Recent fund closing by leading fund managers suggest that Latin America and Asia are two centers of growth which will lead to global recovery. Does this mean that India will have to compete for fund allocations with more emerging markets outside Asia such as Brazil?
	US$1.9b PE & VC investments last Quarter, though 50% of last year’s total investment is still not commensurate with the size, economic fundamentals and capital appetite of Indian economy.
	Government’s policy of granting pass through tax status to seven sectors such as dairy, poultry or life science etc have not resulted in any significant capital flow to these sectors. Consumer, IT and financial services continues to be preferred sectors for doing deals.
	Is India ready for Hedge Funds? Hedge funds were less leveraged than many Wall Street banks that still operate in India and there were hardly any bankruptcies amongst hedge funds during or after GFC. Latest figures prove that hedge funds allocations are back to pre-crisis level. Is India loosing out on capital flow by not allowing hedge funds to operate directly in India?
	Would new fund allocations after GFC shift the investment focus of PE/VC funds?

SESSION OUTLINE / AGENDA

	Post GFC: has India really emerged stronger and should we expect more capital inflows in coming year(s)? Comparison of India vs. other emerging markets from Asia and Latin America
	Has sector-specific policy of Indian government proved to be effective in promoting flow of capital in priority sectors? Is there a case for a more rational tax framework for VC and PE funds?
	Is PE money still considered risky by Indian regulators since gaining approval for a new fund is still difficult especially if it’s an India registered fund?
	What reforms are needed to enhance the deal size and deal flow in India? Is our economy ready to absorb hedge fund investments?
	What would be emerging & hot sectors for PE/VC investment in coming year(s)?

	There is an emerging class of LPs from Asia, including India and they prefer to invest directly, somewhat like investors in Mid East. Does that mean that they are not finding enough capable fund managers to invest in new funds?
	Post GFC, what is the future of first time funds, sector focused funds and small sub $50m funds?
	Why Indian banks including public sector banks with sufficient liquidity refrain from investment in PE funds? Are regulations restricting flow of Indian money in PE funds or is it a matter of risk appetite?
	Post GFC, LPs have become more active in governance and management of funds. New ILPA guidelines favor greater accountability on fund management fee, un-invested funds and investment decisions.

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	Impact of LPs active involvement in fund management
	Would India benefit from domestic or local LPs who understand the market dynamics better and are insulated by global economic pressures?
	Future of first time funds vs. first time investors. Ideal size of funds and sector focused vs. sector agnostic funds; India focused vs. emerging markets focused funds.

	VC success stories in India have been elusive despite India’s strong entrepreneurial culture. Traditionally VC backed companies provide good source of deal flow for PE investors. If India continues to lag behind in reviving VC investments, we will continue to see a low deal flow in PE segment.
	Developed capital markets and a parallel source of capital in the form of corporate venture groups and HNIs provide a credible alternative to PE/VC capital.
	Deals of over $500m are just handful and after reduced liquidity due to GFC, it seems highly unlikely that average deal size and number of deals will increase in near future?
	Most fund managers chase too few deals (though the competition for deal is moderated post GFC). Does India have a robust eco-system comprising sufficient intermediaries to bring deals from diverse sectors?
	Smaller funds with low fund management team tend to compromise on the due diligence and third party valuation while evaluating deals. Lack of proper due diligence or fair valuations results in poor investment decisions thereby restricting the scope of further fund raising by fund managers.
	It is still difficult to do a buy-out or special situation/distress deal in India. Complex regulations and socio-political pressures act as deal breaker.
	M&A activity amongst PE/VC portfolio companies or secondary transactions is still at nascent stage, which makes exit difficult if the portfolio company is not able to come out with IPO.

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	What is required to re-charge VC investments? Have we seen through sector focused small funds with AUM between $25-50m? Is stage set for broad based, multi-stage VCs to play a pivotal role in providing start-up or growth capital to SMEs?
	Increasing role of small financial advisors/accounting firms/law firms and other financial intermediaries in creating quality deal flow for PE/VC funds and facilitating secondary transactions.
	Due Diligence and Valuations – In-sourced vs. outsourced model. Value addition of accountants and advisors in objectively evaluating deals.

	With consistent PE/VC investments during the past 5-7 years, India offers a decent opportunity for secondary market transactions.
	Despite attractive valuations of many VC/PE investment companies, secondary market deal flow is yet to pick up. The past year has seen many deals being offered to LPs or FoFs at 30- 40% discount which has generated lot of interest among global fund managers in Indian secondary market.
	Most of the secondary market transactions are offered and negotiated directly. For development of secondary market, intermediaries need to play a more prominent role.
	Secondary market transactions offer an excellent opportunity to GPs for restructuring their portfolio and managing their portfolio risk.

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	Sector Analysis – which sectors offer the most attractive opportunity for secondary market transactions
	Leveraging secondary market transactions in managing portfolio
	Opportunities for LPs in leveraging steep discounts presented by secondaries

	Smaller funds or funds with pressure on their fund management fee are seldom staffed adequately to source and evaluate deals? Most funds work on 1-1.5% fee with average AUM of $50m and a staff
	How many India focused funds have been able to invest their entire allocated capital? Is it lack of deal flow or lack of adequate size/staff to source deals from a big economy like India?
	India lacks adequate number of home grown fund managers who understand the deal dynamics better than fund managers of Indian origin who are hired from overseas markets.
	PE/VC Funds are not effectively using their board representation rights to infuse better corporate governance standards in portfolio companies. Most board nominations are of internal employees sometimes even associate/senior associate level employees
	Lack of sufficient depth in management experience of fund managers discourages Indian entrepreneurs and family owned companies to see any benefits of working with PE fund managers. Instead they prefer to go public or raise money thru Indian HNIs.
	Are regulators gearing up their talent pool to regulate growing complexity in markets? SEC is heavily recruiting hedge fund managers to create sufficient internal expertise for regulating hedge fund industry, post GFC. Is SEBI or RBI following such practice?

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	Fund management talent is globally mobile and for top class talent India funds compete directly with funds in Asia and Europe. Are Indian funds geared up to compete with global funds for talent? Do fund managers have a capable eco-system to source expertise and management experience required to grow their portfolio companies. Does India have sufficient talent pool of experienced fund managers?
	Do PE fund managers play the role of active shareholders in bringing good governance practices in invested companies? What are some of the best practices of governance in PE managed companies?
	Are board representation rights being used effectively by PE fund managers to provide guidance to portfolio companies?
	Are Indian regulators sufficiently skilled and staffed to govern the flow of private capital and management of alternative investments? What can Indian regulators learn from their global counterparts in building adequate skills and capabilities

	Education, cleantech, agri-business, healthcare, energy and core infrastructure offer attractive opportunities for investments. India needs to attract US$1 trillion in next 5-7 years to clock 7-9% GDP growth. Can India attract enough private capital to meet huge capital demand of these emerging sectors?
	What does future holds for traditionally favourite sectors such as technology, consumer, telecom, financial services and retail?
	Are valuations in emerging sectors at par or attractive than similar opportunities in other emerging markets
	Is India’s tax and regulatory regime for investment in core infrastructure sector investment friendly? India needs significant reforms in FDI, Tax and SEBI regulations to facilitate higher investment flow in coming years.

	New Education Policy and its impact
	Investment potential
	Structuring issues due to legislative policies
	Foreign Universities in India – possible models for their entry
	Policy measures to accelerate investment

	Financial viability of cleantech projects in India
	Issues relating to permissions and clearances
	Subsidy and related issues
	Issues in PPAs and financial closures

	US$ 1tl opportunity
	Targets v/s achievements
	Exits
	Income yielding infra assets portfolio to enable exits
	Policy and related issues
	Effectiveness of BOT model

	Latent potential in healthcare
	Opportunity in tertiary healthcare and diagnostics
	Medical tourism and related areas
	Critical factors to assess viability of healthcare projects

	What would be the impact of increased scrutiny of international tax havens such as Mauritius on PE funds flow to India?
	Are India registered funds and overseas funds treated at par?
	With IFRS coming in force, what would be the impact on valuations? Real Estate is already feeling the heat of new IFRS norms on revenue recognition and there could be more sectors which will face similar issues.
	Do we need changes in our tax and regulatory regime to allow hedge fund investments in India? How should an emerging market like India regulate hedge fund investments?
	Do Indian tax laws favour foreign LPs over Indian LPs?

SESSION OUTLINE / AGENDA

	Discussion on various models for fund set up and their impact on tax liability and regulatory compliance. Comparison of taxability and other compliance between India registered fund and overseas fund including tax incidence on LPs
	Discussion on impact of IFRS on key accounting and valuation issues and comparison with current Indian accounting standards
	Discussion on tax and regulatory best practices from developed economies with mature hedge fund industry.