VCCircle India Limited Partners Summit 2016
Private Equity in India: A land of promise once again
9-10, March, Taj Lands End, Mumbai
VCCircle presents the seventh edition of its immensely successful flagship conference VCCircle India Limited Partners Summit 2016 on 9-10 March, 2016 at Taj Land’s End, Mumbai.
The conference is one of its kind for India market, where India’s leading private equity funds (general partners or GPs), top global and Indian limited partners (LPs), and the other major players in the private equity ecosystem gather on a single platform to discuss and debate key issues facing the fund managers and their investors.
The two-day conference will be attended by top Indian GPs and top global and Indian LPs, besides placement agents and other key players in the PE ecosystem.
As we draw close to the completion of two years of the Narendra Modi-led National Democratic Alliance government, which came into power with an absolute majority in May 2014, the key questions to be asked are whether there are signs of economic revival.
Although the NDA government has taken only baby steps in the last 18 months on the economic front, the next two to three years are going to be crucial as it gets closer to the 2019 general elections.
Since the Modi government will have to go to the electorate in 2019 with a report card, we could expect a series of executive actions on the economic reforms front. In November 2015, we saw a major announcement on the foreign direct investment front which relaxed FDI norms across major sectors including retail, defence, construction, civil aviation and media.
In the coming months, we can hopefully expect the government to take steps for delivering on what Modi had promised when he came into power in 2014 – acche din. The government is also working consciously on making India a better place to do business, while it has also unleashed special initiatives like Digital India and Startup India.
Indian private equity industry is still struggling to get exits as the economy is yet to get out of the woods. While the PE industry has been steadily investing in companies, mainly in startups, the exits have stagnated. In this year till date, India has recorded over 1,200 deals worth more than $20 billion which is the highest for any year. Last year, India did PE deals worth $14.5 billion from 995 transactions. However, exits remained under or around $5 billion from a little over 200 transactions every year in the last three years. However, startup-focused funds have been steadily investing, and also have been raising capital.
It’s in this backdrop, VCCircle is organising the seventh edition of VCCircle India Limited Partners Summit.
The conference will cover areas such as:
• What next for Indian economy and what it means for PE investing
• Will India emerge as a top startup destination and what it means for venture investing
• Changing dynamics of LP-GP relations
• Why are limited partners seeking active participation in deals today?
• What are the expectations of the home-grown neo-investors in the country?
• With the current economic slowdown in China, are returns from India more attractive between the two?
• How to make case for India in the near term and beyond?
• Returning capital to investors – what ails Indian PE
• Have the stock markets opened up for exits with better returns than before?
• How are venture capital funds signing large and frequent cheques to fuel the Indian start up eco-system?
• Are LPs expecting specialist funds in India following the global trend?
• Do LPs prefer certain sectors in India over the other?
• Are active LPs today turning competitors in deals vis-a-vis fund of funds and private equity funds?
Over the past six years, the summit has been attended by 250+ speakers and 2,000+ participants.
Block your calendar to join us for India's premier private equity conference that will identify the right path to creating successful private equity businesses in India.
The conference offers unique sponsorship opportunities for private equity firms, law firms, investment banks, consultants and corporates.
Day I - Wednesday, March 9th, 2016
8:30am - 9:30am
Breakfast, Networking & Registration
9:30am - 9:45am
9:45am - 10:30 am
Panel I: Plenary session: The current state of the Indian economy
Top economists and India strategists debating on the current state of the Indian economy and what is in store for the future. The debate will also touch upon what the state of economy and reforms agenda means for the growth of business and the Indian private equity.
Saugata Bhattacharya - Senior Vice-President, Business and Chief Economist, Axis Bank
Shubhada Rao - Group President & Chief Economist, Yes Bank
Saurabh Mukherjea - CEO of Institutional Equities business, Ambit Capital Pvt. Ltd
Bharti Gupta Ramola - Markets and Industries Leader, PwC India
Roopa Purushothaman - Managing Director and Head of Research, Everstone Capital Advisors (Moderator)
10:30am - 10:55am
Keynote Address - K.T Rama Rao - Minister for Information Technology and Panchayat Raj, Government of Telangana
10:55am - 11:20am
Special Address on : "Challenges for Make in India" by Atul Chaturvedi - Joint Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce & Industry, Government of India
11:20am - 11:40am
Tea & Networking
11:40am - 12:25pm
Panel II: Changing Dynamics of LP-GP relations - Are LPs the new GPs?
Deal making in India has gradually evolved, from large institutional investors backing blind pool corpuses initially to a managed account structure and now platform deals and joint ventures. Platform deals, where both the investor and the developer bring equity, have gained currency in recent years. Large institutional investors such as Goldman Sachs, GIC, APG, CPPIB have preferred this route to invest- particularly in Indian real estate.
- Why are LPs taking more direct position in deal making?
- Do capital partners want to be closer to their assets and joint ventures (between investors and developers), bypassing fund managers, is a way of doing that?
- Will LPs compete or partner with PE funds going forward?
- How will the independent crop of fund managers in India cope with the global norms of governance?
- How will LPs bring in the expertise of managing direct investments vis-a-vis their indirect investments?
Simon Hopkins - Chief Executive Officer, Milltrust International Group
Lucian Wu - Managing Director, HQ Capital
Jürgen Rigterink - Chief Risk and Finance Officer, FMO
Gordon Fairclough - South Asia Bureau Chief, The Wall Street Journal (Moderator)
12:25pm - 12:45pm
Special Address on “The regulatory and policy initiatives for the Indian alternative investment industry: Where are we headed?" by Gopal Srinivasan, Chairman & MD, TVS Capital Funds Limited
12:45pm - 2:05pm
Lunch & Networking
2:05pm - 2:50pm
Panel III: India’s China Syndrome
With the stock market in China decline, the currency unstable and consumer sentiment weakening, India, despite its own challenges, remains the last standing stable BRIC nation. A stable government, low oil prices, a business friendly regime and relatively stable economy provide great macro conditions for India to make a renewed case to become a great destination for investment. Even as India can’t escape any global downturn, is there a clear window of opportunity for India now?
- What would it take to solidify this seemingly temporary opportunity?
- What lessons from China’s startup boom can India learn, unlearn and adapt to its own trajectory?
- What would major global investors want to see more of in India now? What do they want to see less?
- What benchmarks would we want to set to measure success 12, 24, 36 months out?
Bryan Stewart - Director of Asia-Pacific at Emerging Markets, Liberty Global Partners
Manish Kejriwal - Managing Partner, Kedaara Capital Advisors LLP
Amit Chandra - Managing Director, Bain Capital Advisors
Nishant Parikh - Partner, Trilegal
Tarun Bhatia - Managing Director, Kroll (Moderator)
2:50pm - 3:35pm
Panel IV: The role of risk and rescue capital in deleveraging India
Limited partners (LPs) see opportunities in this space and 2016 would be an active year for stressed asset investment. Global funds specializing in stressed assets have started to look at India for investment opportunities as banks and corporate houses try to pare debt with offers of equity and asset sales. What are the return expectations of investors? What is the opportunity set in the space? What are the investment opportunities under the CDR Regime?
Mintoo Bhandari - Senior Partner and Managing Director, Apollo Global
Devinjit Singh - Managing Director, The Carlyle Group
Suresh Prabhala - Co Founder & Partner, ADV Partners Capital
Harsh Pais - Partner, Trilegal
M.K Sinha - Managing Partner & CEO, IDFC Alternatives
Munesh Khanna - Head - Corporate Finance, PwC India (Moderator)
3:35pm - 4:20pm
Panel V: Specialist or sector agnostic, what does an LP look for in India?
Developed markets are positioning themselves as specialist funds and investors are globally appreciating the move. Do international LPs endorse a similar move for India-dedicated funds? LPs want to see sector specialists driving the investments in the funds providing operational assistance. LPs want fund managers to have operating partners for the sectors that they endorse.
- Which sectors in India are hot for LPs?
- What level of operational assistance do LPs prefer in portfolio companies?
- Will a sector specialist fund work for Indian market?
Rubi Arya - Executive Vice Chairman, Milestone Capital Advisors
Mathew Cyriac - Co-Head of Private Equity & Senior Managing Director, Blackstone
Sanjiv Aggarwal - Partner; Energy, Actis
Dhiraj Poddar - Director, TA Associates Advisory Pvt. Ltd
Michael Liu - Senior Vice President, Portfolio Advisors (Hong Kong) Limited (Moderator)
4:20 pm onwards
High Tea & Networking
5:45pm - 6:15pm
6:15 pm onwards
VCCircle Awards 2016
Followed by cocktail & dinner
Day II - Thursday, March 10th, 2016
8:30am - 9:45am
Breakfast, Networking & Registration
9:45am - 10:30am
Panel I: Fundraising: Past experiences and Outlook for 2016
Around $5 billion was raised across some 37 India-dedicated funds cutting across investment strategies and asset classes, as per VCCedge, the data research platform of VCCircle, in 2015. Are VC firms finding it relatively easier to raise money? What is the outlook of LPs for 2016? Will we see more allocations in 2016? If yes, which strategies and spaces will attract capital?
Alagappan Murugappan - Managing Director and Head of Asia Funds, CDC Group
Sudhir Variyar - Managing Director, Multiples Alternate Asset Management Private Limited
Anand Prasanna - Managing Partner, Iron Pillar
Jaganath Swamy - Vice President, Harbourvest Partners (Asia) Limited
TCM Sundaram - Founder & Managing Director, IDG Ventures India Advisors
Nupur Garg - Regional Lead - South Asia, Private Equity Funds, International Finance Corporation (IFC) (Moderator)
10:30am - 11:15am
Panel II: Re-defining Private Equity Deal Due Diligence in Challenging Times
Private equity investors in India cannot apply due diligence and risk mitigation practices from developed markets to India, where auditing standards have not fully matured and corporate governance standards are still evolving. In an environment where private equity investors do not always have access to good quality information and they have few options to enforce compliance, investors need to re-define due diligence to fully unravel the truth behind target businesses. While there is no “one size fits all” strategy for India, this panel discusses the best practices of the most effective pre-investment due diligence approach.
Haresh Vazirani - India Head, Aberdeen Asset Management PLC
Jayanta Basu - Managing Partner, CX Partners
Ravindra Bandhakavi - Partner, Trilegal
Sanjay Chaudhary - Partner, Tata Capital Growth Fund
Reshmi Khurana - Managing Director & Head of South Asia, Kroll (Moderator)
11:15am - 11:35am
Tea & Networking
11:35am - 12:05pm
Presentation on Budget 2016 and its impact on asset management sector by Vikram Bohra - Financial Services Partner, Tax & Regulatory Services, PwC India
Panel III: Domestic fund raising - Emergence and role of Indian investors in rupee capital funds
India is experiencing the birth of domestic investors for alternate investment funds. Government has allowed funds from the National Pension System to be utilized for private equity funds. HNIs and family offices have increased their portfolio exposure to alternate assets. They are now setting the trend for specific sectors to take precedence over the other. Domestic investors are asking for more transparency in transactions.
- What are HNIs and family offices seeking today from fund managers?
- Are the return expectations and risk appetite of domestic investors similar to their foreign counterparts?
Sateesh Andra - Managing Director, Endiya Partners
Vik Mehrotra - CEO & CIO, Venus Capital
Sanjay Nath - Co-founder & Managing Partner, Blume Venture Advisors Pvt. Ltd
Arun Korati - Senior Managing Partner, IIML Asset Advisors Limited
Umang Papneja - President & Chief Investment Officer, IIFL Wealth Management Ltd.
Rahul Khanna - Managing Partner, Trifecta Capital (Moderator)
12:50pm - 1:50pm
Lunch & Networking
1:50pm - 2:10pm
Keynote Address on : Creating India’s Most Trusted & Valued Pathology Laboratory Network- My Story by (Hony) Brig Dr Arvind Lal (Padma Shri) - Chairman & Managing Director, Dr. Lal PathLabs Ltd.
2:10pm - 2:55pm
Panel IV: The state of Indian venture capital and startup investing
With India’s internet and technology sector showing huge promise, the country has attracted several billions of dollars in VC in the last few years. Have they paid off for Indian early stage investors? Can we see some of these startups starting to build sustainable businesses and grow into big boys? And what does that mean for VC investors? Did Indian classic private equity miss out on e-commerce, SaaS and other new age sectors?
Sandeep Murthy - Partner, LightBox
Sasha Mirchandani - Founder & Managing Partner, Kae Capital
Vineet Chadha - Partner, Tata Capital Innovations Fund
Rehan Yar Khan - General Partner & Founder, Orios Venture Partners
Deepak Shahdadpuri - Founder & MD, DSG Consumer Partner (Moderator)
Tea & Networking
Date: 9-10,March 2016
Address: Taj Lands End, Mumbai,
Byramji Jeejeebhoy Road, Band Stand, Bandra West,
Mumbai, Maharashtra 400050
Trilegal is one of India's leading law firms with offices in Mumbai, New Delhi, Bangalore and Hyderabad. Our award winning private equity (PE) practice encompasses the entire range of services provided to PE funds, including funds formation, funds structuring, primary and secondary investments, investment restructuring and exits. Our clients include the world’s top PE firms, a diverse range of international funds and institutional investors seeking to invest across all sectors.
In addition to regularly advising on leading PE investment transactions, a significant portion of our practice is geared toward offering high-level strategic advice for ongoing portfolio management, restructuring of existing investments and effective exit strategies for PE investors. We have advised on several restructuring/exit transactions involving share purchases and options, enabling listing (in domestic and foreign markets), asset sales, asset/share swaps, demergers, capital reorgani
PwC helps organisations and individuals create the value they’re looking for, in a changing world. We’re a network of firms in 157 countries with more than 195,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.
PwC India’s dedicated private equity practice, led by Sanjeev Krishan, comprises of over 20 partners and directors across service lines, supported by Gautam Mehra (Tax) and Dinesh Anand (Forensics). This practice provides services to cover every aspect of the private equity investment cycle and acts as a single point for services including background checks, financial and tax due diligence, transaction structuring, getting regulatory approvals and dispute resolution. What differentiates PwC's PE team is the core regulatory expertise, in-depth forensic capabilities intertwined wit
Kroll is the leading global provider of risk solutions. For more than 40 years, Kroll has helped clients make confident risk management decisions about people, assets, operations, and security through a wide range of investigations, cyber security, due diligence and compliance, physical and operational security, and data and information management services. Headquartered in New York with more than 50 offices across nearly 30 countries, Kroll has a multidisciplinary team of over 2,000 employees and serves a global clientele of law firms, financial institutions, corporations, non-profit institutions, government agencies, and individuals.
Kroll has been serving clients in India for over 20 years. We have provided vital information on high-profile M&A and investment transactions, complex internal investigations, and global regulatory actions. This is why, when companies and investors face complex questions on India, they call Kroll.
In the private equity industry
Venus India Asset Finance Private Limited (“Venus India”) is a Delhi based Non-Bank Finance Company (NBFC), which specializes in direct lending to small and medium enterprises (SME’s). Venus India is registered with the Reserve Bank of India as a Non Deposit Accepting Non-Banking Financial Company.
Venus India provides debt finance to SMEs through a comprehensive bespoke credit solution focusing on the needs of a growing business. Venus India is a premier independent credit institution leveraging the experience of global best practices and local economic development to meet the growing credit requirements of Indian corporates.
Venus India’s solutions are designed to suit the entrepreneur’s needs, be it for promoter funding, margin financing, loan against securities, option incentives financing, pre-IPO funding, succession issues, buyouts and acquisitions, and/or structured solutions for other reasons.
Venus India is promote
Tata Capital Innovations Fund is a sector agnostic venture capital fund managed by Tata Capital. The Fund invests in the range of US$ 2 mn to US$10 mn in early stage companies offering technology based solutions for Indian as well as global markets.
The Fund’s investment philosophy is to back the right entrepreneurial spirit by identifying investments which have a potential to create new growth opportunities; increase efficiency; bring affordability and accessibility to the industry or change the way business is conducted.
The Fund attempts to be instrumental in harnessing India’s immense talent pool. The Fund team strongly believes that in addition to a good idea, a clear sense of direction and stubborn persistence is a recipe for successful venture. The focus is thus on passionate individuals aiming to build great organizations.
The Tata Opportunities Fund, is a USD 600 million private equity fund raised from large, sophisticated, global investors targeted at investments principally in India. The Fund achieved final close in March 2013 and is Tata’s flagship private equity fund. TOF is uniquely differentiated by its ability to leverage Tata’s position as India’s largest, most diversified and respected corporate group in order to identify, make and support proprietary investments into market leading businesses. The fund focuses on working with the strongest sponsor groups with the highest standards of governance.
TOF is long term, sector agnostic and addresses opportunities for growth capital and buy-out with typical equity investments in the range of USD 30 - 100 million, and has the capability to scale further by way of co-investments from the fund’s limited partners. Current portfolio companies include Tata Sky, Ginger Hotels, TVS Logistics, Shriram Properties, Varroc, Ta
IIFL Wealth Management Ltd. is the Private Wealth Management subsidiary of IIFL Limited. Against the backdrop of global financial turmoil, we started operations in April 2008, building a strong advisory practice as opposed to a commission-based model. By aligning our interests with our clients, we have earned the trust of more than 8,600 families and we advise them on more than USD 12 bn of assets under advice, distribution and custody. This makes IIFL Private Wealth India’s largest private wealth management firm.
An array of best practice measures has helped IIFL Wealth Management Ltd create a 360 degree, all-encompassing advisory service comprising wealth management (preparation of an investment mandate, and establishing objectives and strategies)and wealth administration (intricate financial planning and management tools such as investment reporting and an asset register, largely aided by technology) and weal
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
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• 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
Tata Capital Growth Fund ("TCGF"), a USD 225 million sector agnostic private equity fund was raised in 2011 with participation from global and Indian institutional investors. TCGF targeted investments in companies that derived a substantial portion of their revenues from operations in India. TCGF invested between US$10 million and US$35million across nine portfolio companies with significant minority stakes, and is substantially committed. TCGF successfully leverages the strengths of the wider Tata Group across all four facets of private equity, i.e. deal sourcing, deal evaluation, value add and exit.
TCGF invested in industry leading companies in the Financial services, IT & ITES, Healthcare services, Manufacturing and Pharmaceutical sector. As per Preqin, TCGF is ranked in the top quartile of PE funds focused on India with a 2011 vintage.
LoanXpress was born out of the idea to service the SME/MSME sector in the country. It is an Online Advisory and Funding Platform To Educate, Assist & Guide SME’s and MSMEs.
LoanXpress is an initiative by a likeminded group of individuals from diverse fields of banking and fiancé, who have seen the plight of budding entrepreneurs during their careers in Banks and Investment Banks.
LoanXpress aspires to be a one stop solution for the young and budding companies which need debt capital in the form of loans (secured and unsecured) and working capital finance. LoanXpress leverages technology integrates the process of availing and facilitating finance to corporates owing to its tie ups with various financial institutions. In addition to facilitating and executing the debt funding process, the online portal also ensures the businesses get the much needed advisory ahead of availing finance keeping in mind the long term objective of the business. This hel
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EMPEA is the global industry association for private capital in emerging markets. We are an independent non-profit organization with over 300 member firms, comprising institutional investors, fund managers and industry advisers, who together manage more than US$1 trillion of assets and have offices in over 100 countries across the globe. Our members share EMPEA’s belief that private capital is a highly suited investment strategy in emerging markets, delivering attractive long-term investment returns and promoting the sustainable growth of companies and economies. We support our members through global authoritative intelligence, conferences, networking, education and advocacy. To find out more, visit EMPEA.org.
Founded in 2002, the CAIA Association is the world leader and authority in alternative investment education. The CAIA Association is best known for the CAIA Charter®, an internationally-recognized credential granted upon successful completion of a rigorous two-level exam series, combined with relevant work experience. Earning the CAIA Charter is the gateway to becoming a member of the CAIA Association, a global network of more than 8,000 alternative investment leaders located in 80+ countries, who have demonstrated a deep and thorough understanding of alternative investing. Having grown rapidly, the CAIA Association now supports vibrant chapters located in financial centers around the world and sponsors more than 120 educational and networking events each year. The Fundamentals of Alternative Investments Certificate Program® is a natural extension of CAIA’s mission to provide solutions to specific market needs for alternative investment education. For more information