Overview
Alternative investors, who poured in record sums in India last year despite macroeconomic headwinds, have shown signs of resilience in 2020 even as the coronavirus pandemic and the lockdown shook the economy to its roots and devastated vast chunks of local businesses.
Overall private equity and venture capital deal-making did slide early on during the lockdown but quickly stabilized thanks to a pick-up in seed-stage funding of startups and big-ticket PE transactions. The total deal value is pegged at $35 billion in the first 10 months of the year and the overall tally may well match, if not top, last year’s record.
To be sure, this was skewed by a string of large deals involving Reliance Industries Ltd. Private equity investment outside of Reliance Jio and Reliance Retail has slid, but stats collated by VCCEdge suggest that the long-term slide in PE deal volumes may have bottomed out. On the other side, while VCs are yet to loosen the purse strings, seed-stage investors are opening up after the blip. Private investors including angels, VCs and PE firms are back to sewing a new deal every eight hours, just a tad slower than the peak when a deal was struck every six hours!
This augurs well for private investments as investors set course for the next wave of growth capital funding and buyout firms find a bigger window of opportunity, especially for distressed and special situations deals. And then there is a bevy of VCs who don’t want to miss out on the next big startup idea as the count of unicorns keeps rising.
For Limited Partners (LPs), who have been historically grappling with returns and exits, the focus shifted to seeing how their general partners (GPs) respond to the shock, manage their portfolio and add value to their existing investees to help them ride out the storm. While several LPs participated in direct big-ticket deals, they also backed a few local GPs. As many as six VC funds hit first close and a similar number hit final close, including some marquee names. However, the fundraising picture for GPs of PE firms has been less rosy at a time when dozens of them are on the road.
Meanwhile, LPs are having to deal with new-age due diligence models and regulatory norms. They are also trying to align better their interests with GPs over aspects like treatment of expenses, waterfall structures, key-person clauses, quantifying and measuring responsible investment practices, and more frequent and detailed disclosures. On the flip side, GPs are trying to rebalance their LP base and targeting more local investors while creating unified structures to manage offshore and domestic investors. They also have to deal with liquidity in the system that has not allowed an appropriate correction in valuations despite the shock to the business environment.
To discuss the evolving nature of the LP-GP relationship and how the overall alternative investor class is tackling the challenges, VCCircle is delighted to announce the 12th edition of its flagship thought conclave—the Limited Partners Summit 2021. It would bring together leading global and domestic LPs, GPs, entrepreneurs, investment bankers, lawyers and other leaders from the deals ecosystem to look at the alternative investment opportunity in India. The summit will be spread across two days- February 18-19, 2021 on a virtual platform with live streaming for attendees.
VCCircle Limited Partners Summit - A Glimpse
Agenda
Theme- Offshore LPs; Besides PE Investment Practices
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9:00 AM – 9:30 AM
Registration
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9:30 AM – 9:40 AM
Opening Address
By Jaideep Mehta, CEO, Mosaic Digital
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9:40 AM – 10:15 AM
Panel Discussion 1: New normal for alternative investments
The pandemic has changed the way LPs and GPs interact and go about investing money. Has the pandemic made LPs reset asset allocation for alternatives? How are they rebalancing their India investment strategy between direct, co-investments and platform pieces? Are there steps to have more frequent and detailed disclosures as well as approval mechanisms on investments with LPs? What is the industry view on additional responsibility on investment committees by SEBI?
Speakers:
Jacob Chiu, Managing Director, HQ Capital Asia Limited
Chris Loh, Managing Partner, Axiom Asia Private Capital
Puneet Nanda, Managing Director and CEO, ICICI VentureModerator:
Jaideep Mehta, CEO, Mosaic Digital
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10:15 AM – 10:30 AM
Special address: How to imbibe quantifiable responsible investment practice
By Michael Fernandes, Partner, Leapfrog Investments
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10:30 AM – 10:45 AM
VCCircle Awards: Jury Felicitation & VCCircle Awards Distribution
Global Fund Manager of the Year
Indian Fund Manager of the Year
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10:45 AM – 11:20 AM
Panel Discussion 2: Reimagining due diligence: LP>GP>Portfolio
Travel and communication—seen as critical to assess a potential investment—was the first casualty of the lockdown and social distancing. But new models and tools of due diligence have come to the fore. How are LPs relooking at due diligence on GPs and past portfolios? How are GPs conducting more stringent diligence on potential investees? With portable cameras for on-site visits, cloud-based data rooms and digitised documents, are the systems robust to allay data security and cybercrime concerns? What are the emerging best practices?
Speakers:
Sunil Mishra, Partner, Adams Street Partners
Ajit Kumar, Managing Director, Evolvence India Fund
Dominic Goh, Principal, Harbourvest
Rohan Kalia, Account Manager - Alternative Investments, SS&C IntralinksModerator: Alok Verma, Senior Strategy Leader and Partner, Grant Thornton
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11:20 AM – 11:40 AM
Fireside Chat: Mitigating risks associated with Private Equity Investments in India
Private Equity investing in India has faced unique challenges associated with complex regulatory environment, currency depreciation, management incentives and lengthier exit timeframes. The fireside discussion explores some mechanisms to mitigate these risks.
Shalil Gupta, CBO, Mosaic Digital in conversation with Amit R. Krishnan, Co-Founder & Principal, FidelisWorld Group
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11:40 AM – 11:45 AM
VCCircle Award Distribution: Fund Raiser of the Year - PE
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11:45 AM – 12:20 PM
Panel Discussion 3: Under spotlight: Portfolio management; value addition
Most GPs profess their capabilities of being more than someone with the moneybags. The pandemic and its shock to businesses, both at the front end with demand and at the backend in terms of operations, have tested management skill sets of portfolio companies. How do GPs and LPs in the direct investments helping portfolio firms navigate the pandemic? Will operational partners and advisors become a more critical part of the alternative investment ecosystem?
Speakers:
Florian Kohler, Managing Director - Private Equity, OBVIAM
Mohit Batra, Executive Director, ICICI Venture
Michael Liu, Managing Director, Portfolio Advisors (Hong Kong) LimitedModerator:
Shivani Bhasin Sachdeva, Founder and CEO, India Alternatives Investments
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12:20 PM – 12:25 PM
VCCircle Award Distribution: Fund Raiser of the Year - VC
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12:25 PM – 1:00 PM
Panel Discussion 4: LP directs- The sweet spots
Over time LPs have become more comfortable investing in the country directly. They have come as direct investors, bought out firms and created platforms for deeper engagement in specific sectors. What are the sectoral sweet spots for LPs? Which areas look more promising in a post-pandemic world?
Speakers:
Arjun Anand, Executive Director, Verlinvest
Neha Grover, South Asia Regional Lead - Private Equity, IFCModerator: Ranjani Raghavan, Associate Editor, VCCircle
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1:00 PM – 1:05 PM
VCCircle Award Distribution: Exit of the Year
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1:05 PM – Onwards
End of Day1
Theme- Domestic LPs and VC Investment Practice
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9:00 AM – 9:35 AM
Registration
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9:35 AM – 9:40 AM
Welcome Address
By Jaideep Mehta, CEO, Mosaic Digital
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9:40 AM – 10:00 AM
Keynote Address: India view with onshore lens
By Sujoy Bose, MD & CEO, National Investment and Infrastructure Fund (NIIF)
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10:00 AM – 10:05 AM
VCCircle Award Distribution: Law firm of the Year - PE
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10:05 AM – 10:40 AM
Panel Discussion 1: How to attract more domestic institutional investors to alternatives?
Domestic institutional investors are juggling various asset classes. The historical evidence doesn't make for a good reading of returns for domestic LPs. How can GPs unlock a wider pool of domestic institutional investors? How can alternatives be sold as a product to different sets- insurers, banks, corporates, pension funds and others - as a risk diversification asset class?
Speakers:
Satrajit Bhattacharya, Treasury, HDFC Ltd.
Gopal Jain, Managing Partner and Co-founder, Gaja CapitalModerator:
Joseph Rai, Special Correspondent, VCCircle
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10:40 AM – 10:45 AM
VCCircle Award Distribution: Law firm of the Year - M&A
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10:45 AM – 11:20 AM
Panel Discussion 2: How to attract more domestic family offices to alternatives?
Domestic family offices have got their early taste for alternatives. While private equity and venture capital came as a strong competitor to the traditional preference for real estate, the ease of investment process and liquidity have made capital markets a clear favourite. Is the risk-reward ratio of alternatives correctly aligned to attract family offices?
Speakers:
Murali Krishna V, Investment Head, Kolte-Patil Family Office
Jai Rupani, Chief Investment Officer, Dinesh Hinduja Family Office
Vishesh Narang, Head Of Family Office, UKPI (Promoter of Berger Paints India Group)Moderator: Narinder Kapur, Correspondent, VCCircle
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11:20 AM – 11:25 AM
VCCircle Award Distribution: Investment bank of the Year - PE
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11:25 AM – 11:45 AM
Special Address: How can private credit become a more robust capital pool?
By Kanchan Jain, MD & Head of India Credit, Baring Private Equity Asia
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11:45 AM – 11:50 AM
VCCircle Award Distribution: Investment bank of the Year - M&A
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11:50 AM – 12:25 PM
Panel Discussion 3: VC track & field
VCs, both first-time fund managers as also legacy fund houses, have been more successful in attracting LP money than their PE brethren. What’s working for VCs? Does the small ticket size filters LPs’ direct investment appetite in favour of the blind pool and co-investment strategy for startups? Is the adverse impact of the recent clampdown on money flow from China more rhetorical than real? How are VCs building the exit pipeline with an eye on public markets and are special purpose acquisition vehicles (SPACs) the way forward?
Speakers:
Sateesh Andra, MD, Endiya Partners
Sachin Bid, Fund Manager- Venture Capital, Nippon India Alternative InvestmentsModerator: Joseph Rai, Special Correspondent, VCCircle
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12:25 PM – 12:30 PM
VCCircle Award Distribution: Investment Professional of the Year
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12:30 PM – Onwards
End of Conference
LPs Attending This Year

OBVIAM

Verlinvest

Axiom Asia Private Capital

CDPQ

HarbourVest Partners (Asia) Limited

HQ Capital Asia Limited

Kolte-Patil Family Office

Dinesh Hinduja Family Office

Adams Street Partners

Swedfund

International Finance Corporation

Evolvence India Fund

Portfolio Advisors

National Investment & Infrastructure Fund (NIIF)

HDFC

Nippon India Alternative Investments

Union Bank of India
Speakers 2021
Jacob Chiu
Managing Director, HQ Capital Asia LimitedChris Loh
Managing Partner, Axiom Asia Private CapitalJai Rupani
Chief Investment Officer, Dinesh Hinduja Family OfficeMurali Krishna V
Head-Investments & Strategy, Kolte-Patil Family OfficeVishesh Narang
Head Of Family Office, UKPI (Promoter of Berger Paints India Group)Sunil Mishra
Partner-Primary Investments, Adams Street PartnersArjun Anand
Executive Director, VerlinvestAjit Kumar
Managing Director, Evolvence India FundDominic Goh
Principal, HarbourVest Partners (Asia) LimitedFlorian Kohler
Managing Director-Private Equity, OBVIAMNeha Grover
South Asia Regional Lead - Private Equity, IFCSateesh Andra
MD, Endiya PartnersPuneet Nanda
Managing Director and CEO, ICICI VentureMohit Batra
Executive Director, ICICI VentureKanchan Jain
MD & Head of India Credit, Baring Private Equity AsiaMichael Liu
Managing Director, Portfolio Advisors (Hong Kong) LimitedSujoy Bose
MD & CEO, National Investment and Infrastructure Fund (NIIF)Satrajit Bhattacharya
Treasury, HDFC Ltd.Sachin Bid
Fund Manager- Venture Capital, Nippon India Alternative InvestmentsGopal Jain
Managing Partner and Co-founder, Gaja CapitalMichael Fernandes
Partner, Leapfrog InvestmentsRohan Kalia
Account Manager - Alternative Investments, SS&C IntralinksAmit R. Krishnan
Co-Founder & Principal, FidelisWorld GroupAlok Verma
Senior Strategy Leader and Partner, Grant Thornton (Moderator)Shivani Bhasin Sachdeva
Founder & CEO, India Alternatives Investments (Moderator)Jaideep Mehta
Chief Executive Officer, Mosaic Digital, An HT Media Group Company (Moderator)Shalil Gupta
Chief Business Officer, Mosaic Digital, An HT Media Group Company (Moderator)Ranjani Raghavan
Associate Editor, VCCircle (Moderator)Joseph Rai
Special Correspondent, VCCircle (Moderator)Narinder Kapur
Correspondent, VCCircle (Moderator)Our Sponsors & Partners
Rewind
Last year Summit picture.
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