Full Day Agenda
Summit Agenda
The IVCA Private Credit Summit is a curated, high-impact forum designed to facilitate meaningful dialogue among investors, fund managers, and credit practitioners.
10:00 AM - 10:30 AM
Registration & Networking
Attendees arrive, register, and network prior to the start of the summit.
10:30 AM - 10:40 AM
Opening Keynote Address
Speakers:
DS
Dev Santani
Managing Partner - Private Equity, Brookfield
10:40 AM - 11:20 AM
Panel Discussion: Private Credit 2035: Scaling the Next Trillion in India’s Financing Stack
As India’s economy accelerates, private credit is poised to evolve from an opportunistic strategy into a core pillar of the country’s financing architecture. This panel explores what the next decade holds for private credit, how large the market can realistically become, what structural shifts will enable scale, and how capital pools both domestic and global will be absorbed efficiently
Key themes:
•
Market expansion trajectories: How large can India's private credit ecosystem get by 2035?
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New structures and vehicles: Evolution of AIFs, private credit funds, co-lending models, securitisation platforms, and tokenised or tech-enabled credit markets
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Risk, regulation, and resilience: How regulatory frameworks, credit underwriting, and governance standards will mature alongside scale
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India in the global credit map: Can India emerge as a major destination for cross-border private credit capital?
Speakers:
KA
Karthik Athreya
Managing Director, Sundaram Alternates
PG
Piyush Gupta
CEO, Investec Alternatives
RS
Rahul Shah
Partner, EvolutionX Debt Capital
SA
Sandeep Adukia
Senior Managing Partner, Ascertis Credit
VS
Vineet Sukumar
Founder and Managing Director, Vivriti Group
RV
Rajeev Vidhani (Moderator)
Partner, Khaitan & Co
11:20 AM - 11:50 AM
Fireside Chat: Allocating to India Private Credit - The LP perspective
This fireside chat brings together leading institutional investors to unpack how their approach to India private credit is likely to evolve over the next decade, what will drive larger allocations, how risk-return frameworks will mature, and what it will take for India to become a core allocation rather than a tactical exposure
Key themes:
•
Allocation outlook: How LP exposure to India private credit could scale by 2030-2035
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Portfolio construction: Where private credit fits within global and domestic alternatives buckets
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Manager selection in a maturing market: What LPs will increasingly look for in Indian GPs track record, underwriting discipline, governance, and alignment
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Enablers of deeper capital: Regulatory clarity, exit pathways, credit culture, and data transparency
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Domestic capital formation: The growing role of Indian pension funds, insurance, family offices, and retail participation
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Global positioning: What would make India a top-tier destination for private credit allocations globally
Speakers:
SD
Shri Dinesh Kumar Khara
Chairperson, National Pension System (NPS) Trust
SS
Srini Sriniwasan
Managing Director, Kotak Alternate Asset Manager Limited and Chairperson, IVCA
11:50 AM - 12:30 PM
Panel Discussion: The Private Credit Spectrum: From Performing Yield to Opportunistic Alpha
As India’s private credit market deepens, the asset class is rapidly fragmenting into distinct yet interconnected strategy buckets, each with its own role in portfolio construction, risk calibration, and return generation. This panel brings together leading managers to explore how the full spectrum of private credit from performing mid-market lending and venture debt to special situations and distressed will evolve over the next decade, and how LPs should think about allocating across this “bouquet” of strategies
Key themes:
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Strategy evolution: How performing credit, venture debt, special situations, and distressed investing will grow and differentiate in the years to come
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Risk-return spectrum: Understanding yield vs. alpha strategies, downside protection mechanisms, and cycle sensitivity
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Deal origination edge: Proprietary sourcing, sponsor relationships, sector specialization, and data-driven underwriting
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Convergence and competition: Where strategy boundaries may blur and how managers will differentiate in a crowded market
Speakers:
AJ
Anshul Jain
Executive Director, Private Credit Strategies, Avendus
AS
Apoorva Sharma
Managing Partner, Stride Ventures
AO
Ashutosh Ojha
Managing Director & Head- Performing Credit, Neo Alternative Asset Managers
AK
Ashish Khandelia
Founder, Certus Capital
RC
Rahul Chawla
Managing Director-Credit Strategy, Multiples Alternate Asset Management
SD
Subhodeep Das (Moderator)
Executive Director, Great Value Capital
12:30 PM - 01:30 PM
Networking Lunch
A curated networking luncheon for delegates, speakers, and partners.
01:40 PM - 02:20 PM
Panel Discussion: From Niche to Core Allocation: Private Credit’s Role in Institutional Portfolios
This panel will explore how pension funds, insurance companies, family offices, and other sophisticated LPs may view private credit over the next decade, not simply as a yield-enhancement tool, but as an increasingly necessary part of a diversified alternatives portfolio
Key themes:
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Allocation shift: Why private credit is moving from a niche sleeve to a core component of institutional portfolios
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Diversification case: The correlation benefits, portfolio resilience, and income characteristics that make private credit more relevant in long-duration portfolios
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Standards for institutional capital: Governance, transparency, reporting quality, alignment of interest, and underwriting discipline expected from fund managers
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Risk-adjusted returns: How LPs assess yield, capital preservation, downside control, and relative value versus public fixed income, private equity, and listed equities
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Market-building requirements: What track record depth, team quality, fund structures, and performance evidence are needed to unlock larger LP commitments
Speakers:
AS
Abhimanyu Sofat
Head of Family Office & CIO, Dempo Group
HA
Helly Ajmera
Senior Director & Head of India Investments, British Columbia Investment Management Corporation
SJ
Sachin Jain
EVP - Family offices and Corporate Treasury, TriGen Wealth
KS
Kunal Shah (Moderator)
Partner, Price Waterhouse & Co LLP
02:20 PM - 02:40 PM
Fireside Chat: Raising and Scaling India Private Credit - The GP Perspective
This fireside chat brings a leading private credit fund managers to discuss how GPs are approaching fundraising for India-focused credit strategies in an evolving capital environment. The conversation will explore how managers are positioning India within global portfolios, building differentiated strategies, and addressing LP expectations on returns, governance, and transparency.
Key themes:
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Fundraising outlook: How GPs are navigating capital raising cycles, LP appetite, and scaling fund sizes through 2030-2035
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Positioning India credit: Articulating the India opportunity within global private credit portfolios and relative value versus other markets
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Strategy differentiation: Sector focus, deal sourcing, structuring capabilities, and the role of special situations, performing credit, and hybrid strategies
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Building LP trust: Track record development, underwriting rigor, governance standards, and alignment of interest
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Addressing LP concerns: Managing risk perception, liquidity, exits, and consistency of returns across cycles
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Domestic vs global capital: Balancing offshore institutional LPs with the growing domestic investor base including insurers, pension funds, and family offices
Speakers:
AD
Aakash Desai
CIO and Head, Private Credit, 360 ONE Asset
RV
Rajeev Vidhani
Partner, Khaitan & Co
02:40 PM - 03:00 PM
Fireside Chat: India’s Alternatives Opportunity: Capital, Scale, and the Next Phase of Growth
India’s alternatives ecosystem is at an inflection point, supported by a maturing institutional investor base, increasing global allocation, and a structural shift towards diversified, long-term sources of return. Across private equity, real assets, infrastructure, and private credit, investors are rethinking portfolio construction to balance growth, yield, and resilience in a more uncertain macro environment. Within this broader shift, private credit is gaining prominence as a flexible and scalable strategy, particularly as India enters a capital-intensive phase of economic expansion led by infrastructure, energy transition, and industrial growth.
Key themes:
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The evolution of India’s alternatives landscape: how investor allocation across private equity, real assets, infrastructure, and credit is changing, and what is driving this shift
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How global and domestic capital are viewing India’s alternatives opportunity today, and where the next pockets of scale are emerging
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The emergence of private credit within the alternatives spectrum as a solution for flexible, structured, and risk-adjusted capital across sectors
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Where credit strategies are gaining traction, including structured financing, asset-backed opportunities, and special situations
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How infrastructure is becoming a key demand driver for alternative capital, particularly across renewables, transport, logistics, and urban platforms
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The role of private credit in enabling infrastructure build-out across construction, operational stabilisation, refinancing, and transitional capital needs
Speakers:
AA
Amit Agarwal
Chief Executive Officer, EAAA Alternatives
KS
Kunal Shah
Partner, Price Waterhouse & Co LLP
03:00 PM - 03:20 PM
Networking High Tea
Delegates gather in the main hall to interact and explore partner displays.
03:30 PM - 04:10 PM
Panel Discussion: Financing the Missing Middle: Building the Next Frontier of Private Credit in India
India’s SMEs and MSMEs represent one of the country’s largest untapped private credit opportunities, sitting in the gap between large-ticket institutional capital and conventional bank lending. Recent policy and market commentary continues to highlight a large MSME credit shortfall, while digital infrastructure is making more of these businesses legible to formal lenders through GST data, trade receivables platforms, account aggregators, and payment trails. This panel will explore how private credit can move beyond niche transactions to become a scaled financing solution for the “missing middle” over the next decade
Key themes:
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Market opportunity: How large the "missing middle" credit pool could become as more MSMEs enter the formal financial system
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Formalisation dividend: Why GST adoption, Udyam registration, digital payments, and invoice trails are improving borrower visibility and expanding access to institutional capital
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Underwriting innovation: How lenders are using cash-flow signals, behavioural data, supply-chain linkages, and digital footprints to assess creditworthiness
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Scalable origination: What it takes to source smaller-ticket opportunities efficiently through ecosystems, anchors, platforms, and partnerships
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Product design: Which structures work best for working capital, growth financing, receivables-backed lending, and supply-chain-linked credit
Speakers:
AB
Ankur Bansal
Co-founder & Managing Director, BlackSoil Capital
BB
Bhavdeep Bhatt
Chief Executive Officer, Northern Arc Investment Managers
MJ
Monu Jain
Partner, Aavishkaar Capital
VM
Vinod Murali
Cofounder & Managing Partner, Alteria Capital
MS
Madhur Singhal (Moderator)
Managing Partner, Private Capital, Praxis Global Alliance
04:10 PM - 04:30 PM
Fireside Chat: Banks, NBFCs & Private Credit; Co-existence, Competition or Convergence?
India’s credit ecosystem is entering a new phase in which banks, NBFCs, and private credit funds are no longer operating in clearly separated lanes. The RBI’s new regulations that broaden co-lending beyond the earlier priority-sector-focused framework, extend it across regulated entities, and introduce tighter rules around risk sharing, disclosures, asset classification, and borrower protection. Against this backdrop, this fireside chat will examine whether the future of the market is defined by co-existence, competition, or an eventual convergence of lending models
Key themes:
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Competitive boundaries: Which parts of the borrower universe are best served by banks, NBFCs, and private credit respectively, based on deal size, complexity, speed, and risk profile
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Co-lending as market design: How the 2025 RBI framework may institutionalize deeper bank-NBFC partnerships and create new templates for capital distribution
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Complement or competitor: Whether private credit funds are displacing traditional lenders or expanding total system capacity by serving underserved but bankable segments
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Cost of capital versus flexibility: How pricing power, underwriting intensity, tenor flexibility, and covenant design differ across the three channels
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Origination partnerships: The extent to which partnerships, sourcing alliances, and platform-based models could blur traditional distinctions between lenders
04:30 PM - 04:40 PM
Closing Remarks
A brief synthesis of the day’s most consequential conversations where consensus emerged, where debate continues, and what the industry collectively commits to advancing.
Speakers:
Rajat Tandon
President, IVCA
04:40 PM - 06:00 PM
Networking Cocktails
End the day with cocktails and networking in the main reception hall.
