The stars were favourably aligned on February 13, 2013 at Mumbai’s Parel, where cotton mills have morphed into swanky high-rises. The event was Venture Intelligence’s annual APEX Summit, where the superstars of private equity got together for a reality check on their industry and to foretell its future. Right from India’s most successful PE investor, Ashish Dhawan, founder, ChrysCapital, to Neeraj Bharadwaj, managing director, Carlyle Asia, Akhil Gupta, senior managing director, Blackstone India, Sandeep Naik, managing director, General Atlantic, Vijay Pattabhiraman, MD & CIO, Asia Infrastructure, JP Morgan and KP Balaraj, co-founder, Westbridge Capital, the roll call couldn’t get any better. The discussion was moderated by Srivatsa Krishna, a 1994 batch IAS officer.
Starting on how the industry has fared so far, Carlyle’s Neeraj Bharadwaj acknowledged that funds haven’t generated the returns expected. “While there have been one-off exits, at a fund level the performance hasn’t been great and the industry hasn’t returned enough capital back,” Bharadwaj said, not before quickly pointing out that Ashish Dhawan was only one in the panel who has managed to generate consistent