What If the Most Important Players in India’s Economy Aren’t on Your Radar?

Up until recent past, the dream was simple: build a company, change the world. Founders were the poster child of ambition.

But just as every protagonist needs a great supporting cast, every founder needs a visionary backer — someone shaping what gets built, who gets backed, and how industries evolve. And so, a new ambition has quietly crept into the spotlight, tapped the old dreams on the shoulder, and said, “It’s my turn now”.

Ladies and gentlemen, welcome to the golden age of the
✨ Indian Fund Manager ✨

The goal now isn’t to build a company; it’s to back many of them. And as India’s private investment space races ahead, a new class of fund managers is stepping onto the stage, armed with conviction, capital, and a hunger to shape tomorrow.

What’s driving this shift? For one, the rise of sunrise sectors — emerging industries that are transforming the landscape of Indian business. From climate tech to deep-tech, from agri-tech to AI, these sectors are not just attracting attention; they are pulling in serious capital. And as capital flows, so do the aspirations of a new generation of GPs, eager to carve their niche in this rapidly evolving ecosystem.

Then there’s the play on secondaries, a once-overlooked asset class that is now making waves. For investors who missed the early boat to great opportunities or are looking for more strategic entry points, the secondary market offers a compelling alternative. This shift is giving rise to specialized fund managers who can navigate these waters with expertise, providing liquidity solutions while capturing value in a way that was previously unimaginable. The playbook for success is being written in real-time, with every deal, every exit, and every LP meeting shaping the contours of the industry.

It should come as no surprise then that the sharpest minds in the country aren’t jostling for founder status anymore — they’re angling for a seat on the other side of the table, as fund managers, venture capitalists, allocators of ambition.

And you can see the frenzy unfold in real time. HR teams at VC firms are inundated with résumés, inboxes flooded with hopefuls who would rather manage a term sheet than a product roadmap. The gravitational pull of fund management has indeed never been stronger.

The numbers back it up. No Ifs About AIFs 2.0, Oister Global’s landmark Indian PE-VC benchmarking report in partnership with CRISIL, confirms that the tide is turning.

Of the 279 investment managers mapped in the report, a whopping 55.91% have launched just one fund, while 20.43% have dipped their toes into a second. Most revealing of all, 67% of those who successfully raised a second fund secured significantly higher capital commitments — proof that investors too are doubling down on trusted fund managers.

And the real disruptors? The fresh faces. Of the 164 investment managers who launched new schemes in the last three years (FY22, FY23, and FY24), 44% were first-time entrants. These are the ones rewriting the playbook, pushing boundaries, and redefining private markets with bold new investment theses.

Fund management is a nuanced art, and like any art, it’s built on the unseen — due diligence, patience, and the quiet recognition of the extraordinary. In the last few years, Oister has sifted through hundreds and hundreds of funds, and what we’ve learned is simple: recognition matters. In our fast-moving and competitive industry, the brightest minds are often the ones who go unnoticed until their work becomes undeniable.

That’s why, with The GP WatchList, we felt a deep responsibility to shine a light on those fund managers who are setting the pace for India’s private markets. The decision was not an easy one. The field is brimming with talent, and narrowing it down to a select few was as much a challenge as it was an opportunity.

But after careful deliberation, we are proud to announce the winners of our inaugural GP WatchList: Nitin Nayar, co-founder of Filter Capital, a leader in backing digital-first businesses, and Sheetal Bahl, partner at Merak Ventures, whose bold bets on deep-tech and impact startups have set a new standard in the space.

Their recognition isn’t merely a reflection of what they’ve already accomplished, but a signal of the potential they embody. The honorees were celebrated at the TiE Delhi-NCR Capital Connect event, an exclusive gathering of India’s most influential investors — LPs, family offices, corporate VCs, and institutional players.

We hope the GP WatchList evolves into what we always imagined it could be — an emerging emblem of excellence for India’s General Partners.

If you missed the live event, catch the panel discussion video here:

India’s private markets are still in their early innings, but the trajectory is clear. Today, we celebrate startup founders; tomorrow, we will celebrate the fund managers who power them.

To those dreaming of stepping into this world, and to those already shaping its course — this is your moment. The future belongs to those who dare to see what others don’t.

Here’s to the visionaries proving that the real alpha isn’t in the market — it’s in the manager. 🥂

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