New focus to be on attracting domestic capital, says IVCA chair Srini Srinivasan - Mint

The Indian Venture and Alternate Capital Association (IVCA) has elected its new executive committee for the 2026–28 term, appointing Srini Srinivasan, managing director at Kotak Alternate Asset Managers, as chairperson and Gopal Jain, managing partner at Gaja Capital, as vice-chairperson. The transition reflects a pivotal moment for India's alternate capital ecosystem as it enters a more institutionally anchored phase characterized by increased regulatory alignment, improved exit mechanisms, and a decisive shift toward domestic capital participation.

The data underscores this structural transition. Domestic limited partners now account for over 52 percent of capital deployed in Category I and II AIFs, signaling that domestic institutional participation has become the primary capital source rather than a secondary complement to global investors. This shift is reflected in the scale of the ecosystem: AIF commitments have expanded significantly from ₹0.84 lakh crore in 2017 to ₹13.49 lakh crore in 2025. Srinivasan emphasized this priority in his appointment, stating that "strengthening domestic capital formation will be critical to building long-term resilience across the ecosystem while continuing to engage with global investors," signaling a dual-track strategy that balances domestic participation with sustained global investor confidence.

The new committee's formation coincides with tangible regulatory progress. Over the past two years, IVCA has evolved its engagement with policymakers into a structured, solutions-led dialogue that has yielded measurable outcomes. These include the removal of angel tax, rationalization of International Financial Services Centre (IFSC) structures, co-investment frameworks for AIFs, regulatory adjustments on equity instruments, and central bank clarity on financial instruments. Additionally, the association has worked with pension and insurance regulators to expand domestic institutional participation in alternative investment funds, creating pathways for historically underrepresented capital pools to enter the ecosystem.

The executive committee's composition reflects the ecosystem's maturity and geographic diversity, with representation from major global asset managers operating in India (Blackstone, Warburg Pincus, KKR, Bain Capital) alongside established Indian venture and growth capital firms (Peak XV Partners, Blume Ventures, Gaja Capital). Gopal Jain highlighted the importance of regulatory clarity and capital efficiency as drivers of sustainable growth. The framing of this transition as a turning point suggests the IVCA expects continued evolution in governance frameworks, exit visibility, and the formalization of alternative capital structures within India's broader financial ecosystem.