Indian Venture and Alternate Capital Association - IVCA

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Indian Venture and Alternate Capital Association - IVCA

IVCA’s mission is to promote the development of venture capital and private equity industry in India. Learn more at www.ivca.in and become a member.

Indian Venture and Alternate Capital Association (IVCA) is a member-based national organization that represents venture capital and private equity firms, promotes the industry within India and throughout the world and encourages investment in high growth companies. IVCA members comprise venture capital firms, institutional investors, banks, incubators, angel groups, corporate advisors, accountants

, lawyers, government bodies, academic institutions and other service providers to the venture capital and private equity industry. Members represent most of the active venture capital and private equity firms in India. These firms provide capital for seed ventures, early stage companies, later stage expansion, and growth finance for management buyouts/buy-ins of established companies.

13/03/2026

𝗖𝗮𝗽𝗶𝘁𝗮𝗹, 𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗮𝗻𝗱 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆: 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗡𝗲𝘅𝘁 𝗚𝗿𝗼𝘄𝘁𝗵 𝗣𝗵𝗮𝘀𝗲

At IVCA Conclave 2026, a fireside chat on “India’s Next Growth Engine: Capital, Climate and Technology” featured Shri Jayant Sinha, President, Eversource Capital, Senior Advisor, IVCA Climate and Sustainability Council and Former Union Minister, Government of India, in conversation with Anu Chaudhary, Partner and Global Head of Sustainability and Climate Consulting, Uniqus Consultech.

Key insights included:
• India’s economy is growing at 7%+ real GDP growth with ~10–12% nominal growth, and the country has now reached a ~$4 trillion economy.
• According to a NITI Aayog analysis, achieving a net-zero pathway will require an additional ~$8 trillion of investment over the next 45 years, implying ~$100–200 billion of additional annual investment.
• India currently has ~2.5 million diesel buses, and electrifying them could require around $400 billion of investment, according to World Bank estimates.
• Corporate capex in India is currently around $100 billion annually, indicating the scale of investment required to support the energy transition.
• Global investments in AI infrastructure are expanding rapidly, with ~$75 billion of AI investments announced at the AI Impact Summit, highlighting the growing linkage between compute infrastructure and energy systems.

13/03/2026

𝗔𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗙𝘂𝗻𝗱𝘀 (𝗔𝗜𝗙𝘀) 𝗮𝘁 𝗮𝗻 𝗜𝗻𝗳𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗣𝗼𝗶𝗻𝘁

At IVCA Conclave 2026, Shri Tuhin Kanta Pandey, Chairman, Securities and Exchange Board of India (SEBI), delivered a keynote address on “The Regulator’s View: Agenda for Alternative Investment Funds”, outlining the next phase of growth and responsibility for India’s AIF ecosystem.

Key insights:
• India’s AIF industry has scaled significantly, with 1,700+ funds, ₹15.7 trillion in commitments, and ₹6.45 trillion deployed, the latter growing at a compound annual growth rate (CAGR) of ~30% over five years.
• SEBI highlighted priorities for strengthening the ecosystem—sharper risk profiling and investor disclosures, greater capital flows to startups (₹205 billion so far), and more consistent valuation practices for illiquid assets.
• The regulatory approach aims to balance stronger governance with flexibility, including dematerialisation of AIF units, net asset value (NAV) reporting to depositories, and streamlined reporting requirements.
• The Accredited Investor (AI) framework is gaining traction, with the number of investors increasing from 649 in May 2025 to 2,181 in February 2026, and AI schemes now account for ~30% of AIF investments.
• SEBI also indicated efforts to accelerate capital mobilisation through measures such as a “lodge and launch” model for AIF schemes and further easing of the AI framework.

13/03/2026

𝗗𝗼𝗺𝗲𝘀𝘁𝗶𝗰 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗜𝘀 𝗕𝗲𝗰𝗼𝗺𝗶𝗻𝗴 𝗖𝗲𝗻𝘁𝗿𝗮𝗹 𝘁𝗼 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗠𝗮𝗿𝗸𝗲𝘁𝘀

At IVCA Conclave 2026, a fireside chat on “The Policy Roadmap for Investments in India” featured Gopal Jain, Managing Director and Chief Executive Officer, Gaja Capital, in conversation with Shri Ananth Narayan, Former Whole Time Member, Securities and Exchange Board of India (SEBI), examining the growing role of domestic capital and structural shifts shaping India’s investment ecosystem.

Key insights included:
• India’s AIF ecosystem has reached ₹16 lakh crore in commitments, with ₹6–6.5 lakh crore already deployed, and around 70% of commitments coming from domestic investors.
• In FY25, domestic investors generated ~$100 billion of demand for listed equities, while total new equity supply was around ~$50 billion, creating a ~$35 billion demand–supply gap even after FPI outflows.
• Retail participation in financial markets continues to expand, with 14 crore demat accounts and ₹250 lakh crore in bank deposits.
• India has ~₹115 trillion of long-term capital across pension funds, EPFO, and insurance companies, with only a small portion currently allocated to alternatives.
• Around 75,000 investors currently participate in AIFs, and expanding the accredited investor ecosystem could further develop private markets.

13/03/2026

𝗜𝗻𝗱𝗶𝗮’𝘀 𝗘𝘅𝗶𝘁 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 𝗜𝘀 𝗦𝗰𝗮𝗹𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗗𝗲𝗲𝗽𝗲𝗿 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 𝗟𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆

At IVCA Conclave 2026, the panel on “The Liquidity Imperative: Unlocking Value in a New Era of Exits” examined how exit pathways for private equity investors are expanding as India’s capital markets mature.

Key takeaways:
• Private equity and venture capital exits reached $32.9 billion in 2025, a 17% year-on-year increase, and ~23–24% growth in INR terms after adjusting for currency depreciation.
• Public markets have become a major exit channel, with one firm executing $3.5 billion of $4 billion exits through 20+ block trades across around 10 listed companies over the past three years.
• IPO exits are increasingly staged, with investors selling part of their stake at listing and continuing exits through secondary market block trades.
• Secondary sponsor transactions remain important, including examples such as a large healthcare platform exit valued at ~$250 million enterprise value to another private equity investor.

Panellists included:
📌 Manish Gaur, Managing Director, Multiples Alternate Asset Management
📌 Puncham Mukim, Head of Private Equity and Senior Managing Director, India, Everstone Capital
📌 Sameer Shroff, Co-Founder and Managing Director, Faering Capital
📌 Vishal Verma, Investment Director, Oman India Joint Investment Fund (OIJIF)
📌 Vikram Chogle, Managing Director and Partner, Warburg Pincus
📌 Vivek Soni, Partner and Private Equity Leader, EY India

13/03/2026

𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗮𝘁 𝗦𝗰𝗮𝗹𝗲: 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗘𝗻𝗲𝗿𝗴𝘆 𝗧𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻

At IVCA Conclave 2026, a panel discussion on "Sustainable Foundations: Financing India’s Climate and
Infrastructure Goals” explored how capital, policy, and new financing models are supporting India’s climate and infrastructure transition.

Key insights:
• Climate investment momentum is accelerating—$25 billion was raised for green energy in 2024, while $3.5 billion was deployed across 355 deals in Q2 2025, a 25% increase over Q1.
• Renewable capacity expansion has accelerated dramatically—from 1 GW installed annually in 2012 to 1 GW added every week in 2025.
• Domestic manufacturing capacity is scaling rapidly, with solar module capacity rising from ~15 GW to ~150 GW and solar cell capacity from ~3 GW to ~30 GW in five years.
• The climate transition is becoming a core global industry, with $1 trillion invested in renewable energy annually worldwide.

Panellists included:
📌 Akshay Panth, Chief Investment Officer, Neev Fund
📌 Amit Jain, CEO – Real Assets, Kotak Alternate Asset Managers
📌 Dr Arvind Ananthanarayanan, Fund Manager – Tristar Fund, ValueQuest
📌 Nakul Zaveri, Partner and Global Co-Leader for Climate Investments, LeapFrog Investments
📌 Saurabh Singhal, Managing Director and Partner, Infrastructure and Real Assets, Neo Asset Management
📌 Ruchira Shukla, Founder and CEO, Green Marble Ventures

13/03/2026

𝗙𝗿𝗼𝗺 𝗩𝗲𝗻𝘁𝘂𝗿𝗲 𝗕𝗼𝗼𝗺 𝘁𝗼 𝗩𝗲𝗻𝘁𝘂𝗿𝗲 𝗗𝗶𝘀𝗰𝗶𝗽𝗹𝗶𝗻𝗲

At IVCA Conclave 2026, a panel discussion on “Backing the Next Wave of Indian Innovation: The VC Perspective” examined how India’s venture capital (VC) ecosystem has reset after the 2021 funding surge and what the next phase of venture investing will demand.

Key insights:
• VC investment in India peaked at $36 billion in 2021, declined to $24 billion in 2022 and $8 billion in 2023, and stabilised at around $12 billion in 2025, reflecting a return to more sustainable pre-COVID investment levels.
• Investors are now prioritising unit economics, governance, and paths to profitability, with many Series A valuations increasingly tied to revenue multiples and profitability timelines of 18–24 months.
• The ecosystem is maturing, with 36% of Series A+ deals in 2025 raised by repeat founders, up from 18% in 2020, signalling the growing role of experienced entrepreneurs.
• Venture capital is increasingly backing deeptech and AI-driven innovation, with global venture funding for AI already accounting for around 51% of investment in 2024.

Panellists included:
📌 Ashok Ananthakrishnan, Partner, Iron Pillar
📌 Manish Kheterpal, Founder and Managing Partner, WaterBridge Ventures
📌 Padmaja Ruparel, Senior Managing Partner, IAN Alpha Fund
📌 Sharad Malpani, Director, Venture Capital, ICICI Venture
📌 Sathya Nellore Sampat, General Partner, BoldCap
📌 Sean Murphy, Partner, Cooley

13/03/2026

𝗠𝗮𝗰𝗿𝗼, 𝗠𝗮𝗿𝗸𝗲𝘁𝘀, 𝗮𝗻𝗱 𝗠𝘂𝗹𝘁𝗶𝗽𝗹𝗲𝘀: 𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗡𝗲𝘅𝘁 𝗣𝗘 𝗖𝘆𝗰𝗹𝗲

At IVCA Conclave 2026, the “Macro, Markets, and Multiples” panel examined how global volatility, valuation resets, and evolving exit markets are shaping private equity (PE) investing.

Key takeaways:
• Global risks are unusually concentrated—from geopolitical conflicts to AI-driven sector corrections—but India remains relatively insulated given its domestic demand-driven portfolios.
• Public market valuations have moderated, with the Nifty price-to-earnings ratio correcting from ~25x to ~20x, signalling that private markets may soon follow with more realistic pricing.
• Indian buyouts typically operate at 4–5x leverage, far below developed markets, thereby structurally insulating portfolios from financing shocks.
• The global general partner (GP)-led secondaries market has grown from ~$30 billion in 2020 to ~$110 billion in 2025, with about 12% of sponsor-backed exits now occurring through this route.

Panellists included:
📌 Kunal Sood, Partner, Pantheon
📌 Manish Kejriwal, Managing Partner and Founder, Kedaara Capital
📌 Mukesh Mehta, Senior Managing Director, Blackstone
📌 Simrun Mehta, Managing Director, KKR
📌 Ashley Menezes, Partner and COO, ChrysCapital; Chairperson, IVCA

13/03/2026

𝗜𝗻𝗱𝗶𝗮 𝗣𝗘/𝗩𝗖: 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 𝗔𝗺𝗶𝗱 𝗨𝗻𝗰𝗲𝗿𝘁𝗮𝗶𝗻𝘁𝘆

At IVCA Conclave 2026, the IVCA–EY Annual Trendbook 2027 was launched by Vivek Soni, Partner and Private Equity Leader, EY India, and Rajat Tandon, President, IVCA, highlighting the performance and outlook of India’s private equity (PE) and venture capital (VC) ecosystem.

Key takeaways:
• Despite geopolitical uncertainty and currency headwinds, India’s PE/VC ecosystem remained resilient in 2025, with investments rising ~8% and pure-play PE up ~12%.
• Growth, credit, startup, and private investment in PE (PIPE) strategies expanded, while buyouts slowed as strong public markets drew companies towards minority deals and IPO routes.
• Exits reached about $33 billion, supported largely by IPOs and open-market sales, reflecting the depth of India’s capital markets.
• India-focused funds raised a record ~$23 billion, creating significant dry powder which is expected to drive deployment over the next 18–24 months.

13/03/2026

𝗙𝗿𝗼𝗺 𝗔𝗹𝗹𝗼𝗰𝗮𝘁𝗶𝗼𝗻 𝘁𝗼 𝗖𝗼𝗻𝘃𝗶𝗰𝘁𝗶𝗼𝗻: 𝗛𝗼𝘄 𝗚𝗹𝗼𝗯𝗮𝗹 𝗟𝗣𝘀 𝗔𝗿𝗲 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝗶𝗻𝗴 𝗳𝗼𝗿 𝗜𝗻𝗱𝗶𝗮

At IVCA Conclave 2026, a panel of global allocators examined how India is increasingly shifting from tactical emerging-market exposure to structural allocation in long-term portfolios.

Key takeaways:
• India’s scale, growth consistency, and expanding manager base are positioning it as a core market for global limited partner allocations.
• Exit markets have strengthened through IPOs, strategic sales, and secondaries, improving liquidity across fund cycles.
• ESG and governance are now fundamental expectations, increasingly linked to stronger operational outcomes and exit valuations.
• With more capital chasing deals, manager selection and genuine value creation are becoming the key differentiators.

Panellists included:
📌Amit Chandra, Managing Director, 57 Stars
📌Neha Grover, Regional Lead for South Asia Funds Group, IFC
📌 Rohit Agarwal, Vice President and Head of Asian Private Equity, Aksia
📌 Ralph Keitel, Head of Fund Investments, responsAbility
📌 Shilpa Kumar, Managing Director and Head of India, British International Investment
📌 Siddharth Shah, Senior Partner, Khaitan & Co.

09/03/2026

𝗧𝗵𝗲 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿’𝘀 𝗩𝗶𝗲𝘄 𝗼𝗻 𝗔𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲𝘀

Regulation plays a defining role in shaping the growth and integrity of the alternatives ecosystem.

At the Indian Venture and Alternate Capital Association (IVCA) Conclave 2026, Shri Tuhin Kanta Pandey, Chairman, Securities and Exchange Board of India, will deliver a keynote address on “The Regulator’s View: Agenda for Alternative Investment Funds”, outlining the regulatory outlook for India’s expanding investment landscape.

📍 The St. Regis, Mumbai

🗓 10–11 March 2026

Grateful to our IVCA Conclave 2026 partners for their support: https://ivcaconclave.com/partners/

🔗 Register here: https://registration.ivcaconclave.com/reg-events/gjdht7-ivca-conclave-2026

🔗 Explore IVCA Conclave 2026: https://ivcaconclave.com/

For more information and partnership queries: [email protected] | [email protected]

09/03/2026

𝗣𝗼𝗹𝗶𝗰𝘆 𝗗𝗶𝗿𝗲𝗰𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗚𝗿𝗼𝘄𝘁h

A stable and forward-looking policy environment plays a critical role in shaping investor confidence and long-term capital deployment.

At the Indian Venture and Alternate Capital Association (IVCA) Conclave 2026, a fireside chat on “The Policy Roadmap for Investments in India” will feature Shri Ananth Narayan, former Whole-Time Member, Securities and Exchange Board of India, and Gopal Srinivasan, Chairman and Managing Director, TVS Capital, discussing the evolving regulatory and policy landscape influencing investment activity.

📍 The St. Regis, Mumbai

🗓 10–11 March 2026

Grateful to our IVCA Conclave 2026 partners for their support: https://ivcaconclave.com/partners/

🔗 Register here: https://registration.ivcaconclave.com/reg-events/gjdht7-ivca-conclave-2026

🔗 Explore IVCA Conclave 2026: https://ivcaconclave.com/

For more information and partnership queries: [email protected] | [email protected]

09/03/2026

𝗙𝗶𝘀𝗰𝗮𝗹 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸𝘀 𝗮𝗻𝗱 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗖𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝗰𝗲

Fiscal policy and regulatory clarity play a critical role in shaping long-term investment environments and strengthening market confidence.

At the Indian Venture and Alternate Capital Association (IVCA) Conclave 2026, a keynote address on “Fiscal Frameworks: Governments Vision for a Robust Investment Climate” will feature Shri Jayant Sinha, President, Eversource Capital; Senior Advisor, IVCA Climate and Sustainability Council; and Former Union Minister, Government of India, in conversation with Raghuram K, Partner - ARC, Uniqus Consultech, as they explore the policy direction and economic priorities shaping the investment landscape.

📍 The St. Regis, Mumbai

🗓 10–11 March 2026

Grateful to our IVCA Conclave 2026 partners for their support: https://ivcaconclave.com/partners/

🔗 Register here: https://registration.ivcaconclave.com/reg-events/gjdht7-ivca-conclave-2026

🔗 Explore IVCA Conclave 2026: https://ivcaconclave.com/

For more information and partnership queries: [email protected] | [email protected]

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Office No. 7&13, 1st Floor, Innov8 Coworking Space, Old Fort Saket, District Centre, South Delhi
New Delhi
110057

Telephone

+911149098463

Website

http://www.ivca.in/

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