Introduction

VCCircle India Limited Partners Summit 2011

VCCircle debuted India’s first-ever exclusive coverage of the principle players in the private equity ecosystem, limited partners and general partners, through its immensely well-received first edition titled VCCircle India Invest 2011: The LP-GP Round Table in April this year.

In the second edition, slated for February 2011, VCCircle is back with the LP-GP conclave titled VCCircle India Limited Partners Summit 2011 to discover contemporary and forward-looking macro and micro issues that will tell on the private equity activity in the country. From the macro perspective, we will look at fund inflows into India and red-hot sectors that will drive it and from an industry standpoint, we would offer 360 degree coverage on fund-raising, deployment, exit and returns and the LP-GP tight rope walk.

Early 2010 was a time for introspection and reflections as it came right after the world’s worst slowdown which led to drying up of traditional avenues of funding. It was time for caution and risk-averse approaches. The global slowdown dealt severe fatal blows on the PE industry with several funds closing shop or putting fund-raising plans on the back-burner.

The good news is that preliminary indications point out to a much robust 2011 with clear signs of recovery and improvement in sentiment and fund-raising. The fresh Eurozone crisis, however, continues to loom large as it threatens to tighten purse-strings of this class of investors who may be eying global emerging markets such as India. The positive outlook on the situation in 2011 make it far more imperative to understand the new rules of the game which stand considerably changed since the global economic slowdown.

The key questions that need to be answered: Will the India growth story continue to sell or does it need to be retold? What exactly does it take to raise fund? What are the key challenges that first-time fund managers face? How to understand the changing dynamics in the LP-GP relationship?

Global and domestic LPs and Indian GPs will navigate through this maze to find answers, future outlook  and investment formulas unique to the Indian market. VCCircle India Limited Partners Summit 2011 will be the largest congregation of LPs and GPs zooming in on the Indian market.


Agenda

Thursday, 17th February 2011
Terrace, JW Marriott, Mumbai

6:30pm - 7:30pm
Registration & Cocktails

7:30pm - 9:00pm
Fireside Chat: The Next Decade of Private Equity In India
The last decade of Indian private equity was characterized by three waves. The first wave was in early 2000s when, while a few venture funds closed down, many surviving venture funds moved to growth funding. The second wave was post-2003, when there was an explosion in the number of managers raising growth capital funds. The beta of the Indian equity market helped these funds to raise, deploy and raise successor funds in a relative ely short period of time. The last wave is when many senior people in the first wave of funds or indeed those that were with global funds have left to start their own funds. A few have been successful in raising capital, while a few are still on road. The question is, what are the various scenarios we going to see in the next decade. India’s top GPs and LPs will build scenarios for the next decade for Indian private equity.

Govindraj Ethiraj - Head, Industry Outreach, UIDAI (Moderator)
Luis Miranda - Chairman, IDFC Private Equity
Sumir Chadha - MD, WestBridge Capital Partners

Friday, 18th February 2011
Ballroom, JW Marriott

8:00am – 9:00am
LP-only Breakfast Session
An opportunity for LPs alone to interact and discuss the key issues they are only concerning them in the Indian market.

9:15am - 9:30am
Introduction Note

9:30am - 9:50am
Keynote: Dissecting India's GDP: The Ideas For Sustainable Growth
Dr. Saumitra Chaudhuri, Member, Planning Commission, Government Of India

9:50am – 10:10am
Keynote: Experiences in Technology Venture Investing in India and China
Patrick McGovern – Founder & Chairman, International Data Group
 
10:10am - 11:10am
Panel I: LP's Choice: Reups Or New Commitments, And What Indian GPs Need To Do
Panels of LPs and GPs will discuss the new trends in fund raising. Are LPs biased towards re-ups or towards new commitments? What is the view of LPs on the proliferation of independent fund managers in India? What do they look for in these new independent outfits? How important is GP track record, exit performance and internal corporate governance when you go on the road to raise funds? The changing LP-GP dynamics.

Praneet Singh - MD, Siguler Guff India Advisers (Moderator)
Varun Sood - Managing Partner & Co-founder, Capvent AG
Kiran Rao - Principal, Grove Street Advisors LLC
Matthew M Smith - MD, Abbott Capital Management, LLC
S. Jane Brett - Investment Specialist, Asian Development Bank

11:10am - 11:40am
Tea & Networking

11:40am - 12:00pm
Keynote: Staying Ahead Of The Emerging Market Pack: What Indian GPs Must Do To Attract Foreign Capital
Bruno E. Raschle, Managing Director, Adveq Management

12:00pm - 1:00pm
Panel II: Buyouts, Growth, Venture, Restructuring, Hedge Funds: Navigating Fund Strategies
If not all, most of them work in Indian context. Minority investments in family owned and entrepreneur led businesses have been the most favoured operating model in the Indian private equity arena but other strategies like control transactions, sector specific funds and venture funds have gained momentum. Do Indian private equity firms have the skill sets necessary to run and operate a company when doing control transactions? Is the lack of leverage in India inhibiting large buyout transactions? Will we have to wait for growth to slow down before we see an emergence of buyouts and control situations? Does the Indian market have enough depth to justify sector focused funds? Can sector funds put together a portfolio of quality transactions over the investment period? Does the rollout of 3G in India provide a unique opportunity for venture investments? How does the current Indian venture model compare to the US and China?

Ramesh Venkat - CEO, Reliance Equity Advisors
Amit Chandra - MD, Bain Capital India
Sameer Sain - Managing Partner, Everstone Capital
Sudhir Sethi – Chairman & MD, IDG Ventures India
Deepak Shahdadpuri – MD, Baer Capital Partners

1:00pm - 2:00pm
Lunch & Networking

2:00pm - 3:00pm
Panel III: The Rise Of Domestic Capital: How Long Term And Sustainable?
It’s not just international LPs the source of capital for Indian GPs. There are several sources in India which Indian GPs can tap into. What are they? Get a lowdown on the domestic fund raising scenario from the experienced GPs, wealth managers, HNIs, family offices etc. And finally, how sustainable and long term is Indian non-institutional capital?

Gopal Srinivasan - MD, TVS Capital Funds (Moderator)
Vishakha Mulye - CEO, ICICI Venture
Vishal Kapoor – Head, Wealth Management, Standard Chartered Bank
Bijal Ajinkya - Partner, Nishith Desai Associates

3:00pm - 3:30pm
VCCircle Hard Talk
Anand Sunderji - Regional Representative, Paul Capital (Interviewer)
Pavan Gupte - Head of Asia, Hermes GPE

3:30pm - 4:00pm
Tea & Networking

4:00pm - 4:20pm
Legal Presentation
Vaibhav Parikh - Partner, Nishith Desai Associates

4:20pm – 5:20pm
Panel IV: GP consolidation, Spin Offs and Secondary LP Interests
- As the Indian private equity market matures both LP's and GP's will reaccess their current portfolios and their future strategies. Both consolidation and secondary sales play an important role for LP's and GP's.
- Will the lack of fresh capital to invest force GPs to consolidate to create scale or will ego issues prevent this from happening? With over 300 funds in the market what will happen to orphan funds? How will funds reaching the end of their funds lifes exit the tail end of their portfolios?
- A whole new breed of investors like investment banks, sovereign wealth funds, hedge funds and family offices invested into Indian private equity during the boom years 2006 to 2008. Are many of these investors are reassessing their investment decisions and looking to exit some of their positions in the secondary market? What is needed to create an ecosystem for secondary positions.

Jennifer Choi - Director of Research, EMPEA (Moderator)
Jason Sambanju - Managing Director, Paul Capital
Lucian Wu - Managing Director, Paul Capital
Bryan Stewart - Director, Liberty Global Partners

5:20pm - 5:50pm
Panel V: Indian PE Talent: Attracting Them, Retaining Plus Compensation Trends
How to put together a GP team? Attracting partners, and what skills fit in. Should you have operational or business managers? Hiring at all levels and compensation trends.

Sunit Mehra - Managing Partner, Hunt Partners (Moderator)
Deepak Gupta - MD, Korn/Ferry India
Sonal Agrawal - CEO, Accord Group India
Rajesh Khanna – MD & CEO, Arka Capital Advisors

5:50pm - 6:00pm
Concluding Remarks

6:00pm Onwards
Cocktails & Networking
Salt Water Pool, JW Marriott


Want to be part of it?

VCC Events opens up the avenues for participation. Join hands to be a part of India’s largest gathering of alternative investments leaders, industry stakeholders and Asia’s influential limited partners, general partners and marquee advisors. Your chance to actively participate and augment yourself as thought leaders.


Venue :

JW Marriott, Mumbai

JW Marriott, Mumbai


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