About the Event

The global economy remains a state of flux with tariff wars continuing to play havoc for policy mandarins in both the developed and developing regions. The global economy is expected to decelerate from 3.3% in 2024 to 3.2% and slow down further to 3.1% in 2026, according to the IMF. The silver lining is that India retains its tag as the fastest growing major economy and is expected to continue to grow twice the global rate in the near term, making it a must have in global investment portfolio allocation.

The robust domestic economy is proving its resilience to new tariff walls erected by the US though other risks remain such as impact of new sanctions on Russia and what it would mean for oil supply. The public market that had seen a correction early this year is nearly back to its all-time peak. The spectre of adverse impact on export oriented industries is partly neutralised by the buoyant consumption story powered by the recent GST cut.

While a whole host of companies are going public to capitalise on the buoyant sentiments, private capital via venture capital, private equity and private credit continues to unlock value in the startup ecosystem and growth stage ventures while also chasing mature companies that are already local and international champions enjoying tags worth billions of dollars.

Limited Partners (LPs) have been bullish about alternatives as an asset class with their total fresh commitment for India focused private equity, venture capital, private credit and public markets focused funds in the first six months of 2025 topping Rs 1.12 trillion or nearly $13 billion. This has taken the total dry powder waiting to be deployed to nearly $100 billion, as per data compiled by VCCircle based on official statistics. And this does not capture global PE giants who invest big sums out of their regional and global investment vehicles.

This has been a result of hundreds of success stories in the country with PE-VC investors generating high returns, even beating the meteoric rise of the public markets, while also adding a touch of risk diversification that is not shaken by day to day sentiments, but anchored on visibility about disruption and long term growth prospects.

To deliberate on how the Indian alternative investment ecosystem is evolving and how can LPs collaborate with GPs and other stakeholders to generate super-sized returns from companies in the country, VCCircle presents the 17th edition of its flagship annual thought leadership and networking event for LPs, GPs and rainmakers in the deals ecosystem on February 24, 2026 in Mumbai.

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Agenda

9:20 AM onwards
  • 9:20 AM – 9:30 AM

    Opening Address

    Anitesh Dharam, Business Head, VCCircle & VCCEdge 

  • 9:30 AM – 10:00 AM

    Buyout vs. Growth Equity in India: Shaping the Next Frontier of Alternative Investments

    India’s maturing private equity landscape is witnessing a marked surge in both control-oriented buyouts and ambitious growth equity investments. With buyouts now accounting for over half of deal value and growth capital rounds dominating in number, Limited Partners must reassess risk, return, and market timing strategies. How can LPs navigate between the scale and control of buyouts and the acceleration opportunities of growth equity in this uniquely Indian market cycle? What structural and market factors are driving the recent rise in buyout transactions in India, and how do these deals differ from global comparables? How do exit environments, valuation cycles, and regulatory conditions shape LP appetite for buyout versus growth equity strategies? Are local or global GPs better positioned to capture returns in buyout and growth equity segments?

    Speakers:
    Gopikrishna Shenoy
    , CIO, SBI Life Insurance Company Ltd.
    Imran Jafar, Managing Partner, Gaja Capital
    Dushyant Singh, Managing Director, Playbook Partners

    Moderator:
    Aman Malik
    , Senior Editor, VCCircle 

  • 10:00 AM – 10:30 AM

    LPs and Private Credit: Unlocking Yield, Diversification & Specialty Opportunities

    Private credit is becoming a cornerstone in LP portfolios, offering floating-rate yield, tailored structuring, and access to both direct lending and specialty finance strategies. As the market matures and expands beyond traditional direct lending into areas like asset-based lending and opportunistic strategies, LPs are adapting their playbooks to navigate risks, manager selection, and alpha sourcing. What allocation models are LPs adopting to balance direct lending, specialty finance, and opportunistic credit? How do macroeconomic trends—rates, regulatory change, and bank retrenchment—shape LP appetite for private credit? How are LPs vetting the quality and health of private credit portfolios? Will LPs find true portfolio resilience and alpha in private credit, or is the market’s rapid growth masking new risks?

    Speakers:
    Jai Rupani
    , Head, Dinesh Hinduja Family Office
    Anoop Tulsyan, Group CFO, Ashok Goel Family Office
    Dr. Amit Goenka, Chairman & Managing Director, Nisus Finance Services Co. Ltd.
    Vikas Biyani, Associate Director & Portfolio Advisor, Multi-Act

    Moderator:
    Ajay Ramnathan
    , Spl Correspondent, VCCircle

  • 10:30 AM – 10:50 AM

    Fireside Chat - Building India's Next Public-Market Champions: A Venture Playbook

    Speaker:
    Joy Bhakat, Co-founder & Head of Investments, Steadview Capital Management

    Moderator:
    Anitesh Dharam, Business Head, VCCircle & VCCEdge

  • 10:50 AM – 11:10 AM

    Networking Break

  • 11:10 AM – 11:20 AM

    Special Address- "Empowering the Startup Ecosystem"

    Girish Malhotra, Head – New Economy Group, IDFC FIRST Bank 

  • 11:20 AM – 11:40 AM

    Fireside Chat- Big League: Challenges & Opportunities of Billion Dollar India Funds

    Large deals were a preserve of bulge bracket buyout firms till recently. But a few home-grown PE franchisees have started crossing the rubicon of billion-dollar corpus and have been participating in large buyouts as a coinvestor. What are the challenges in raising large sized India-anchored funds? What sort of apprehensions have LPs for backing such funds? More importantly, how is the deployment opportunity of large funds? Should it be seen as a new benchmark for larger mid-market deals as larger buyout majors step up to a billion dollar plus transactions?

    Speakers:
    Saurabh Chatterjee
    , Managing Director, ChrysCapital
    Paras Nayyar, MD & CFO, Kedaara Capital

    Moderator:
    Aman Malik
    , Senior Editor, VCCircle

  • 11:40 AM – 12:10 PM

    The LP Playbook for Venture Capital: Navigating Risk, Allocation & Value Creation

    Institutional LPs, family offices, and funds of funds must balance illiquidity, long horizons, and uncertain outcomes against the promise of transformative returns in VC space. What frameworks are LPs using to assess VC fund managers’ alignment, sourcing edge, and sector focus? How are LPs responding to current trends in fund size, continuation vehicles, and evolving exit environments? Is the rise of venture debt and non-dilutive financing changing portfolio construction for LPs? How are LPs adapting due diligence, risk management, and pacing of commitments in a globalized VC landscape? What lessons do recent cycles teach about timing, diversification, and technological disruption in LP VC allocation?

    Speakers:
    Mitra Sen
    , Senior Director, Sen Family Office
    Srikanth Tanikella, Founder & Managing Partner, Pavestone
    Eshan Kaul, Global Investments Head, Sinarmas Technology
    Ankur Shah, VP-Investments, Patni Financial Advisors (Patni Family Office)

    Moderator:
    Asha Shankar Menon
    , Senior Editor, VCCircle 

  • 12:10 PM – 12:35 PM

    Generalist vs Sector-Focused Funds: Where Should LPs Place Their Next Bet?

    Limited Partners face a strategic dilemma: should they back generalist funds with diversified exposure across industries, or allocate more capital to sector-focused managers who bring deep domain expertise? As global markets become more fragmented and technology permeates every sector, the traditional diversification argument is being tested. How do macroeconomic cycles and geopolitical factors affect the performance resilience of generalist vs. sector-focused funds? Do focused funds consistently outperform in specialist sectors such as tech, healthcare, or renewables, or do they expose LPs to concentration risk? How are LPs balancing both strategies within their allocation models? Has the rise of thematic investing blurred the lines between “generalist” and “sector-focused”?

    Speakers:
    Vinay Rangani
    , CIO, Graviss Group 
    Neil Cabral, CEO - Family Office, GFG Alliance
    Abhimanyu Sofat, Head – Family Office & Chief Investment Office, Dempo Group
    Aneesh Srivastava, Executive Director & Chief Investment Officer, Star Health and Allied Insurance Co. Ltd

    Moderator 
    Ajay Ramnathan
    , Spl Correspondent, VCCircle

  • 12:35 PM – 1:00 PM

    Institutional Capital and Fund of Funds: Powering the Next Cycle of Alternative Investments

    Fund of funds and institutional LPs remain vital anchors of the alternative investment ecosystem, balancing rigorous allocation frameworks with the agility needed to capture emerging opportunities. As capital cycles evolve, these institutional allocators are redefining how scale, selectivity, and sustainability shape their commitment strategies across private equity, venture, private credit, and infrastructure. How are fund of funds adapting their models to stay relevant amid growing direct and co-investment momentum? Where are institutional LPs leaning—toward consolidation with proven managers or exploring niche strategies for higher alpha?

    Speakers:
    Rohit Bhayana, Co-founder & Managing Partner, Oister Global
    Saravana Kumar, Director & Chief Executive Officer (Self Reliant India Fund), NSIC Venture Capital Fund
    Sandeep Pandey, CIO Fixed Income, SBI Pension Funds
    Dominic Goh, Managing Director, HarbourVest Partners

    Moderator:
    Aman Malik
    , Senior Editor, VCCircle

  • 1:00 PM – 2:00 PM

    Networking Lunch

  • 2:00 PM – 2:30 PM

    Catalytic Capital: How DFIs Balance LP Commitments and Direct Investments in India

    Development Finance Institutions (DFIs) play a dual role in emerging markets—acting as cornerstone LPs in alternative funds while also engaging directly in private investments. As these institutions seek to unlock sustainable growth and attract commercial capital, their approach to structuring investments, managing impact goals, and balancing risk-return objectives is evolving rapidly. How do DFIs decide between participating as LPs versus executing direct deals in key sectors like infrastructure, climate, and inclusive finance? What catalytic models have proven most effective in mobilizing private capital alongside DFI investments? How are DFIs using blended finance structures to derisk entry for institutional investors? Lessons from recent success stories: when has direct investment generated greater developmental impact than fund commitments? Can DFIs strike the right balance between being market enablers and active investors in the next phase of emerging market growth?

    Speakers:
    Michael Steidl
    , Head of Regional Representation to South Asia, European Investment Bank
    Neha Grover, South Asia Lead, Private Equity, IFC
    Ajit Nath Jha, Chief General Manager & Head of Treasury, SIDBI

    Moderator:
    Prithvi Durai
    , Sr. Correspondent, VCCircle

  • 2:30 PM – 2:50 PM

    Fireside Chat: The Science Of Consistent VC

    Speaker:
    Rehan Yar Khan, Managing Partner, Orios Venture Partners

    Moderator:
    Anitesh Dharam, Business Head, VCCircle & VCCEdge 

  • 2:50 PM – 3:20 PM

    Family Offices and Alternatives: Redefining the LP Playbook for Long-Term Wealth

    Family offices are emerging as sophisticated Limited Partners in the alternatives landscape, bringing flexibility, longer investment horizons, and a growing appetite for direct and thematic investments. As traditional institutional LPs face structural constraints, family offices are shaping a new model of capital deployment across private equity, venture, real estate, and private credit. How are family offices evolving from passive allocators to active partners in alternative investments? What strategies are driving family office participation in co-investments, club deals, and direct opportunities? How do family offices balance diversification and control in their alternatives portfolios? Is the generational shift in wealth ownership influencing risk tolerance and thematic focus within family offices?

    Speakers:
    Nirav Shah
    , CFO, Famycare Family Office
    Ketki Paranjpe Bapat, Partner - Private Investments, AYRA Ventures (Samina Hamied (Cipla) Family office)
    Harsh Kr. Dhanuka, CIO & Head, SAR Group Family office (Livpure)
    Manish Agarwal, Associate Principal - Investments & Strategy, HDFC Capital Advisors Ltd

    Moderator:
    Prithvi Durai
    , Sr. Correspondent, VCCircle 

  • 3:20 PM – 3:50 PM

    Backing Emerging Managers: The LP Case for First-Time Funds in Alternatives

    First-time fund managers often bring fresh thinking, sharper focus, and differentiated sourcing strategies, yet they require higher conviction from LPs. As the alternatives landscape diversifies across private equity, venture, credit, and real assets, Limited Partners are re-evaluating how to balance institutional risk management with the potential for outsized alpha from emerging managers. Many first time fund managers break off from established fund houses to go solo, how do LPs assess such GPs? What due diligence frameworks can be applied that go beyond track record to assess team chemistry, sourcing edge, and operational discipline? What governance structures and co-investment models can help derisk commitments to debut managers? Is the next wave of alpha in alternatives more likely to come from new faces rather than established franchises?

    Speakers:
    Anand Shankar
    , Head-Family Office, Sattva Group
    Craig Gifford, Investment Director, BII
    Abhay Garg, Investment Head, Brigade Family Office
    Norbert Fernandes, General Partner, Kenro Capital

    Moderator:
    Asha Shankar Menon
    , Senior Editor, VCCircle

  • 3:50 PM – 4:10 PM

    Networking Break

  • 4:10 PM – 4:30 PM

    Fireside Chat: Going Direct: The Evolving Role of LPs as Active Investors

    Speaker:
    Venkatram Natarajan
    , Country Head, CDPQ  India

    Moderator: 
    Aman Malik
    , Senior Editor, VCCircle 

  • 4:30 PM – 5:00 PM

    More than PIPE dreams: Private Investments in Public Enterprise

    Limited Partners are increasingly examining private investment strategies targeting listed companies—through PIPES, pre-IPO rounds, and crossover funds. This convergence of private and public investing is reshaping return expectations, governance frameworks, and exit timelines. What drives LP interest in crossover and PIPES strategies amid volatile public markets? How are private market managers adapting their skills to engage in listed company deals while maintaining alpha generation? Do PIPES offer asymmetric opportunities for LPs or blur the risk-return clarity normally found in private investments? What allocation frameworks are LPs using to integrate PIPES into broader private market portfolios? Are private-style investments in public markets the bridge LP portfolios need between liquidity and long-term value creation?

    Speakers:
    Nikhil Chandak
    , CIO, Shanghvi Family Office
    Rahul Bhuskute, CIO, Bharti Axa Life Insurance
    Dr. Devendra Singhvi, CIO, Aditya Birla Sun Life Insurance
    Raj Sekhar Ghosh, CVP Investments, Axis Max Life Insurance, Company Limited

    Moderator:
    Prithvi Durai
    , Sr. Correspondent, VCCircle 

  • 5:00 PM – 5:20 PM

    Fireside Chat: Can Asset Service Providers change how the GP & LP Ecosystem Works

    Speaker:
    Peter Hughes
    , Founder & CEO, Apex Group

    Moderator:
    Anitesh Dharam
    , Business Head, VCCircle & VCCEdge

  • 5:20 PM – 7:00 PM

    End of Conference

  • 7:00 PM – Onwards

    Awards Ceremony


Awards'26 Jury

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Neha Grover

South Asia Lead, Private Equity, IFC
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S. S. Acharya

CMD, NSIC (SRI Fund)
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Abishek Nair

Head - New Ventures, Sharjah Asset Management
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Venkatram Natarajan

Country Head, CDPQ India

Speakers '26

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Venkatram Natarajan

Country Head, CDPQ India
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Dominic Goh

Managing Director, HarbourVest Partners
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Craig Gifford

Investment Director, BII
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Neha Grover

South Asia Lead, Private Equity, IFC
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Michael Steidl

Head of Regional Representation to South Asia, European Investment Bank
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Saravana Kumar

Director & Chief Executive Officer (Self Reliant India Fund), NSIC Venture Capital Fund
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Ajit Nath Jha

Chief General Manager & Head of Treasury, SIDBI
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Dr. Devendra Singhvi

CIO, Aditya Birla Sun Life Insurance
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Gopikrishna Shenoy

CIO, SBI Life Insurance Company Ltd.
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Aneesh Srivastava

Executive Director & Chief Investment Officer, Star Health and Allied Insurance Co. Ltd
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Raj Sekhar Ghosh

CVP - Investments, Axis Max Life Insurance Ltd
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Sandeep Pandey

CIO Fixed Income, SBI Pension Funds
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Rahul Bhuskute

CIO, Bharti Axa Life Insurance
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Rehan Yar Khan

Managing Partner, Orios Venture Partners
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Girish Malhotra

Head - New Economy group, IDFC FIRST Bank
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Nikhil Chandak

Chief Investment Officer, Shanghvi Family Office
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Jai Rupani

Head, Dinesh Hinduja Family Office
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Ketki Paranjpe Bapat

Partner - Private Investments, AYRA Ventures (Samina Hamied (Cipla) Family office)
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Neil Cabral

CEO - Family Office, GFG Alliance
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Abhimanyu Sofat

Head - Family Office & Chief Investment Office, Dempo Group
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Abhay Garg

Investment Head, Brigade Family Office
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Mitra Sen

Senior Director, Sen Family Office
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Harsh Kr. Dhanuka

CIO & Head, SAR Group Family office (Livpure)
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Anand Shankar

Head Family Office, Sattva Group
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Ankur Shah

VP-Investments, Patni Financial Advisors (Patni Family Office)
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Nirav Shah

CFO, Famycare Family Office
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Vinay Rangani

CIO, Graviss Group
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Joy Bhakat

Co-founder & Head of Investments, Steadview Capital Management
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Saurabh Chatterjee

Managing Director, ChrysCapital
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Imran Jafar

Managing Partner, Gaja Capital
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Paras Nayyar

MD & CFO, Kedaara Capital
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Norbert Fernandes

General Partner, Kenro Capital
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Peter Hughes

Founder & CEO, Apex Group
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Dushyant Singh

Managing Director, Playbook Partners
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Rohit Bhayana

Co-founder & Managing Partner, Oister Global
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Srikanth Tanikella

Founder & Managing Partner, Pavestone
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Dr. Amit Goenka

Chairman & Managing Director, Nisus Finance Services Co. Ltd.
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Eshan Kaul

Global Investments Head, Sinarmas Technology
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Vikas Biyani

Associate Director & Portfolio Advisor, Multi-Act
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Manish Agarwal

Associate Principal - Investments & Strategy, HDFC Capital Advisors Ltd
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Anoop Tulsyan

Group CFO, Ashok Goel Family Office

LPs Attending This Year


CDPQ India

BII Group

International Finance Corporation (DFI)

Korea Investment Corporation

 


Self Reliant India - SRI Funds

Cipla Family Office - AYRA Ventures

Liberty Steel (Sanjeev Gupta Family Office) - GFG Alliance

Shanghvi Family Office (Sun Pharma Group)

 


European Investment Bank

SBI Pension Funds

Oister Global (Fund of Funds)

Dinesh Hinduja Family office

 


SAR group Family Office

Bharati Axa

Sinarmas Technology

Graviss Group

 


Sattva Group

Proparco (DFI)

Pantheon Ventures

SIDBI

 


Pidilite

Kemwell Biopharma

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