The Outlook for India’s Private Markets in 2025: Insights from David Wilton

In a recent ION Influencers Fireside Chat, our very own David Wilton, Chief Investment Officer at Oister Global, sat down with Giovanni Amodeo to dissect the evolving landscape of India’s private markets. With three decades of experience in venture capital and private equity including steering the World Bank’s pension fund portfolio, David brought sharp insights into the forces shaping investments in India. Here’s a deep dive into the conversation and what it means for investors eyeing India in 2025.

Unlike the more established private market ecosystems of the U.S., where institutional capital has saturated opportunities, India is still in a high-growth phase. The past two decades have shifted from a largely institutional-driven market to one increasingly powered by high-net-worth individuals and family offices. Oister Global, founded by the visionaries behind Lumis Partners, is tapping into India’s alternative asset management ecosystem.

What makes India stand out? According to David, it’s the transparency and resilience of its growth. Unlike China, where government policies dictate the market’s trajectory behind closed doors, India’s development is more decentralized and visible. Even political shifts don’t derail progress—India’s economic infrastructure is built on a foundation that keeps expanding, regardless of who’s in power.

For investors looking to deploy capital in the range of hundreds of millions to billions, India’s private markets may still present some constraints. However, those looking at commitments between a few hundred thousand to tens of millions will find India to be a fertile ground for both private equity and venture capital.

David pointed out that while large General Partners (GPs) in the U.S. are now chasing retail investors due to institutional saturation, India’s market remains ripe for early-mover advantages. The key? Finding scalable, high-return investments that align with the country’s rapid economic expansion.

Despite its promise, navigating India’s private markets isn’t without challenges. One of the biggest hurdles remains the difficulty in accessing quality data on General Partners (GPs). This issue isn’t unique to India—David noted that even in more mature markets, identifying top-performing GPs can be an opaque process.

Moreover, there’s a noticeable generational gap when it comes to fiduciary responsibilities. Established GPs tend to have a stronger grasp of reporting and governance standards, whereas newer entrants sometimes fall short. That said, the industry is evolving, and improvements in transparency are being made, albeit gradually.

As India continues its ascent as a global investment hub, the private market space is poised for dynamic shifts. While blind spots in GP performance tracking remain, the growing influx of capital and the increasing sophistication of investors are pushing the ecosystem toward greater efficiency.

David’s message is clear: India represents a “sweet spot” for private equity and venture capital, particularly for those willing to navigate the complexities and capitalize on the country’s long-term growth trajectory.

At Oister Global, we’re at the forefront of this evolution, providing insights into the opportunities that define the future of private markets. Stay tuned for more expert analysis from our leadership team at The Unlisted Intel.

Sources: https://ionanalytics.com/insights/mergermarket/david-wilton-chief-investment-officer-at-oister-global-on-outlook-for-indias-private-markets-in-2025/

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