In drawing rooms lined with matte-black bookshelves, India’s ultra-wealthy are whispering. Not about art. Not about yachts. Not even about politics. They’re whispering about vintages, secondaries, DPIs, and that one fund that closed in 10 days flat.
Welcome to the private market state of mind.
According to the Kotak Top of the Pyramid 2024 report, 47% of India’s Ultra-HNIs now hold private equity, venture capital, or co-investments. Over half plan to increase their exposure to alternative assets. That’s not dabbling. That’s a shift.
But don’t mistake this for a risk-on rally. This isn’t just about chasing higher returns. This is also about disenchantment with the mainstream. Public markets are crowded. Mutual funds are commoditized. To be in private markets is to be involved with the story meaningfully, not just watching it from the outside.
And perhaps the biggest shift isn’t even financial. It’s emotional.
Impact investing, structured products, and co-investments have moved from the fringe to the core. These aren’t alpha plays. They’re alignment plays.
Because increasingly, India’s wealthiest aren’t trying to make money.
They’re trying to make a point.
Meanwhile, co-investing has emerged as the ultimate flex. Why buy into a fund when you can back the founder directly? In a world of decks and data rooms, co-investing gets you the front-row seat. And the rich don’t just chase wealth—they crave power.
And power is going global. Thanks to new RBI norms and platform innovation, even global PE is now accessible. A third of India’s Ultra-HNIs already invest internationally. This isn’t diversification—it’s domination.
They want in on the innovation economy, on their terms.
Behind it all? The rise of the modern family office. Not the old-school estate manager. The deal-maker. The cross-border capital shifter. From GIFT City to Singapore to Dubai, family offices are no longer just protecting wealth.
They’re directing it.
And as wealth digitizes, the game is shifting again. One in five Ultra-HNIs now selects wealth partners based on tech, not tradition. They want live dashboards, AI-led insights, and tokenized access. Forget mahogany desks. The next wealth manager looks more like Bloomberg meets Spotify.
Succession, too, is being redefined. 24% of the wealthy say exposure beats education when it comes to preparing the next gen. The heirs don’t want trust funds.
They want term sheets.
Even the investment memo is evolving. Eight in ten private bankers believe Gen AI will have the biggest impact on wealth management. Faster DDs. Predictive exits. Algorithmic alpha.
The quiet revolution is already here.
India’s alternative era has high hopes, Atmanirbhar capital for Atmanirbhar Bharat.
Source: Kotak Top of the Pyramid 2024 report
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