Introduction

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

9:20 AM onwards
  • 9:20 AM – 9:30 AM

    Opening Address

  • 9:30 AM – 10:10 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?

  • 10:10 AM – 10:50 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?

  • 10:50 AM – 11:20 AM

    VCCircle Awards: Jury Felicitation & VCCircle Awards Distribution

    Fund Raiser of the Year - PE
    Fund Raiser of the Year - VC
    Exit of the Year

     

  • 11:00 AM – 11:20 AM

    Special Address

    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?

  • 11:20 AM – 11:30 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

  • 11:30 AM – 12:10 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?

  • 12:10 PM – 12:50 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? Who are the top domestic LPs in India?

  • 12:50 PM – 1:00 PM

    VCCircle Award Distribution

    Consumer Company of the Year
    Education Company of the Year
    Healthcare Company of the Year
    Agri Company of the Year

  • 1:00 PM – 1:20 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?

  • 1:20 PM – 1:30 PM

    VCCircle Award Distribution

    Financial Services Company of the Year
    Infrastructure Company of the Year
    Industrial Company of the Year

  • 1:30 PM – 2:10 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 do we boost infrastructure investments?

  • 2:10 PM – 2:50 PM

    Panel Discussion 6: Changing Fund Models

    Sequoia Capital changed their business model from a fund structure to a holding firm structure this year. In India, Sixth Sense Ventures did away with charging LPs with a managing fee.  As more and more LPs invest directly, how are fund managers managing the economics around fees and LP co-investment models? Is it harder for first time fund managers?

  • 2:50 PM – 3:00 PM

    VCCircle Award Distribution

    Global Fund Manager of the Year
    Indian Fund Manager of the Year
    Investment Professional of the Year

     

  • 3:00 PM – 3:40 PM

    Panel Discussion 7: 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?

  • 3:40 PM – 3:50 PM

    VCCircle Award Distribution

    LP of the Year
    LP Professional of the Year

  • 3:50 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

 


Asia alternative's

Speakers 2022

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Ajit Kumar

Managing Partner, Evolvence India Fund
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Anirudh A Damani

Director, Artha India Ventures
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Craig Gifford

Head of South Asia Private Equity Funds, CDC Group
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Dominic Goh

Principal, Harbourvest Partners
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Gopal Srinivasan

Chairman, TVS Capital Funds Limited
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Jai Rupani

Chief Investment Officer, Dinesh Hinduja Family Office
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MD Ranganath

President, Catamaran
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Mihir Vora

Chief Investment Officer & Senior Director, Max Life Insurance
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Michael Liu

Managing Director, Portfolio Advisors
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Neha Grover

South Asia Lead, Private Equity, International Finance Corporation
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Padmanabh Sinha

Executive Director & CIO - Private Equity, National Investment and Infrastructure Fund (NIIF)
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Padmanabhan Raja Jaishankar

Managing Director, IIFCL
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Praneet Garg

Managing Director, Asia Alternatives (Hong Kong)
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Dr. Ruchi Dana

Partner & Executive Board Member, DANA Group
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Renuka Ramnath

Founder, MD, and CEO, Multiples Alternate Asset Management
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Siddarth Pai

Founding Partner, Chief Financial Officer & ESG Officer, 3one4 Capital
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Sunil Mishra

Partner, Adams Street Partners & Vice-Chairman, Singapore Venture Capital & Private Equity Association
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Vishal Mahadevia

Managing Director, Head of India, Warburg Pincus

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