More Tact Needed In Navigating LP–GP Negotiations, Says Manish Kheterpal, Co-Founder Of Waterbridge Ventures

Updated on: 16 June 2023 4:57 pm

The Delhi government had earlier in the week banned app-based taxi services such as Rapido and Uber in view of absence of a policy for plying bike taxis on city roads

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After kicking off #VC101 in Mumbai, the Indian Venture and Alternate Capital Association (IVCA), held its second in-person learning session for #VC101 in Bengaluru on June 15. #VC101 is an industry-led knowledge-sharing programme for first-time fund managers (FTFMs) organised by IVCA in collaboration with knowledge partners Price Waterhouse & Co LLP and IC Universal Legal.

With over 100 registrations the Bengaluru edition covered themes such as fundraising from global and domestic pools of capital, India’s investment potential, FTFMs to better navigate limited partner (LP and general partner (GP) relationships, LPs’ key considerations for investments, and strategies that should be adopted by FTFMs when pitching to investors.

Spearheading the Bengaluru edition Manish Kheterpal, co-founder and managing partner at WaterBridge Ventures and IVCA’s VC Council member, said that the venture capital asset class in India has matured enough to attract a diverse range of investors, including global LPs, domestic institutional LPs, corporate investors, government-sponsored fund-of-funds, and family offices who are taking a more structured approach to managing their wealth. In the current environment of increased focus on building sustainable and profitable businesses, fund managers will need to equip themselves with superior portfolio construction and fund sizing skills.

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“More tact is therefore required in navigating LP–GP negotiations, fundraising processes, and full cycle investments-to-exit excellence. IVCA’s #VC101 programme aims to bridge gaps born out of this need and will eventually help build a new crop of successful fund managers in India,” he added.

Other mentors who joined the Bengaluru edition of #VC101 included Anil Joshi, managing partner at Unicorn India Ventures, Anand Lunia, founding partner at India Quotient, Jayshree Kanther Patodi the co-founder and partner at Enzia Partners; Anjali Sosale, partner at WaterBridge Ventures; Himanshu Mandavia, partner at Price Waterhouse & Co LLP; Leelavathi Naidu, partner at IC Universal Legal; Sushreet Pattanayak, partner at IC Universal Legal; Siddharth Jhunjhunwala, head of Waterfield Fund of Funds, Waterfield Advisors and Ankur Nishar, director–deals (tax) at Price Waterhouse & Co LLP.

Chirantan Patnaik, director for venture capital at the British International Investment (BII); KC Ganesh, president at Pratithi Investments; Krupa Shankar, principal at NIIF; Naganand Doraswamy, managing partner and founder of Ideaspring Capital, Rohit Bhayana, CEO and co-founder at Oister Global and Ruchira Shukla, South Asia Regional Lead for Disruptive Technology Investments at IFC were also present.

With multiple investors raising their largest-ever India-focused funds in 2022, India currently sits on a vast dry powder reserve. Moreover, recently, LPs and sovereign wealth funds have demonstrated increased commitment to India. This is because the country’s strong fundamentals are expected to comfortably offset the compression in funding brought on by global macroeconomic uncertainties. #VC101 aims to push FTFMs to leverage this opportunity in India.

Himanshu Mandavia, a partner at Price Waterhouse & Co LLP, said, "Amidst the ever-evolving economic landscape and dynamic regulatory framework, aspiring participants venturing into the fund industry often face overwhelming challenges. The #VC101 programme organised by IVCA, is an excellent opportunity for first-time fund managers to grasp crucial aspects and glean insights from seasoned venture capital industry experts who have successfully paved the path for the next generation of fund managers."

The next edition of #VC101 will take place in New Delhi on July 6. Participating FTFMs can look forward to mentorship from industry experts, including Rajan Anandan, managing director of Peak XV Partners, Priyanka Chopra, chief operating officer and managing partner at Seed Investing and Sehraj Singh, managing director for India at Prosus Ventures.