Executive Committee is for a Two-Year Term
FinTech BizNews Service
Mumbai, April 15, 2024: India’s apex industry body for alternative assets, the Indian Venture and Alternate Capital Association (IVCA), has elected its new executive committee (EC) for the term spanning 2024 to 2026. Ashley Menezes of ChrysCapital has been appointed as the Chairperson of the EC, while Sriniwasan Subramanian (Srini) of Kotak Alternate Asset Managers Limited has been appointed as the Vice-Chairperson.
IVCA’s EC comprises 14 elected members and 7 co-opted members and special invitees, as determined by the Committee’s discretion. A record 59 nominations from member funds were received this year.
Commenting on the next phase of IVCA’s journey, Ashley Menezes, Partner and COO, ChrysCapital, and the new Chairperson of IVCA, said, “The new Executive Committee at IVCA remains steadfast on enhancing the ease of investing, capacity building by mobilizing domestic pools of capital, and maximizing efforts to attract capital to India. The mantra of ‘Amrit Kaal’ sets the stage for key reforms aimed at propelling India's economy forward, and the alternate capital ecosystem will be a crucial enabler of growth, driving investment inflows and overall development. With the support and collaboration of policymakers, this ‘techade’ will be imperative for the alternate capital industry to contribute to India’s journey towards its long-term goals.”
Members of the new EC at IVCA are – Amit Jain (Managing Director and Head, Carlyle India Advisors), Ashley Menezes (Partner and COO, ChrysCapital), Gopal Jain (Managing Partner and Co-Founder, Gaja Capital), Karan Bhagat (Founder, MD and CEO, 360 ONE), Narendra Ostawal (Managing Director and Head of India Private Equity, Warburg Pincus), Padmaja Ruparel (Co-Founder, Indian Angel Network), Prashanth Prakash (Founding Partner, Accel Partners India), Rajan Anandan (Managing Director, Peak XV Partners), Rochelle Dsouza (Managing Director, Lighthouse Funds), Sriniwasan Subramanian (Managing Director, Kotak Alternate Asset Managers Limited), Siddarth Pai (Founding Partner, CFO, and ESG Officer, 3one4 Capital), Vikram Gupta (Founder and Managing Partner, IvyCap Ventures), Vineet Rai (Founder and Chairman, Aavishkaar Group), Vipul Roongta (Managing Director and CEO, HDFC Capital Advisors), Ashish Kotecha (Partner, Bain Capital), Ashu Suyash (Founder and CEO, Colossa Ventures), Kanchan Jain (Head, BPEA Credit Group), Lavanya Ashok (Partner, Growth Equity, Trifecta Capital), Manish Kejriwal (Founder and Managing Partner, Kedaara Capital), Sandeep Naik (Managing Director and Head of India and Southeast Asia, General Atlantic), and Venkatchalam Ramaswamy (Vice-Chairman, Edelweiss Group).
To join the new IVCA Executive Committee, the Chair of SIDBI and the CEO of Invest India have been invited along with the business-functional head of NIIF, Saurabh Jain.
On being elected as the IVCA Vice-Chairperson, Sriniwasan Subramanian (Srini), Managing Director, Kotak Alternate Asset Managers Limited, said, "I am deeply honored to be elected as the Vice-Chairperson of IVCA's Executive Committee for the term 2024–26. I extend my heartfelt gratitude to the outgoing committee, led by Karthik Reddy, for their exemplary leadership and notable achievements, particularly the regulatory wins such as the formation of the Damodaran Committee. The industry has evolved into a multi-asset class alternative investment avenue beyond private equity into private credit, real estate, infrastructure, etc. I look forward to continuing this momentum for the industry with the regulators while driving further growth and innovation in the alternate capital industry."
Under the direction of the erstwhile Executive Committee, IVCA's membership witnessed a remarkable growth of more than 50%. This surge not only reflects the association's increasing influence but also its commitment to representing the diverse interests of India's alternate asset community. Moreover, in 2022–2024, IVCA’s EC and members led several initiatives through constant engagement with the Government of India and other industry stakeholders.
Outgoing IVCA Chairperson, Karthik Reddy, Co-Founder and Managing Partner at Blume Ventures, said, “The consistent engagement of the Executive Committee 2022–24 and IVCA members over the last two years have been recognized by the regulators and the government alike, resulting in several key notifications. As we enter an exciting phase of growth that is fuelling FDI as well as domestic risk capital, I congratulate the incoming new Executive Committee 2024–26. I'm confident that the powerhouse committee will continue to guide the industry's contribution to the Indian economy and its people, as a primary driver to its Viksit Bharat 2047 destiny.”
To illustrate, IVCA has been instrumental in shaping the regulatory environment for the alternate capital industry.
RBI Circular Dialogue: Secured balanced regulations for AIF growth through proactive engagement with government entities.
Self-Regulation and Code of Conduct: Championing responsible investment practices with proposed measures and a self-regulatory framework.
Quarterly Activity Reporting Format: Facilitated smooth industry adaptation to SEBI's revised reporting format.
Expert Committee Formation: Established the Damodaran-led committee to highlight PE/VC's economic impact and accelerate investments.
A comprehensive representation was prepared by IVCA for the industry, addressing the issue of GST applicability to AIFs and the challenges surrounding carried interest for AIF managers, sponsors, and employees.
IVCA’s governance initiatives have set new standards for the industry. From the intensive IVCA–ISB Course on Board Responsibilities to the launch of the Startup Governance Navigator report, IVCA has laid the groundwork for ethical leadership and robust governance practices. Collaborating with esteemed institutions, IVCA has facilitated the NISM-Series-XIX-C: Alternative Investment Fund Managers Certification and has been an active partner for the IICA Certification Programme for Startup Boards.
Recognizing the rise in the number of micro-VCs joining the VC fold in recent years, IVCA launched #VC101, an innovative industry-led peer-to-peer model of knowledge-sharing for first-time fund managers who may struggle with understanding the nuances of investing, tax and legal compliance, and overall fund management. Through the Amrit Kaal Dialogues, a series of webinars where the alternate capital industry can interact with policymakers, IVCA is promoting open conversations between the government and industry stakeholders. Meanwhile, the Startup Angel Programme, in partnership with Startup India, has broadened the horizons for over 110+ angel investors across major Indian cities.
IVCA’s Green Future Series and Global Investor Roundtable have served as platforms for critical dialogues on sustainability and global investment trends, enriching our community with forward-thinking perspectives. Noteworthy sessions such as the IVCA Private Credit Summit, IPO Conference, and Secondaries Conference have dissected complex investment landscapes, offered clarity, and fostered sectoral growth.
IVCA’s commitment to advancing gender diversity within the industry has translated into several diversity-focused initiatives in collaboration with Winpe, a not-for-profit platform aiming to bring about gender diversity in the investing world. Additionally, the significant increase in women’s participation at the IVCA Conclave 2023 and 2024, which was accomplished by extending complimentary attendance to female delegates, also reflects IVCA’s dedication to promoting inclusivity.
In this next phase, IVCA will continue to spearhead a plethora of initiatives, fostering knowledge, governance, and networking as part of its mission to empower the alternate capital ecosystem. Completing 30 years, IVCA today boasts a membership of 346 private equity (PE) funds, venture capital (VC) funds, family offices (FOs), corporate venture capital (CVC) funds, and knowledge partners. IVCA facilitates interactions among alternate capital stakeholders, policymakers, and regulators to enhance India's global investment appeal by onshoring offshore capital, improving ease of doing business, mobilizing domestic investment for innovation, and establishing India as a fund management hub.
