Introduction

The global economy is projected to slow down in 2023-24 as the spectre of unprecedented high inflation coupled with tight monetary policy around the world continues to rile business sentiments. Even as the world managed to show some resilience after emerging from the pandemic, the cracks are showing now due to spike in commodity prices and the war in Europe affecting oil prices in particular.

But there has been a silver lining. India had been shining bright and remains the fastest growing major economy in the world. The country’s real GDP of over 6% is projected to rise 2-2.5 times that of the global average in the near term. That itself presents an opportunity to investors around the world. But what does this mean for the world of private equity (PE) and venture capital (VC)?

While the public market has seen some ups and downs after hitting an all-time peak, long term investors in the alternatives domain have been ‘building up’ their positions despite the deeper correction in the venture capital space over the last two years. Limited Partners (LPs) have made record fresh commitment of $10 billion to private equity, private credit, venture capital and public market alternative investment funds (AIFs) focused on India during January-March 2023. This catapulted the total historical money dedicated to locally registered PE, VC funds as well as public market AIFs to cross the milestone of $100 billion, as per data compiled by VCCircle.

This has also pushed the total ‘dry powder’ for India-dedicated funds alone to around $60 billion. In short, a whole lot of money is waiting in the wings to get deployed. The country’s private equity and venture capital industry is likely to remain vibrant in the future and move towards making an even greater impact on the economy.

To deliberate on how the Indian alternative investment ecosystem is evolving, VCCircle presents the 15th edition of its flagship annual thought leadership and networking event for LPs and GPs as also all intermediaries in the deals ecosystem.


Agenda

8:00 AM onwards
  • 8:00 AM – Onwards

    Registrations

  • 9:20 AM – 9:30 AM

    Welcome Address

    • By Shalil Gupta, Business Head, Mosaic Digital
  • 9:30 AM – 10:00 AM

    Panel Discussion - LPs Double Click on India Opportunity

    India presents a compelling opportunity for investors, businesses, and entrepreneurs due to its large and diverse market, emerging middle class, and potential for sustainable long-term economic growth. However, it's essential to understand that the macroeconomic picture in India can have various slices at the micro level and translating these macro trends into micro-level success stories requires a strategic and nuanced approach.

    Speakers:

    • Siddharth Jhunjhunwala, Head -Fund of Funds, Waterfield Alternatives Fund
    • Narendra Ostawal, Managing Director & Head of India Private Equity, Warburg Pincus
    • Imran Jafar, Managing Partner, Gaja Capital
    • Moderator: Aman Malik, Senior Editor, VCCircle
  • 10:00 AM – 10:20 AM

    Fireside Chat: LP-GP Alignment on Value Creation Models

    LP-GP alignment on value creation models involves shared objectives, economic alignment, clear communication, and strategies focused on generating value for the fund's investors. Strong alignment fosters trust and collaboration, ultimately leading to more successful and mutually beneficial partnerships in the private equity and venture capital space. How are LP’s and GP’s blueprinting the new frontiers?  

    • Sreeja Biswas, Correspondent, VCCircle in conversation with Manish Kejriwal, Founder & Managing Partner, Kedaara Capital
  • 10:20 AM – 10:50 AM

    Panel Discussion: Gazing into the Crystal Ball: What should be the funds' focus in the future?

    Investors face challenges in justifying past investment decisions, prompting a reevaluation of their future focus for success.

    Competitive processes have sometimes led to off-track investment calls and aggressive bidding behavior. As more stable GPs complete their investment cycles, there is a growing understanding that high entry multiples do not guarantee further multiple expansion at exit. Anticipating slow exits ahead, a significant buildup of yet to be exited PE assets is likely to occur.
    Will sectors that have recorded successful exits historically continue to be relevant going forward? Which new sectors seem to be more promising now? How will the consideration of potential headwinds and regulations influence the decision-making process for GPs in terms of their investments? What does the future hold? Is PE in India poised for a $40 billion decade on the horizon?

    Speakers:

    • Dr Amit Kakar, Managing Partner and Head of Asia, Novo Holdings Equity Asia Pte Ltd
    • Navneet Munot, MD and CEO, HDFC Asset Management Company Ltd.
    • Norbert Fernandes, Director, TR Capital
    • Navjot Kaur, Associate Director, Epiq Capital
    • Moderator: Aman Malik, Senior Editor, VCCircle
  • 10:50 AM – 11:05 AM

    Networking Break

  • 11:05 AM – 11:25 AM

    Fireside Chat: Unveiling Potential: Maximizing Returns with Private Credit and Special Situations

    Private credit and special situations present unique opportunities for investors to maximize returns and diversify their portfolios beyond traditional asset classes. This session delves into the intricacies of private credit and special situations, exploring their potential to generate superior risk-adjusted returns and unlock hidden value in today's dynamic market landscape.

    • Anil Talreja, Partner, Deloitte India in conversation with Amit Agarwal, President & Head - Private Credit, Edelweiss Alternatives
  • 11:25 AM – 11:55 AM

    Panel Discussion: Private Credit - An alternative within alternatives

    Debt can be an attractive financing option for startups via venture debt as well as more mature companies as private credit, especially during periods of dislocated valuations. Further it presents an alternative source of money without diluting equity base. Credit at large has become an important asset class for LPs due to distinct risk-return profile. But there are some marquee players like KKR who have singed their fingers. What are the learnings from the failures? How can credit assessments ensure the private credit space does not end up with a pile up of bad loans like the banking and NBFC leading to crisis?

    Speakers:

    • Sandeep Adukia, Senior Managing Director, BPEA Credit
    • Kaushal Biyani, Senior Partner and Head Structured Credit, Alpha Alternatives Holdings Pvt. Ltd.
    • Aastha, Partner, Argus Partners
    • Rakshat Kapoor, Chief Investment Officer, Modulus Alternatives Investment Managers Limited
    • Moderator: Priyal Mahtta, Senior Correspondent, VCCircle
  • 11:55 AM – 12:15 PM

    Fireside Chat: Family Offices on the Rise: Asset Allocation Jigsaw Puzzle

    Family offices have been on the rise for many years. It is estimated
    that there are approximately 257 family offices in India that have invested in a total of 659 deals, with average assets under management (AUM) of USD $100 million. Yet, they have to juggle with multiple investment options be it the ebullient and liquid public market; the historical lure of real assets as also the importance of geographical diversification that an overseas bet can provide. How do family offices balance their asset allocation to alternatives space in India and what has been their experience in their past calls?

    • Aman Malik, Senior Editor, VCCircle in conversation with Deepak Padaki, President, Catamaran
  • 12:15 PM – 12:30 PM

    Networking Break

  • 12:30 PM – 12:50 PM

    Fireside chat: The Founder Journey - From Bootstrap to IPO Vs Pre-Seed to IPO

    Understanding the journey of a founder, diving deep into their original pitches, the roadblocks and the peaks. How did they achieve it and kept moving.

    Speakers:

    • Darshan Shah, CEO, NewsReach
    • Hiren Shah, Founder & Chairman, Vertoz
    • Jayesh Taori, Associate Vice President – Primary Market Relationship, NSE
    • Moderator: Shalil Gupta, CBO, Mosaic Digital
  • 12:50 PM – 1:20 PM

    Panel Discussion: Changing Contours of LP Commitments

    Despite a challenging global climate for private equity, India defied the odds and experienced a robust influx of PE-VC investments, reaching an impressive $61.6 billion in 2022. But LPs appear to be consolidating their funds portfolio to fewer PEs albeit with larger cheques. This has seen some mid-tier PEs virtually going out of the market and even some top tier PE firms facing a challenge convincing LPs to make a commitment. On the flip side, we have seen the emergence of several VCs thanks to flood of local money. How are LPs rebalancing their alternatives act in India? Some LPs are increasingly focusing on building out their co-investment and direct portfolios in India as they see value in building local teams. How have their capabilities been demonstrated through specific strategies, and how have these strategies evolved through time?

    Speakers:

    • Neha Grover, South Asia Lead, Private Equity Funds, IFC - International Finance Corporation
    • Kajal Ilmi, MD & CEO, AVIOM India Housing Finance Private Limited
    • Sampath Reddy, Chief Investment Officer, Bajaj Allianz Life Insurance
    • Akhil Awasthi, Managing Partner, Tata Capital Growth Fund
    • Moderator: Priyal Mahtta, Senior Correspondent, VCCircle
  • 1:20 PM – 2:30 PM

    Networking Lunch

  • 2:30 PM – 2:50 PM

    Fireside Chat: Navigating the Future: Investment Trends in Healthcare and Life Sciences

    In recent years, the healthcare and life sciences sectors have witnessed unprecedented transformations, driven by technological advancements, demographic shifts, and global health challenges. As investors seek promising opportunities, understanding the evolving landscape is crucial. This fireside chat explores key trends and considerations shaping the future of investments in healthcare and life sciences.

    • Bhavin Shah, Deals Leader, PwC India in conversation with Hari Buggana, CMD, InvAscent
  • 2:50 PM – 3:20 PM

    Panel Discussion: Putting the "Diligence" back in Due Diligence

    Both LPs and GPs have burnt their hands in the past due to less than appropriate due diligence over deals, assessment of fund managers and last but not the least the entrepreneur. The stakeholders need to design a diligence process that is faster, comprehensive and yet one that covers all the loopholes. What tools and processes can make LPs a better judge of GPs? What lessons can we draw from deals that went off track with respect to credibility of disclosures? How can investors minimize the risk of entrepreneurs taking them for a ride? How has the nature and focus of diligence changed over the years?

    Speakers:

    • Vishesh Narang, Co-Founder VNAM, Head of Family Office at UKPI(Promoter of Berger Paints)
    • Dr. Aarti Gupta, Chief Investment Officer, Anikarth Ventures
    • Moderator: Malvika Maloo, Senior Correspondent, VCCircle
  • 3:20 PM – 3:50 PM

    Panel Discussion: Venture Capital's Deployment Problem

    The more oft repeated term these days is funding winter and a pain point for startup founders. However, an equally bigger problem is for VCs as they have a deployment issue for funds raised with a particular valuation matrix in mind. Rerating in the startup space has changed the amount that can be invested in companies and virtually resulted in death of some niche segments. Further, finding startups with the right fit, growth potential, and valuation can be challenging, especially in competitive markets. How can VCs navigate the cesspool and how do LPs see VC as an asset class?

    Speakers:

    • Anjali Bansal, Founding Partner, Avaana Capital
    • Surya Mantha, Managing Partner, Capria
    • Moderator: Malvika Maloo, Senior Correspondent, VCCircle
  • 3:50 PM – 4:10 PM

    Networking Break

  • 4:10 PM – 4:30 PM

    Fireside Chat: The DFIs Balancing Act of Direct vs LP Bets & Impact Quotient

    DFIs balance direct investments and LP roles, necessitating strategic planning. Ongoing assessment, portfolio management, and a commitment to growth and social progress are crucial. Rigorous due diligence and reporting combat 'greenwashing' and promote genuine sustainable development.

    Speakers:

    • Srini Nagarajan, Managing Director & Head of Asia, British International Investment
    • Kajal Ilmi, MD & CEO, AVIOM India Housing Finance Private Limited
    • Moderator: Priyal Mahtta, Senior Correspondent, VCCircle
  • 4:30 PM – 5:00 PM

    Panel Discussion: Platforms, Search Funds, Continuation Funds: Side Strategies Or Mainstream Play

    Many LPs including pension funds and SWFs besides PE firms have created/co-created companies or platforms from scratch. What has been the learnings and how successful have platforms been as a strategy either from scratch or via a key buyout followed by bolt-on deals? At the same time many funds are way past their lives and LP money is stuck. Can continuation funds be the savior to clean the shelves? Internationally, Search Funds have come about as another type of alternative player but despite the experienced talent base and the opportunity it is yet to play out in India. Can it become a reality to make buyouts more vibrant?

    Speakers:

    • Sumesh Girhotra, Investment Lead, British High Commission
    • Pallabi Ghosal, Partner, Trilegal
    • Moderator: Sreeja Biswas, Correspondent, VCCircle
  • 5:00 PM – Onwards

    End of Conference

  • 6:00 PM – Onwards

    Awards Ceremony followed by Cocktail and Dinner


LPs Attending This Year


British International Investment

Catamaran

HDFC Asset Management Company Limited

novo holdings

 


British High Commission

International Finance Corporation

Bajaj Allianz Life Insurance

Sen Family Office

 


DSP Investment Managers

Verlinvest

Sharrp Ventures

Pratithi Investments

 


Om Kothari Family Office

Waterfield

Vnam Advisors

DBR Ventures

 


Bimtek

Capri Global

Max Life Insurance

Speakers 2024

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Aastha

Partner, Argus Partners
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Akhil Awasthi

Managing Partner, Tata Capital Growth Fund
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Amit Agarwal

President & Head - Private Credit, Edelweiss Alternatives
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Anjali Bansal

Founding Partner, Avaana Capital
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Anil Talreja

Partner, Deloitte India
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Bhavin Shah

Deals Leader, PwC India
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Deepak Padaki

President, Catamaran
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Darshan Shah

CEO, NewsReach
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Dr. Aarti Gupta

Chief Investment Officer, Anikarth Ventures
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Dr Amit Kakar

Managing Partner and Head of Asia, Novo Holdings Equity Asia Pte Ltd
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Hari Buggana

CMD, InvAscent
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Hiren Shah

Founder & Chairman, Vertoz
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Imran Jafar

Managing Partner, Gaja Capital
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Jayesh Taori

Associate Vice President - Primary Market Relationship, NSE
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Kajal Ilmi

MD & CEO, AVIOM India Housing Finance Private Limited
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Kaushal Biyani

Senior Partner and Head Structured Credit, Alpha Alternatives Holdings Pvt. Ltd.
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Manish Kejriwal

Founder & Managing Partner, Kedaara Capital
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Narendra Ostawal

Managing Director, Head of India Private Equity, Warburg Pincus
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Navneet Munot

MD and CEO, HDFC Asset Management Company Ltd.
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Navjot Kaur

Associate Director, Epiq Capital
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Neha Grover

South Asia Lead, Private Equity Funds, IFC - International Finance Corporation
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Norbert Fernandes

Director, TR Capital
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Pallabi Ghosal

Partner, Trilegal
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Rakshat Kapoor

Fund Manager & Chief Investment Officer, Modulus Alternatives Investment Managers Limited
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Sampath Reddy

Chief Investment Officer, Bajaj Allianz Life Insurance
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Sandeep Adukia

Senior Managing Director, BPEA Credit
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Siddharth Jhunjhunwala

Head -Fund of Funds, Waterfield Alternatives Fund
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Srini Nagarajan

Managing Director and Head of Asia, British International Investment
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Surya Mantha

Managing Partner, Capria
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Sumesh Girhotra

Investment Lead, British High Commission
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Vishesh Narang

Co-Founder VNAM, Head of Family Office at UKPI(Promoter of Berger Paints)

Eminent Jury 2024

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Dr Amit Kakar

Managing Partner and Head of Asia, Novo Holdings Equity Asia Pte Ltd
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Ambalika Banerji

Former Executive Director - Direct Investments, National Investment & Infrastructure Fund
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Navneet Munot

MD and CEO, HDFC Asset Management Company Ltd.
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Rishabh Mariwala

Managing Partner, Sharrp Ventures | Harsh Mariwala Family Office

Awards Categories

  • Agri Company of the Year
  • Education Company of the Year
  • Consumer Company of the Year
  • Healthcare Offline Company of the Year
  • Healthcare Online Company of the Year
  • Financial Services Company of the Year
  • Industrial Company of the Year
  • Investment Bank of the Year By Deal Value (Large)
  • Investment Bank of the Year By Deal Volume (Large)
  • Law Firm of the Year By Deal Value (Large)
  • Law Firm of the Year By Deal Volume (Large)
  • Investment Bank of the Year By Deal Value (Emerging)
  • Investment Bank of the Year By Deal Volume( (Emerging)
  • Law Firm of the Year By Deal Volume (Emerging)
  • Law Firm of the Year By Deal Value (Emerging)
  • Exit of the Year (PE)
  • Exit of the Year (VC)
  • Fund Raiser of the Year (VC)
  • Fund Raiser of the Year (PE)

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    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.


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