VCCircle India Limited PartnersSummit 2020
Feb 27, 2020 | Trident, Nariman Point, Mumbai
India's Investment Story: An Insider View

Until a few months ago India had everything going for it. Despite the noise around global trade wars, India was basking in the glory of being the fastest-growing major economy. It had re-elected the ruling party to ensure policy continuity, the stock markets were at record highs and the pain of stressed assets had started to ease.

But the narrative has changed. Growth has slowed, consumer sentiment has turned sour, the stressed assets toxicity has spread from banks to the shadow banking system and an oil crisis is threatening to trip the economy further.

On the flip side, India remains investors’ darling. Although the stock market had corrected, it is now near its all-time high as the recent corporate tax rate cut has added fresh power to the bulls.

The number of active PE and VC investors has doubled in the last seven years to around 350 as per a VCCircle study. Bigger cheques from PE firms have catapulted overall alternative investment to $29 billion in the first nine months of 2019. At this pace, it is well poised to cross the peak of $32 billion clocked last year. Clearly, the private investment market is still red hot.

Not surprisingly, limited partners (LPs) are not just keen on building an exposure via general partners (GPs) but are also active with their direct investments in the market. LPs, especially sovereign funds from Singapore and Abu Dhabi besides Canadian pension funds and European development financial institutions, have invested directly or come as co-investors in 79 deals worth $10 billion in the first nine months of this year, according to VCCEdge. This seems set to surpass the mark of $12 billion across 112 deals in 2018.

At the same time, PE and VC funds are grappling with several challenges. Competition for deals has grown as fund management teams are getting spliced, SoftBank has emerged out of nowhere as a big-ticket PE-style investor and LPs are stepping in big time with direct investments. The entry of PEs and corporate houses at venture-stage deals has upped the competition for VCs. Concerns of a startup valuation bubble have returned while new GPs are finding it tough to raise funds.

To discuss the risks and how the overall alternative investor class is tackling the challenges, VCCircle is proud to announce the eleventh edition of its flagship thought conclave—the LP-GP Investment Summit 2020. It would bring together leading global and domestic LPs, GPs, entrepreneurs, investment bankers and other leaders from the deals ecosystem to look at the alternative investment opportunity in the country.

Key themes
LP investment playbook
  • With LPs seeking more direct investments, what sort of risk management process have they put in place?
  • How have the LPs become more stringent with the due diligence process on GPs? Is there a gap to be addressed in data sharing and disclosures by GPs?
  • International DFIs have been doing debt deals in India for years. How’s that evolved?
  • Are LPs leaning towards certain sectors in their investment thesis about India?
  • What are the expectations of the domestic LPs from alternatives compared to other asset classes?
Taking stock of fund managers
  • Are there too many PE-VC fund managers chasing too few good-quality deals?
  • How are PEs and VCs managing the team economics for better interest alignment?
  • What are the pitfalls for first-time fund managers?
  • How are VC funds dealing with renewed talk about a valuation bubble in the Indian startup ecosystem?
  • Sector-agnostic vs specialised funds.
Deal dynamics
  • How to read the Indian economy and what it means for alternative investments.
  • Portfolio secondaries remain sparse contributor to exits in India. Is that likely to change?
  • How do returns from recent exits in India compare to other emerging markets?
Founders’ take
  • Top PE/VC-backed founders talking about their journey with the investor and what could have been done differently.

Coming Soon!


Coming Soon!

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