India Limited Partners Summit 2017
Alternate Investment Funds in Asia: Finding the silver lining in the emerging markets
With a population of over 1.3 billion and almost two-third of it below 35 years, India is a young market with an unmatched potential for growth and consumption. Add to this the government’s commitment to keeping doors open for foreign investors and consistently working towards making India an attractive place for doing business
This when juxtaposed with the uncertainty in the world order post Donald Trump's conservative agenda in the US and Britain's decision to exit Europe, and the slowing down of Chinese economy in Asia, makes India look like one of the most attractive destinations globally to make future bets.
What is, however, the sentiment about India on the ground? Are global investors really kicked about the India opportunity? Are they convinced about the strength of the Indian economy and do they believe in its growth and consumption potential?
These and many other pressing issues will be discussed at the India Limited Partners Summit 2017. Presented by News Corp VCCircle, the summit will see India’s leading private equity funds (general partners or GPs), top global and Indian limited partners (LPs), and other major players in the private equity ecosystem gather under one roof to brainstorm the weightiest issues facing the fund managers and their investors in the region.
Over the past seven years, the summit has been attended by more than 300 speakers and 2,100 participants
Key topics for discussion:
• India as the silver lining in Asia – What do LPs expect in terms of policy reforms?
• Mapping India’s macro and micro business environment
• What can GPs do to position the India story better?
• Selling the alternate investments story to domestic investors
• LPs view on “Debutant fund managers
• Co-investment strategies and platform deals - How different is the Indian market vs Asia
• Indian VCs and deployment dilemma
• Are Private Equity players disguising as the new mid- to late-stage VCs?
• Exits and the dollar conundrum - Best practices for hedging the IRR risk
• Buyouts and control deals - Indian promoters’ ideology and key trends
Block your calendar to join us for India's premier alternative investments conference that will identify global and local trends for Asia-focussed investors.
Day – I
9.30am – 09.45am
09:45am – 10:00am
10.00am – 10.45am
Keynote Panel: Rising global uncertainty – Is it an opportunity for India to pitch itself as a consistent & a growing market for investments?
Brexit in Europe, Donald Trump’s conservative agenda in the US and the slowing Chinese economy present a unique opportunity for India to position itself as a market with a huge untapped potential, and a stable macro environment, both politically as well as economically. The Modi government at the Centre has taken some key initiatives, such as Make in India, GST, higher FDI in key sectors, to usher in structural reforms in the economy. The government’s push towards a digital economy and its efforts to address the much ignored population on the periphery of consumption is likely to bring in rewards in the long-term. In the short-term, these initiatives have yet to show any results. How does the global investing community look at India in the backdrop of these global and local issues?
Sudhir Sethi - Founder Chairman & MD, IDG Ventures India
Gopal Srinivasan - Chairman and MD, TVS Capital Funds
Archana Hingorani, CEO & Executive Director, IL&FS Investment Managers Ltd
Simon Hopkins, CEO, Milltrust International Group
Prashant Purker, MD & CEO, ICICI Ventures
10.45am – 11.15am
11.15 am – 11.45 am
Panel: Mapping the “Macro” to “Micro” business environment
The Union budget presented on February, though, was primarily focussed on empowering rural consumers; it had some welcome announcements for the investing community, too. For instance, the doing away of double taxation for LPs or investors redeeming their investments from India and no taxation in case an LP sells stake in an India fund to another LP, among few other such moves, do spell good news for the investing community. But are these enough to energise the alternative investments market in India? The panel will decipher what the budget means for those eyeing India as an investment destination as well as where it places the economy in comparison with other Asian countries such as China, Japan and Southeast Asian countries.
Rahul Bhasin - Managing Partner, Baring Private Equity Partners India
Saugata Bhattacharya - Senior VP - Business & Chief Economist, Axis Bank
Krishnava Dutt - Managing Partner, Argus Partners
Jayanta Banerjee - Managing Partner, ASK Pravi Capital Advisors Private Limited
11.45pm – 12.30pm
Fireside chat: Understanding the changing dynamics of a LP-GP relationship
It is needless to say that the relationship and roles that LPs and GPs play in a deal have evolved during the last decade. What are these changes and how do they impact the market? Have these changes been a boon or bane for entrepreneurs?
Anita Marangoly George - Managing Director, South Asia, CDPQ
Renuka Ramnath - Founder, CEO and MD, Multiples Alternate Asset Management
12.30pm – 1.30pm
1.30pm – 2.15pm
Panel: What can GPs do to position the India story better?
As the fastest-growing major economy, India has maintained some credibility in the eyes of investors looking at emerging markets. But is that enough? How do LPs read the India vs other emerging markets story? How is country allocations changing and why? What can Indian GPs do to attract more LP interest? How do Indian GPs differ from peers in the emerging markets and what do they need to do catch the LPs’ eye? Do they need to show sharper and disciplined investment strategy for a sector, or is it execution and better portfolio choice that wins the hearts and LP cheques?
Kay Mok Ku - Partner, Gobi Management (Singapore) Pte Ltd
Arvind Kodikal - Sr. Investment Officer, Triodos Investment Management BV
Mukul Gulati - Managing Partner, Zephyr Peacock
Bala Deshpande - Senior MD, NEA
Gulpreet Kohli - Founder, Mylen Investment
2.15pm – 3.00pm
Panel: Selling the alternative investments story to Domestic Investors
As a growing number of foreign investors enter India, what are the domestic investors thinking? We are yet to see enough big-ticket investments happening and this panel will try to decipher ways of selling the AIF story to domestic investors, especially cash-rich companies as the investor pool, so far, has been limited to big players only including Reliance Industries, Infosys, Wipro and so on. What’s stopping private NPS fund managers from betting on AIFs after the government allowed such investments this year? Is 2% of NPS corpus for AIFs too low? What are the norms globally and what needs to be done?
Vishal Tulsiyan - CEO and MD, Motilal Oswal Private Equity
Shahzad Madon - Head PMS & Alternative Assets, Reliance Capital Asset Management
Rakesh Malhotra - Founder, SAR Group of Companies & Managing Partner, SAR Family Office
D Muthukumaran - CEO, Adiya Birla Private Equity
Gaurav Kapoor - Senior Private Sector Development Adviser, DFID
Rahul Khanna - Managing Partner, Trifecta Capital
3:00pm – 3:30pm
Networking & Coffee Break
3.30pm – 4.15pm
Panel: Sunrise sectors from a private equity lens
Which sectors have turned out the best performance in terms of real exits for LPs and GPs? Which sectors look most rosy for 2017 and beyond? How about investment strategy: How do LPs differentiate between a sector-agnostic and focused sector fund? Is the latter an easy sell? Why are special situation funds gaining traction and does it say something about the lack of activity or boldness among asset reconstruction firms or the regulatory norm for such assets?
While initially lot of money was committed to infrastructure funds, that side has seen some hold-up. PEs at large had also seen lot of interest but SEBI data show VCs have recorded unprecedented LP commitment in Q3. Do LPs see more attractiveness for VC investments in India or PE?
The biggest PE deals to date have been to the order of $1-2 billion. M&As, however, had broken the multi-billion-dollar threshold several times in the past. Is there a scope for such large buyouts in the near to medium term? Which sectors could see such activity?
The size problem: Barring infrastructure funds, most large fund houses operate with assets of $500-700 million. Does this turn off large LPs who do not want to bet small sums of $50-100 million with one GP as it increases the overhead of managing small portfolio accounts? Some large sector-agnostic funds in the good old days even decided to draw a small quantum of money despite having commitment for larger funds. Indeed, even large firms have bridled their ambitions for larger funds. Does it again reflect a deployment problem for PEs at large?
Anand Narayan - Managing Director, Creador Advisors India Pvt Ltd
M.K Sinha - Managing Partner and Chief Executive Officer, IDFC Alternatives
Manish Kejriwal - Managing Partner, Kedaara Capital Advisors LLP
Michael Liu - Senior Vice President, Portfolio Advisors
Suresh Goyal - ED & India Head - Macquarie Infrastructure and Real Assets, Macquarie Funds Group
Day - II
10.00 am – 10.45 am
Panel: Exit Trends 2017: The Road Ahead
Private equity investors unlocked $6.8 billion worth of investments across 239 exits in 2016 and though total number of exit deals fell from 2015, the value unlocked was higher indicating large deal sizes, increasing the deal value by 17% compared to the same period the year before. Also, exits through M&A increased more than 20 times to $3.6 billion in 2016 from 2015 (highest in the last five years). While the PE industry in India is optimistic that this positive trend will continue and show LPs that market sanguinity should translate into good market returns, it may have to consider working around unique challenges that may arise. Our expert panel will dissect how the exit market in India is evolving and what does this mean for 2017 and beyond. It will explore:
• What are the prospects for VC exits?
• Which exit routes delivered in 2016 and which failed?
• Has the emergence of control buyouts really created more viable exit routes?
• Is there scope of secondary exits evolving in India soon?
• Exits and the dollar conundrum – What are the best practices for hedging the IRR risk?
Rishi Kohli - MD, Monsoon Capital
10.45 am – 11.30 am
Panel: Co-investment strategies and platform deals – How different is the Indian market?
Blind pool, co-investments or platforms: Which strategy has worked best in India and why? What are the early lessons from platform deals where large LPs form JVs with GPs? What are the pitfalls of such active co-investment strategy? Given the time, energy and resources required to be deployed for a platform deal; does it shake up the economics of returns for LPs? Why there are less LP co-investments in India as compared to other markets and is it a natural thing to expect for it to gain traction? How should LPs prepare themselves?
Neeraj Bharadwaj - MD, The Carlyle Group
Dhanpal Jhaveri - Managing Partner, Everstone Capital
Promeet Ghosh - MD, Temasek Holdings Advisors
11.30 am - 11.45 am
11.45 am – 12.30 pm
Fireside chat: Buyouts and control deals – Indian promoter’s ideology and key trends
The Indian market is still nascent for buyouts, but lately more control deals are happening. Is there a fundamental shift seen in the promoter ideology or are these one-off examples?
With rising expectations from the Indian economy, political stability and industrial consolidation, more global buyout companies are strengthening their focus here. Many family-run businesses are realising the value of having an international partner to expand. All this is creating a huge opportunity for buyouts. Several questions arise out of this trend – do we have enough mid- to large-size transactions to create a market? Will valuations be feasible for PEs? Which sectors will see more opportunities and what will be the role of local partners to make such deals happen? This session will focus on answering these questions to evaluate how sustainable is the Indian buyout opportunity.
Anuj Ranjan - Managing Partner- Middle East & South Asia, Brookfield Asset Management
Parth Gandhi - MD, AION Global
12.30 pm – 01.00 pm
Fireside Chat: Stressed assets opportunity in India
This session will talk about opportunities that are opening up in the private credit and distressed markets and how can LPs turn around this situation to both their and the markets’ advantage. Though this trend has been around in other Asian countries like China and Japan, the session will have insights from all stakeholders including banks, ARCs, PEs and VCs investing in such assets sharing their views on whether the Indian market is ready for the same yet.
01.00 pm – 02.00 pm
02.00pm – 02.45 pm
Panel: Indian VCs and deployment dilemma
Do Indian VCs have a deployment problem? The surge in value investments in startups in 2015 was led by e-commerce and consumer Internet. Now that the proverbial bubble has burst and startup valuation at large has moderated, how are VCs going to deploy the multi-billion-dollar dry powder, which is piling up with new GPs coming to play? What are the new domains which can suck in hordes of cash without fuelling another round of mindless cash burn? Is India now waiting for a consolidation among VCs as was witnessed in the PE domain in the past five years where several GPs ended up (and continue) managing zombie funds?
Amit Anand - MD, Jungle Ventures
Niren Shah - MD, Norwest Venture Partner
Vikram Gupta - Managing Partner, Ivycap Ventures
Fakhri Ahmadov - CEO & Managing Director, Ahmadoff & Company
02.45 pm – 03.30 pm
Panel: Are Private Equity players disguising as the new mid- to late-stage VCs?
In 2015 and partly in 2016, hedge funds, PEs and growth equity investors have been eating up the mid- to late-stage VC investment space. In fact, lately some PEs have also nibbled in early-stage VC type of deals. How do LPs view such a strategy? Is that likely to continue in the next year or so or is the market expected to fall back to the conventional angel-VC-PE cycle of investments? What does it mean for startup valuations?
Nikhil Khattau - Managing Director, Mayfield Advisors Pvt. Ltd
3.30 pm – 03.45 pm
03.45 pm – 04.30 pm
Panel: LPs view on “Debutant fund managers
Hordes of first-time fund managers are out in the market to raise PE or VC funds. How do LPs take a call on such GPs? What are the factors that need a tick mark before buying into a debutant’s story? Can one rely on past funds they managed as part of a different group? What due diligence do LPs insist on before backing a GP and how many notches does this escalate in the case of first-time fund managers or those going solo?
Heramb Hajarnavis - Founder & MD, Sealink Capital Partners
Sameer Nath - Managing Partner, Iron Pillar Fund
Abhishek Sharman - Founder and MD, Carpediem Capital Partners
Ritesh Banglani - Partner, Stellaris Venture Partner
Bryan Stewart - Director, Asia-Pacific, Liberty Global Partners
Date: 1st - 2nd March
Address : Taj Lands End, Mumbai
Byramji Jeejeebhoy Road, Band Stand, Bandra West,
Mumbai, Maharashtra 400050
ICICI Venture Funds Management Company Limited (ICICI Venture) is a wholly owned subsidiary of ICICI Bank Limited, India’s largest financial conglomerate in the private sector. ICICI Venture is one of India’s oldest, largest and most diversified alternative investment fund management companies. Currently, it manages / advises funds across four distinct verticals: Private Equity (established in 2002), Real Estate (established in 2005), Special Situations (established in 2012) and Infrastructure (established in 2014).
Since 2002, ICICI Venture has raised historical funds under management / advice of over USD 4.15 billion across these four verticals from reputed Indian as well as foreign investors. In our Special Situations vertical, we have a strategic partnership with Apollo Global Management, US which is a leading global private equity fund management company with deep expertise in the area of special situations. In our Infrastructure vertical’s power pla
Argus Partners is a leading law firm in India. Set up in 1997, the Firm is known for its quality legal expertise, in-depth industry knowledge and pragmatic legal advice across a diverse spectrum. The Firm was formerly known as Udwadia Udeshi and Argus Partners and was renamed as Argus Partners in May, 2015.
With a well-balanced transaction and corporate practice coupled with a robust commercial litigation practice, the Firm advises on a wide range of corporate, commercial and private equity transactions, mergers & acquisitions, corporate restructurings, banking & finance, infrastructure transactions and commercial litigations. The other core practice areas of the Firm include real estate & real estate financing, competition, education, employment & labour, policy, indirect tax, estate and succession planning.
A pan India presence with offices in Mumbai, New Delhi, Kolkata, Bangalore and Chennai allows the Firm to serve a wide range of client
Sundaram BNP Paribas Fund Services (SBFS) is a joint venture between Sundaram Finance Limited and BNP Paribas Securities Services.
Started in 2008 focusing on fund administration in Mutual Fund industry, Company expanded its services to Transfer agency including expanding its service offering to the Alternate Investment Fund (AIF) industry domiciled in India.
Currently following services are provided as part of its service offering to AIF clients both from Chennai and Mumbai.
• Fund Administration
• Transfer Agency
• Investor Reporting
• Call Center service
BNP Paribas, Our joint venture partner, provides Cash Management and Custody service both for domestic and offshore funds.
SBFS brings in rich expertise and service excellence through strong management team with relevant domain expertise and also follows quality and risk or
Sterlite Power, sharing a common lineage with the LSE-listed Vedanta Resources Plc., is a leader in providing integrated transmission solutions for the power sector globally. The company is driven by its core purpose of “Empowering Humanity by Addressing the Toughest Challenges of Energy Delivery”.
Sterlite Power has three business verticals – Products, Solutions and Infrastructure. Sterlite is a leading manufacturer of power cables and conductors, supplying these to all major Indian states and private utilities besides exporting to over 40 countries. It has four state-of-the art manufacturing assets in Odisha, Uttarakhand and Dadra and Nagar Haveli. In the area of solutions, Sterlite Power undertakes bespoke Master Systems Integration projects in power transmission. In electricity infrastructure development, Sterlite Power sets up intra and interstate transmission systems.
Within a short period of time, Sterlite Power has excelled in the Indian po
Preqin is the leading source of information for the alternative assets industry, providing data and analysis via online databases, publications and complimentary research reports. Preqin is an independent business with over 300 staff based in New York, London, Singapore, San Francisco, Hong Kong and Manila serving over 40,000 customers in over 90 countries.
Preqin has the most comprehensive and extensive information available on the private equity and venture capital, hedge fund, real estate, infrastructure, private debt and natural resources industries, encompassing funds and fundraising, performance, fund managers, institutional investors, deals and fund terms. Leading alternative assets professionals from around the world rely on Preqin’s services daily, and its data and statistics are regularly quoted by the financial press.
VLE Consultants - VLE is a specialized management advisory firm. We work closely with entrepreneur’s vision and translate them into reality through our strategic advisory and corporate financing functions. Our services, includes Strategy, Merger & Acquisition, Strategic Finance, Transaction Advisory, Startup Integrated solutions and valuations. At VLE, entrepreneur’s get one shop solution through our tie-ups with association in other verticals like Legal, Regulatory and Compliance, Taxation and HR Solutions.
The team at VLE has shown up very transparent, integrated and committed approach to its client and successfully nurturing our relationship through mutual respect.
Currently, we are serving with 15 start ups from fintech, consumer durables, IOT, Big Data & health care space. Apart from start up, we are into loan syndications for mid and big scale corporates. Regarding, M & A, we are working on supply c
Raghavjibhai Patel, founded Rajesh LifeSpaces and he recognized the important role that Mumbai city would play in the development of the entire country as a business hub. Over the years Rajesh LifeSpaces, has been known for diversifying its presence all over Mumbai with a varied bouquet of projects.
Today, the leadership team is proud of the fact that they are recognized for various landmarks across the length and breadth of Mumbai. Over the last five decades, they have developed a strong foothold across the city and are well-known for well-designed, high-quality and innovative ‘LifeSpaces’. So far, they’ve delivered eight million sq. ft. of area and have crafted living spaces for over 12,000 families.
The company has developed many real estate projects, which are identified in the market for impeccable quality and sustainability. Since the initiation of the first project, they’ve maintained high levels of quality, which has, inevitably, e
The Singapore Venture Capital & Private Equity Association (SVCA) was formed in 1992 to promote the development of the venture capital (VC) and private equity (PE) industry. Our Mission is to foster greater understanding of the importance of venture capital and private equity to the economy in support of entrepreneurship and innovation and to look after the interests of our members.
The association strives to promote the professional development of the industry as well as facilitate interaction and collaboration among its members. The association also acts as a platform for dialogue on regulatory and policy issues pertaining to VC and PE and builds linkages to centres of VC and PE activities in the region.
The Malaysian Venture Capital and Private Equity Association (MVCA) was formed in 1995. The organisation comprises leading and active players in the venture capital and private equity industry.
Its mission is to promote and develop the venture capital and private equity industry in Malaysia, and advocates policies that enhance the environment for venture capital and private equity activities. It also serves as the authorised platform for members to express their views to policy makers in resolving issues and removing obstacles that impede the growth of the venture capital and private equity industry.
Among others, the Association also strives to:
• stimulate the promotion, research and analysis of venture capital in Malaysia and in other countries.
• promote cooperation among members, to encourage joint efforts and business undertakings among members as well as to provide a regular forum for
The ILPA is the leading global, member-driven organization dedicated to advancing the interests of private equity Limited Partners through industry-leading education programs, independent research, best practices, networking opportunities and global collaborations.
Initially founded as an informal networking group, the ILPA is a voluntary association funded by its members. The ILPA membership has grown to include over 350 member organizations from around the world representing over US $1 trillion of private assets globally.
“The CFA Society India (Indian Association of Investment Professionals), established in April 2005, is an association of local investment professionals, consisting of portfolio managers, security analysts, investment advisors, and other financial professionals. As one of the over 140 CFA Institute member societies, the CFA Society India connects local members to a global network of investment professionals. The key objectives of CFA Society India are to promote ethical and professional standards within the investment industry in India and to facilitate the exchange of information and opinions among people within the local investment community and beyond. CFA Society India also works to further the public’s understanding of the CFA® designation and the investment industry.”
Mumbai Angels, started in 2006 is the first premium Angel network in India. The Mumbai Angels provides a unique platform to start up and very early stage companies by bringing them face to face with successful entrepreneurs, professionals and executives who are interested in and have the funds available to invest in start-up companies. Many members of Mumbai Angels have prior Silicon Valley experience. In addition to the capital of its members, the Mumbai Angels provides access to high quality mentoring, vast networks in India and abroad and inputs on strategy as well as execution.
Mumbai Angels provides its portfolio companies with a level of assistance that surpasses their highest expectations. Mumbai Angels network of relationships and their ability to leverage those relationships on behalf of their portfolio companies is unparalleled. Mumbai Angles members and their organisations have come to represent the ideal business partner for entrepreneurs who wish to start and
"Indian Association of Alternative Investment Funds (IAAIF) is a not-for-profit industry representative and advocacy body of Alternative Investment Funds and other key stake holders of AIF industry in India. IAAIF has been recently formed by Association of International Wealth Management of India (AIWMI). Twenty prominent financial institutions and other organizations involved in Alternative Investment domain are already its members with many more are at on-boarding stage.
IAAIF is devoted to promote transparency, professional standards and trust in alternative investments. The Association acts as a platform for dialogue on regulatory and policy issues pertaining to AIFs and building linkages among various stake-holders. IAAIF is committed to create educational programs to enhance professional standards; create Thought Leadership and business networking opportunities for the investors and stake holders in the alternative investment sector.
ah! Ventures is a startup focused growth catalyst that brings together promising businesses and investors by creating wealth creation opportunities for both. ah!’s unique model serves investors, entrepreneurs & enablers through a unique blend of customised services, skill, and industry & domain experience.
Founded in 2010, ah! Ventures has systematically disrupted India’s early stage funding ecosystem through its innovative approach toward startup investing. First of its kind initiatives like the CLUB ah! network & platform, ah! Angels (India’s largest angel network), ah! Seeders and ah! VC networks (India’s first seed & VC investment networks respectively), have brought together and integrated the otherwise previously segregated startup funding lifecycle, under one roof. This, coupled with ah! Impact network, an impact investment network for investing in social enterprises and ah! Mentors network, a mentor network to assist startups
INR 32000 + Service tax (15%) per attendee
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*The registration fee does not include any travel, accommodations or other costs incurred by attendees.
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. Please talk to Kanika / Krishna for further details.
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