In private markets, the story of returns is, more often than not, the story of the fund manager. It’s not a new revelation, but as India’s private market ecosystem matures, it’s one that demands renewed attention. With over 44 fund managers having launched more than two funds, the conversation has shifted from “why private markets” to “which manager.”
Fund managers are not created equal. Their strength lies in the resilience of their franchise—a term that encompasses their access to quality deal flow, ability to support scaling companies, and proficiency in securing profitable exits.
Deal flow isn’t just about volume; it’s about access to the right opportunities. The best managers are plugged into networks that generate proprietary deals, avoiding the competitive fray. Once invested, these managers offer more than capital. Their operational expertise and strategic guidance help companies scale in ways that align with long-term value creation.
Exits complete the cycle. Here, a manager’s skill in timing and navigating the complexities of selling stakes—whether through strategic acquisitions, IPOs, or secondary sales—determines the ultimate success of an investment.
Performance metrics, while useful, rarely tell the whole story. A strong track record in private markets is not just about achieving high returns but about consistency across investment cycles. Managers at their third fund or beyond often show this depth, having built a refined playbook over time.
Spinout teams, formed by professionals branching out from established firms, bring another layer of expertise. They often combine institutional knowledge with entrepreneurial agility, making them particularly effective in navigating complex markets.
India’s private market ecosystem has changed significantly over the past decade. As the market has grown, so too have expectations for fund managers. Today, it’s not enough to claim strong returns; managers must demonstrate value creation at every stage of the investment process.
This evolution places a premium on diligence. Investors need to understand not just how a manager performs in bull markets but how they preserve value during downturns. Resilience, more than exuberance, has become the marker of excellence.
The maturing landscape of private markets makes one thing clear: the true driver of alpha is the fund manager. Their decisions—on sourcing, scaling, and exiting—ultimately define the outcome of every investment.
In a market brimming with opportunity, the right fund manager isn’t just a partner; they’re the differentiator.
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