#LPMeet2018

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INDIA LIMITED
PARTNERS
SUMMIT 2018

Feb 20-21, 2018 | Trident, Nariman Point, Mumbai, India
Register now

#LPMeet2018

Join India’s Premier gathering of Asia-focussed
Limited Partners

News Corp VCCircle presents India Limited Partner Summit 2018
Block your calendar

#LPMeet2018

India remains an enigmatic market for most
alternative investors

Join us to decode this and more at News Corp VCCircle India Limited Partners Summit
on February 20-21, Mumbai
Register now

#LPMeet2018


A growth story foretold

Join the discussion with industry stakeholders and world’s most influential limited partners
Know more
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Introduction

News Corp VCCircle India Limited Partners Summit 2018:
A growth story foretold

India is likely to be the fastest growing economy in the world in 2018 beating China, the World Bank recently said in its Global Economic Prospects report. Several leading global institutions such as the International Monetary Fund and ratings agency Moody’s, too, have given India a thumbs on its economic outlook.

More Details

Agenda

Day1 / Tue, Feb 20


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8:00am – 08:30am

Breakfast Briefing session

(By Invite, Closed Door Session)

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08:30am – 09:30am

Registration & Networking


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09:30am – 09:45am

Opening Address


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From a $30 million to close to $5 billion at the end of 2005 and $23 billion at the end of 2017, alternative investments have seen a phenomenal growth in India. Importantly, the investors have held hands of hundreds of young and adolescent Indian companies and helped them bloom while reaping in handsome returns themselves. Though companies backed by private equity and venture capital funds are known to have shown higher growth, provided more jobs and paid more taxes than their non-funded peers in the past decade, alternative investments still remain on the fringes of the larger corporate ecosystem. Lack of industry benchmarks, performance data, a structured policy framework with regards to registration, accreditation and taxation are some of the many factors which, if addressed, will help the industry scale newer heights. What will it take to build an all-encompassing, enabling environment for AIF industry in India?

09:45am – 10:30am

Alternative Investments in India – A Fast Evolving Landscape




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Led by Gopal Srinivasan, Chairman & MD, TVS Capital, Chairman, IVCA.

10:30am – 11:15am

Curtain Raiser & Panel: Growth of AIFs in India


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11:15am – 11:45am

Networking Break

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Investors were spoilt for choice when it came to exits in 2017. The year saw a record listing of private companies on the Indian bourses. Besides the government’s divestment drive, it was primarily PE investors who led the IPO boom by pushing their portfolio companies to list and in the process, exited with over $1.8 billion in their pockets. But IPOs contributed less than 15% to the total exits last year. The rest, totalling around $9.7 billion, came in from non-capital, secondary and strategic deals. Does this address the long-standing taint on India that it is a difficult market to exit?

11:45am – 12:30pm

Exits Galore


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12:30pm – 01:30pm

Networking Lunch




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Past relationship is the oldest, and yet, the most popular tool of due diligence for LPs across the world. With constant churn among managers in India as well as the emergence of diverse funds and the rise in the number of first-time managers, LPs need newer ways to size up Indian GPs knocking on their doors. Elsewhere in the world, GPs are using Public Market Equivalent methodologies while flaunting their Assets Under Management to win over LPs. How are Indian GPs and LPs conversing?

01:30pm – 02:10pm

Changing Contours of ‘Due Diligence’ – Are Indian GPs and LPs on the same page?


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The Bankruptcy & Insolvency Code and National Company Law Tribunal were steps in the direct direction by the government besieged with the rising sea of stressed assets worth more than $150 billion. To cash in on this huge opportunity, a lot of investors thronged to the shores, some cast their net in the troubled waters, but no prizes in the basket yet. What are the challenges that are keeping investors from making good catches on the stressed assets front?

02:10pm – 02:50pm

The Stress in “Stressed Assets”


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02:50pm – 03:20pm

Networking Break


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Strong macro fundamentals notwithstanding, there is a widespread view among investors that valuations in India are inexplicably high. There is a growing concern that Indian market is overheated and a rationalisation is need of the hour. How are investors reconciling the contradiction of immense growth potential and high valuations of both of listed and unlisted enterprises?

03:20pm – 04:00pm

Valuation Woes – Is the market still overheated?




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Deal-making in India seems to have come of age if one looks at the diversity in the transactions that happened on Indian deal street in 2017. Among the top 10 deals across sectors, almost half involved listed companies or their arms or soon-to-be listed ventures. This clearly shows an increasing appetite among private equity investors for mature companies while India, traditionally, has been seen as a growth equity market. A decent spread of sectoral bets, including finance, technology, real estate, renewable energy, and telecom infrastructure, again points to an increasing maturity in the market. Dissecting top deals in 2017 to draw lessons for 2018.

04:00pm – 04:40pm

Taking a Stroll Through India’s Deal Street


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04:40pm – 06:00pm

Awards Registration


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06:00pm onwards

VCCircle Awards 2018

Followed by cocktail, networking & dinner

AGENDA

Day 2 / Wed, Feb 21


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8:00am – 09:30am

Breakfast Briefing session

(By Invite, Closed Door Session)

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09:45am – 10:00am

Summary of Day 1


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Beginning with GST to the Bankruptcy & Insolvency Code, the constitution of National Company Law Tribunal and the massive bank recapitalisation exercise, the Narendra Modi government ushered in some ambitious structural economic reforms in 2017. While these had little impact on economic growth facing the headwinds of demonetization, high cost of capital, the weakening rupee and the teething problems of GST, market pundits are hoping the benefits of these reforms will begin to bear fruit in 2018. The uptrend in fundraising, a record number of new funds and fund managers, increased liquidity are already pointing towards the building of a strong sentiment in the alternative investments industry. Is this the beginning of a fresh growth cycle?

10:00am – 10:45am

Gauging Investment Scenario Amidst Strong Macro-Economic Fundamentals


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A strong build-up in the prominence of alternative investments notwithstanding, majority of large Indian companies and their deep-pocket founders continue to park their investible funds at traditional harbours. At a time when small and mid-sized Indian companies are hungry for dough and global investors are feeding billions of dollars to them, there is a clear need to evangelize the local fence-sitters for a mutually rewarding partnership.

10:45am – 11:30am

Wooing the fence sitters: Building a robust rupee capital pool




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11:30am – 12:00Noon

Networking Break


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Finance minister Arun Jaitely famously said last year that India’s infrastructure doesn’t match its ambitions. While infrastructure has been a big focus area for the NDA government, 2017 turned out to be a challenging year for the industry. Last year, output growth nearly halved in comparison with 2016 and the issue of loan defaults continued to plague the sector. But these adversities turned out to be a good opportunity for deal makers. Sovereign wealth funds and global PE firms such as CPPIB, JERA, ADIA, Qatar Foundation, KKR, Fairfax and Brookefield struck quite a few sweet deals in the year. What big opportunities await the core sector investors in 2018?

12:00pm – 12:45pm

Infrastructure Sector — Opportunities in Adversities


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Private equity investments in real estate, amounting to $42. billion, were a high point in 2017. Accounting for all the top five deals, commercial real estate continued to be the focus are for private equity investors. The dynamics for the entire sector, however, is set to change with the introduction of Real Estate Regulation and Development Act. The reforms ushered in by the Act – which include stipulations such as mandatory registrations and prior approvals before the launch of a project, and 70% proceeds in an escrow account, among others – require changes in the way deals are structured and investment formats formalised. What are the advantages and hurdles investors and developers will be faced with on account of RERA.

12:45pm – 01:30pm

RERA – A Boon or Bane for Real Estate


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01:30pm – 02:30pm

Networking lunch




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India is known to be the home to the largest number of small and mid-sized companies in the world. A large section among these is on the lookout for committed capital that will help them break out of constrained growth environment and scale up meaningfully. There are several success stories of private equity firms lending a helping hand to such companies and making handsome returns in the process. Warburg Pincus-Havells India, WestBridge Capital-Kajaria Ceramics, Motilal Oswal-Dixon Technologies, Rabo PE-LT Foods are instances of mutually rewarding partnerships between PE and mid-sized private firms. It is, however, a challenge to pick the right bets from among the large pool of such companies. Should PE firms have sector specific strategies or a diversified approach is a safer route while traversing through the large mid-market landscape?

02:30pm – 03:10pm

Catch in the middle – Mid-Market Growth Opportunities


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Debt as an asset class is being explored by a bunch of investors in India. It ties up with imminent opportunities in the stressed assets. What are the emerging contours?

03:10pm – 03:50pm

The Promise in Debt Funding


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03:50pm – 04:20pm

Networking Break


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VC funding in India is no more the preserve of venture capital firms with angel investors and private equity funds pitching the tents in their backyard. Is this the reason for a constricted VC play in India or is there more to what meets the eye?

04:20pm – 05:05pm

Risk Capital – Feeling the squeeze




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Promoters in India don’t seem conducive to the idea of selling out, hence, limiting the buyout opportunities for investors. Yet, India has seen some successful buyout deals come about in the past few years. What are the learnings for promoters and investors?

05:05pm – 05:45pm

Buyout Blues – Peeling sentiments off the economics


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05:45pm onwards

High Tea/Coffee


Advisory Board


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Founder and Managing Partner

AZB & Partners

Zia Mody


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Founder, CEO and MD

Multiples Alternate Asset Management

Renuka Ramnath


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Managing Director, Head of Investment Risk and Strategy in the Financial Risk group

TIAA

Chetan Vig


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Managing Partner & Co-founder

Kedaara Capital Investment Managers Limited

Manish Kejriwal



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Managing Partner

True North

Vishal Nevatia


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Senior Vice President

Portfolio Advisors

Michael Liu




Speakers


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Chief Executive Officer

Milltrust International Group

Simon Hopkins is a successful entrepreneur and a senior figure in the international investment management industry for more than two decades. He was an early advocate of hedge fund investing for institutional investors, and has been a prolific capital raiser.

Simon Hopkins


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Managing Director

Temasek Holdings Advisors

Promeet Ghosh


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Managing Partner & Co-founder

Kedaara Capital Investment Managers Limited

Manish Kejriwal


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CEO and Managing Director

ASK Property Investment Advisors

Amit Bhagat co-founded Real Estate practice of ASK Group in 2008. At ASK, he manages INR 5,000 cr ($750 mn) of Real Estate Investments. He has over two decades of experience in financial services mainly in the mortgage and real estate business.

Amit Bhagat



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Partner and Managing Director

Matrix Partners

Avnish Bajaj


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Managing Director

Kotak Reality Fund

S. Sriniwasan (Srini)


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Managing Partner

ASK Pravi Capital Advisors

Jayanta Banerjee has over 25 years of industry experience with the last 15 years in the private equity business in India. Prior to joining the private equity industry Jayanta was an entrepreneur. He has also been an investment banker and has worked in the industrial sector.

Jayanta Banerjee


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Partner & India Head

Apax Partners

Shashank Singh is a Partner and Head of the India office of Apax Partners, the global Private Equity fund. He joined Apax in London in 2004, before moving to India in 2007 to start Apax’s office there. His deals at Apax include GlobalLogic, IGATE Corp, TDC, Bezeq and more.

Shashank Singh


How was it last year?

Check out the gallery from our conference held in 2017 in Mumbai.


“We reach a point where we need to show the numbers… If you don’t see returns, it is going to be tough.”

Michael Liu, Senior Vice President, Portfolio Advisors


“About two-three years ago, India was not so attractive to put in allocation but that has changed”

Lucian Wu, Managing Director, HQ Capital


India continues to present a long-term potential for large companies to be built.
However, it always takes time. The gestation period is relatively long;
so investors need to be very patient.”

Chris Loh, Partner, Axiom Asia


Make sure that your fund concept is right, your bar is really high and your entrepreneur
is a guy who passes all the tests that you set. Most importantly it is the
markets which are going to help you give great exits.”

Sandeep Singhal, Co-founder & Managing Director, WestBridge Advisors Pvt Ltd


“Indian investors are yet to get comfortable with the 10-year fund cycles. It will evolve but, in the next three to five years,
I don’t see a lot of domestic capital coming into a typical PE fund structure.”

Vishal Tulsiyan, CEO and MD, Motilal Oswal Private Equity

How do I register?

Early Bird Discount of 10% till January 15th 2018
INR 40,500 + applicable GST (18%) per attendee
Features
Offered Price (In INR)
  • Reserved seat in the front row
  • Table with Company’s branding
  • Priority Check-in through a dedicated registration desk
  • Access to Speakers & Meeting Lounge
  • Access to dedicated lunch area with speakers, sponsors & partners
Standard Fees
INR 45,000
BUY TICKETS
Corporate Table for 3
INR 1,10,000
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BUY TICKETS
Corporate Table for 5
INR 1,75,000
  • One Table
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  • One Slot
  • Yes
BUY TICKETS
Corporate Table for 7
INR 2,25,000
  • One Table
  • Yes
  • Yes
  • One Slot
  • Yes
BUY TICKETS
Standard Fees
INR 45,000
Corporate Table for 3
INR 1,10,000
Priority Check-in through a dedicated registration desk
Corporate Table for 5
INR 1,75,000
Reserved seat in the front row
Priority Check-in through a dedicated registration desk
Access to Speakers & Meeting Lounge
Access to dedicated lunch area with speakers, sponsors & partners
Corporate Table for 7
INR 2,25,000
Reserved seat in the front row
Table with Company’s branding
Priority Check-in through a dedicated registration desk
Access to Speakers & Meeting Lounge
Access to dedicated lunch area with speakers, sponsors & partners

For registration and group bookings, please reach at register@vccircle.com/011-49711180
For additional queries reach at lpsummit@vccircle.com
Cancellation Policy:
There is no cash refund in case you cancel the registration from your end. We will issue a credit note for an equivalent amount which you can adjust/utilise against any of our future events (under the validity period) if the registration is cancelled at least 3 days before the event, post which NO credit note will be issued.

LP Registration

Please share your interest in participating as a Limited Partner by leaving your details below. On qualifying the prerequisites for the same, you will be extended a complimentary VIP pass for the two day summit.


News Corp VCCircle reserves the right to shortlist the applications at their own discretion.

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Market Trends

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  • The year 2016
The year 2016

High valuations saw the likes of Flipkart, Snapdeal, Ola, Zomato and InMobi come under investor scrutiny in 2016 and subject to sharp mark downs by both investors and analysts. The heady run of huge promotional spends, successive rounds of funding at ever-increasing valuations and crazy traffic growth saw a pause. 2016 was indeed a year where startups, mature businesses and fund managers took a moment to reflect on the hubris.

  • Investors
Investors

With performance under scrutiny and a slowdown in fund raising, investors started consolidating their investments via mergers, reducing costs by pulling back on past excesses and slashing debt.

  • Private Equity Investments
Private Equity Investments

Big-ticket deals contributed 53% to total private equity investment value in 2016. There were 26 big-ticket deals with a total value of $6.6 billion, compared to 54 deals with a total value of $13.5 billion in 2015.

  • Private Equity Deals
Private Equity Deals

PE deal activity dropped by 25% from a year earlier to 1309 deals. The value of PE transactions, slumped by 44% to around $12.4 billion from $22 billion as compared to the same period last year. The data excludes Real Estate and Venture debt investments.

  • Venture Capital Deals
Venture Capital Deals

Venture capital deals too dropped across stages this year after peaking in 2015 with early stage funding getting significantly hit both by deal activity and value, as investors turned extremely cautious and selective in placing their bets on startups despite adequate funds at their disposal.

  • IT Sector
IT Sector

Information Technology sector continues to attract a dominant share of private equity investments. The sector witnessed some aggressive deal making in 2016 with 766 deals as investors reposed faith on dot coms.

  • Mergers & Acquisitions
Mergers & Acquisitions

Big-ticket deals accounted for only 6% of total M&A deal activity this year, while contributed a whopping 92% to total M&A value disclosed in 2016, on the back of outlier deals.

  • Biggest deal of the year 2017
Biggest deal of the year 2017

The biggest deal of the year came in the energy sector and involved Russian giant Rosneft. The other top deals involved domestic players in sectors such as Financials, Telecommunication and Industrials.

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