Introduction

Alternative investors, who poured in record sums in India last year despite macroeconomic headwinds, have shown signs of resilience in 2020 even as the coronavirus pandemic and the lockdown shook the economy to its roots and devastated vast chunks of local businesses.

Overall private equity and venture capital deal-making did slide early on during the lockdown but quickly stabilized thanks to a pick-up in seed-stage funding of startups and big-ticket PE transactions. The total deal value is pegged at $35 billion in the first 10 months of the year and the overall tally may well match, if not top, last year’s record.

To be sure, this was skewed by a string of large deals involving Reliance Industries Ltd. Private equity investment outside of Reliance Jio and Reliance Retail has slid, but stats collated by VCCEdge suggest that the long-term slide in PE deal volumes may have bottomed out. On the other side, while VCs are yet to loosen the purse strings, seed-stage investors are opening up after the blip. Private investors including angels, VCs and PE firms are back to sewing a new deal every eight hours, just a tad slower than the peak when a deal was struck every six hours!

This augurs well for private investments as investors set course for the next wave of growth capital funding and buyout firms find a bigger window of opportunity, especially for distressed and special situations deals. And then there is a bevy of VCs who don’t want to miss out on the next big startup idea as the count of unicorns keeps rising.

For Limited Partners (LPs), who have been historically grappling with returns and exits, the focus shifted to seeing how their general partners (GPs) respond to the shock, manage their portfolio and add value to their existing investees to help them ride out the storm. While several LPs participated in direct big-ticket deals, they also backed a few local GPs. As many as six VC funds hit first close and a similar number hit final close, including some marquee names. However, the fundraising picture for GPs of PE firms has been less rosy at a time when dozens of them are on the road.

Meanwhile, LPs are having to deal with new-age due diligence models and regulatory norms. They are also trying to align better their interests with GPs over aspects like treatment of expenses, waterfall structures, key-person clauses, quantifying and measuring responsible investment practices, and more frequent and detailed disclosures. On the flip side, GPs are trying to rebalance their LP base and targeting more local investors while creating unified structures to manage offshore and domestic investors. They also have to deal with liquidity in the system that has not allowed an appropriate correction in valuations despite the shock to the business environment.

To discuss the evolving nature of the LP-GP relationship and how the overall alternative investor class is tackling the challenges, VCCircle is delighted to announce the 12th edition of its flagship thought conclave—the Limited Partners Summit 2021. It would bring together leading global and domestic LPs, GPs, entrepreneurs, investment bankers, lawyers and other leaders from the deals ecosystem to look at the alternative investment opportunity in India. The summit will be spread across two days- February 18-19, 2021 on a virtual platform with live streaming for attendees.

VCCircle Limited Partners Summit - A Glimpse


Agenda

Theme- Offshore LPs; Besides PE Investment Practices

9:00 AM onwards
  • 9:00 AM – 9:30 AM

    Registration

  • 9:30 AM – 9:40 AM

    Opening Address

  • 9:40 AM – 10:00 AM

    Keynote Address: India view with an offshore lens

  • 10:00 AM – 10:30 AM

    Panel Discussion 1: New normal for alternative investments

    The pandemic has changed the way LPs and GPs interact and go about investing money. Has the pandemic made LPs reset asset allocation for alternatives? How are they rebalancing their India investment strategy between direct, co-investments and platform pieces? Are there steps to have more frequent and detailed disclosures as well as approval mechanisms on investments with LPs? What is the industry view on additional responsibility on investment committees by SEBI?

  • 10:30 AM – 10:40 AM

    QnA Session

  • 10:40 AM – 11:00 AM

    Special address: How to imbibe quantifiable responsible investment practice

  • 11:00 AM – 11:30 AM

    Panel Discussion 2: Reimagining due diligence: LP>GP>Portfolio

    Travel and communication—seen as critical to assess a potential investment—was the first casualty of the lockdown and social distancing. But new models and tools of due diligence have come to the fore. How are LPs relooking at due diligence on GPs and past portfolios? How are GPs conducting more stringent diligence on potential investees? With portable cameras for on-site visits, cloud-based data rooms and digitised documents, are the systems robust to allay data security and cybercrime concerns? What are the emerging best practices?

  • 11:30 AM – 11:40 AM

    QnA Session

  • 11:40 AM – 12:00 PM

    Entrepreneurs chat

  • 12:00 PM – 12:30 PM

    Panel Discussion 3: Under spotlight: Portfolio management; value addition

    Most GPs profess their capabilities of being more than someone with the moneybags. The pandemic and its shock to businesses, both at the front end with demand and at the backend in terms of operations, have tested management skill sets of portfolio companies. How do GPs and LPs in the direct investments helping portfolio firms navigate the pandemic? Will operational partners and advisors become a more critical part of the alternative investment ecosystem?

  • 12:30 PM – 12:40 PM

    QnA Session

  • 12:40 PM – 1:00 PM

    Special Address: Targeting new pools of offshore LP money in Asia

  • 1:00 PM – 1:30 PM

    Panel Discussion 4: LP directs- The sweet spots

    Over time LPs have become more comfortable investing in the country directly. They have come as direct investors, bought out firms and created platforms for deeper engagement in specific sectors. What are the sectoral sweet spots for LPs? Which areas look more promising in a post-pandemic world?

  • 1:30 PM – 1:40 PM

    QnA Session

  • 1:40 PM – Onwards

    End of Conference

DAY 2

Theme- Domestic LPs and VC Investment Practice

9:00 AM onwards
  • 9:00 AM – 9:35 AM

    Registration

  • 9:35 AM – 9:40 AM

    Welcome Address

  • 9:40 AM – 10:00 AM

    Keynote Address: India view with onshore lens

  • 10:00 AM – 10:30 AM

    Panel Discussion 1: How to attract more domestic institutional investors to alternatives?

    Domestic institutional investors are juggling various asset classes. The historical evidence doesn't make for a good reading of returns for domestic LPs. How can GPs unlock a wider pool of domestic institutional investors? How can alternatives be sold as a product to different sets- insurers, banks, corporates, pension funds and others - as a risk diversification asset class?

  • 10:30 AM – 10:40 AM

    QnA Session

  • 10:40 AM – 11:00 AM

    Special Address: Lessons from being a GP and an LP

  • 11:00 AM – 11:30 AM

    Panel Discussion 2: How to attract more domestic family offices to alternatives?

    Domestic family offices have got their early taste for alternatives. While private equity and venture capital came as a strong competitor to the traditional preference for real estate, the ease of investment process and liquidity have made capital markets a clear favourite. Is the risk-reward ratio of alternatives correctly aligned to attract family offices?

  • 11:30 AM – 11:40 AM

    QnA Session

  • 11:40 AM – 12:00 PM

    Special Address: How can private credit become a more robust capital pool?

  • 12:00 PM – 12:30 PM

    Panel Discussion 3: VC track & field

    VCs, both first-time fund managers as also legacy fund houses, have been more successful in attracting LP money than their PE brethren. What’s working for VCs? Does the small ticket size filters LPs’ direct investment appetite in favour of the blind pool and co-investment strategy for startups? Is the adverse impact of the recent clampdown on money flow from China more rhetorical than real? How are VCs building the exit pipeline with an eye on public markets and are special purpose acquisition vehicles (SPACs) the way forward?

  • 12:30 PM – 12:40 PM

    QnA Session

  • 12:40 PM – Onwards

    End of Conference

DAY 1

LPs Attending This Year


OBVIAM

Verlinvest

Axiom Asia Private Capital

CDPQ

 


HarbourVest Partners (Asia) Limited

HQ Capital Asia Limited

Kolte-Patil Family Office

Dinesh Hinduja Family Office

 


Adams Street Partners

Swedfund

International Finance Corporation

Evolvence India Fund

 


Portfolio Advisors

National Investment & Infrastructure Fund (NIIF)

HDFC

Speakers 2021

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Jacob Chiu

Managing Director, HQ Capital Asia Limited
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Chris Loh

Managing Partner, Axiom Asia Private Capital
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Jai Rupani

Chief Investment Officer, Dinesh Hinduja Family Office
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Murali Krishna V

Head-Investments & Strategy, Kolte-Patil Family Office
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Vishesh Narang

Head Of Family Office, UKPI (Promoter of Berger Paints India Group)
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Sunil Mishra

Partner-Primary Investments, Adams Street Partners
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Arjun Anand

Executive Director, Verlinvest
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Ajit Kumar

Managing Director, Evolvence India Fund
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Dominic Goh

Principal, HarbourVest Partners (Asia) Limited
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Harsh Singhal

Managing Director, CDPQ
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Florian Kohler

Managing Director-Private Equity, OBVIAM
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Neha Grover

South Asia Regional Lead - Private Equity, IFC
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Sateesh Andra

MD, Endiya Partners
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Puneet Nanda

Managing Director and CEO, ICICI Venture
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Mohit Batra

Executive Director, ICICI Venture
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Kanchan Jain

MD & Head of India Credit, Baring Private Equity Asia
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Michael Liu

Managing Director, Portfolio Advisors (Hong Kong) Limited
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Sujoy Bose

MD & CEO, National Investment and Infrastructure Fund (NIIF)
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Satrajit Bhattacharya

Treasury, HDFC Ltd.
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Sachin Bid

Fund Manager- Venture Capital, Nippon India Alternative Investments

Past Speakers

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Ajit Kumar

Managing Director, Evolvence India Fund
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Sujeet Govindaraju

Director - Business Management, CPPIB
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Aditya Mohan

Senior Investment Officer for Asia, Triodos Investment Management
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Sainath Ramanathan

Director - Private Equity, ICICI Venture
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Sanjay Kaushik

Managing Director, Netrika
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Alok Saigal

Sr. Managing Partner (Wealth Management), Edelweiss Financial Services
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Puneet Bhatia

Senior Director-Real Estate, ICICI Venture
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Ishita Vora

Head of Listings and Primary Markets, NSE
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Sanganagouda Dhawalgi

Executive Director, Netrika
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Nitesh Ranjan

General Manager, Union Bank of India
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Neha Grover

Regional Lead, IFC
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Norbert Fernandes

VP, TR Capital
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Rishabh Mariwala

Founder, Sharrp Ventures
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Nitai Utkarsh

Lead - Investment Strategy & Chairman's Family Office, Hero MotoCorp Limited
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Abhishek Paronigar

Director, Moravia Capital Investments
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Dr. Bhaskar Dasgupta

Financial Centre Development Associate Director - Financial Services Regulatory Authority, Abu Dhabi Global Market
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Vineetha MG

Co-Founder, Samvad Partners
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Mohan Kumar

Founder & Managing Partner, Avataar Venture Partners
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Nikhil Vora

Founder & CEO, Sixth Sense Ventures
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Pankaj Makkar

Managing Director, Bertelsmann India Investments
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Satrajit Bhattacharya

Treasury, HDFC Ltd
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B Raghavendra Rao

Chief General Manager - Global Markets Dept, State Bank of India
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Jeremy Foo

Principal & Co-Founder, Foundation Private Equity


Past Sponsors and Partners


Rewind

Last year Summit picture.


Want to be part of it?

VCC Events opens up the avenues for participation. Join hands to be a part of India’s largest gathering of alternative investments leaders, industry stakeholders and Asia’s influential limited partners, general partners and marquee advisors. Your chance to actively participate and augment yourself as thought leaders.


Register

Individual Ticket (Day 1+Day 2)

For any query, please reach us at register@vccircle.com, +91-9560888566 / +91-120-4171111

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. Company reserves the right to amend content, expert, policy, venue & date(s) of the conference. Delegates will be refunded the registration fee in full in case the conference gets cancelled from our end.

Substitution Policy:

Substitutions within a company are permitted through the conference date. Shared registrations are not permitted under any circumstances.


Do you have any queries?

Drop us a line and we will call you.