Emergence of Secondaries | Private Markets Conference 2025, Bengaluru

Описание: India’s private markets, once primarily capital-deployment destinations with limited exit options, are undergoing a transformation. Secondary funds are now emerging as a distinct asset class, providing liquidity for LPs, giving GPs greater flexibility in portfolio management, and strengthening the overall exit landscape in India.

In this panel discussion from the Private Markets Conference 2025, seasoned practitioners share their perspectives on how secondaries can evolve into strategic investment vehicles for both domestic and global LPs. The session also examines the legal, regulatory, and taxation challenges shaping this asset class, and how the regulatory stance in India is gradually adapting.

Speakers:
• Zerin Rahiman – Director, Indigo Edge
• Alok Gupta – Partner, Foundation Private Equity
• Nitesh Aggarwal – VP, Innovations & Investments, Baltoda

Moderator:
• Krishna Saraswati – Founder, Private Circle

This session is essential viewing for investors, GPs, LPs, and finance professionals interested in understanding how secondaries are redefining liquidity and contributing to the maturity of India’s private markets.

0:00 – Welcome and Introduction
3:45 – Why secondaries are emerging as the ‘space to watch’
7:00 – Closed-ended nature of private markets and the role of secondaries in providing liquidity
9:50 – LPs’ perspective: Why allocate capital to secondaries as an asset class
14:40 – Comparing India’s private market ecosystem with the US
18:30 – GPs, IPO cycles, and the growing role of secondaries
21:00 – Restructuring scenarios: Negotiating transactions, liquidity solutions, and company stage dynamics
33:00 – Managing conflicts of interest in continuation vehicles
35:00 – Challenges in raising capital for secondary funds
39:30 – Interest of global LPs in Indian secondary funds
41:30 – Regulatory framework and certain taxation aspects of secondary funds
47:00 – The potential impact of tokenisation and blockchain on secondaries
48:00 – Closing remarks and session wrap-up
________________________________________________________________________________

The Indian Association of Investment Professionals (IAIP), the India Society of CFA Institute, was established in Apr 2005 as an association of local investment professionals consisting of portfolio managers, security analysts, investment advisors and other financial professionals.

As one of the over 160 CFA Institute member societies, the IAIP connects local CFA Institute members to a global network of investment professionals. For the continuing up-gradation of knowledge and skills of members, IAIP conducts speaker events, workshops led by leading finance professionals.