisors

CDC Group

Evolvence India Fund

National Investment and Infrastructure Fund

Max Life Insurance

Dinesh Hinduja Family Office

Catamaran

Dana Group

International Finance Corporation

Artha India Ventures

Asia alternative's

Global Infrastructure Partners

DSP Investments

CPP Investments

Mistry Family Office

Foreign, Commonwealth & Development Office
Speakers 2022
Ajit Kumar
Managing Partner, Evolvence India FundAmit Dixit
Head of Asia Private Equity, BlackstoneAmit R. Krishnan
Co-Founder and Principal, FidelisWorldAnshul Jain
Managing Director, Lighthouse FundsAnirudh A Damani
Director, Artha India VenturesArvind Bansal
Executive Director and Head, Products and Advisory, Avendus Wealth ManagementBeena Parmar
Assistant Editor, VCCircle (Moderator)Craig Gifford
Head of South Asia Private Equity Funds, CDC GroupDominic Goh
Principal, Harbourvest PartnersGaurav Kapoor
Head Capital, British High CommissionGopal Srinivasan
Managing Director & Chairman, TVS CapitalIshpreet Gandhi
Founder and Managing Partner, Stride VenturesJai Rupani
Chief Investment Officer, Dinesh Hinduja Family OfficeJoseph Rai
Special Correspondent, VCCircle (Moderator)MD Ranganath
President, CatamaranMihir Vora
Chief Investment Officer & Senior Director, Max Life InsuranceMichael Liu
Managing Director, Portfolio AdvisorsMilind Joshi
India Partner, Global Infrastructure PartnersNithya Easwaran
Managing Director, Multiples Alternate Asset ManagementNitin Singh
MD & CEO, Avendus Wealth ManagementNeha Grover
South Asia Lead, Private Equity, International Finance CorporationPadmanabh Sinha
Executive Director & CIO - Private Equity, National Investment and Infrastructure Fund (NIIF)Pawan K. Kumar (IRS)
Deputy Managing Director, India Infrastructure Finance Co. Ltd.Praneet Garg
Managing Director, Asia Alternatives (Hong Kong)Puneet Nanda
Managing Director & CEO, ICICI Venture Funds Management Company LimitedPushkar Kulkarni
Managing Director, CPP InvestmentsDr. Ruchi Dana
Partner & Executive Board Member, DANA GroupRadhika Rajan
Executive Vice President, DSP InvestmentsRaghubir Menon
Corporate, M&A and PE Partner, Shardul Amarchand Mangaldas & CoRanjani Raghavan
Associate Editor, VCCircle (Moderator)Sanjay Mehta
Founder Partner, 100X.VCShivani Bhasin Sachdeva
Founder & CEO, India AlternativesSiddarth Pai
Founding Partner, Chief Financial Officer & ESG Officer, 3one4 CapitalSkanda Jayaraman
CEO, Qapita MarketplaceSubeer Monga
Partner, Mayfield IndiaSunil Mishra
Partner, Adams Street Partners & Vice-Chairman, Singapore Venture Capital & Private Equity AssociationTinaz K. Mistry
Investment Manager, Mistry Family OfficeVishal Mahadevia
Managing Director, Head of India, Warburg PincusOur Sponsors & Partners
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