Conference Agenda

27 October 2026

Mumbai, India

10:00 AM – 5:00 PM IST

A focused programme examining the structures, market practices and policy considerations shaping the evolution of secondaries in India.

10:00 AM – 10:30 AM

ARRIVAL

Registration & Networking

10:30 AM – 10:40 AM

OPENING

Opening Keynote Address

10:40 AM – 11:20 AM

HOMEGROWN SECONDARY FUNDS

Panel Discussion: The Rise of India-Focused Secondary Funds: Strategies, Returns and Liquidity Infrastructure

Key themes:

How do India's domestic secondary fund strategies differ from each other, late-stage pre-IPO arbitrage, ESOP liquidity, PE fund interest acquisition, GP-led CV participation and which model has the clearest risk-adjusted return case?
Sourcing and competition: is deal flow collaborative or competitive among domestic secondary funds, and how do they relate to global players active in India?
Underwriting in the Indian context: with limited NAV benchmarks, infrequent mark-to-market, and concentrated seller populations, how do secondary managers price risk and manage information asymmetry?
What is the typical hold period, exit strategy, and liquidity profile of a domestic secondary AIF investment and how does the India IPO pipeline affect fund-level return projections?
What does India need to become a self-sustaining secondary ecosystem: domestic institutional LP capital, SEBI regulatory clarity, a pricing benchmark service, dedicated advisers/platforms or simply more deal history and track record?

Speakers:

Jason Sambanju

Partner, CEO & Founder, Foundation PE

Nitin Agarwal

Head of Private Equity, Neo Asset Management

Pranav Gupta

Director, EastGate secondaries

Rohit Bhayana

Co-CEO & Co-Founder, Oister Global

Sandeep Maheshwari

Head of Secondaries and Co-head of Defence & Space, 360 One Asset

11:20 AM – 11:40 AM

GLOBAL TRENDS

Knowledge Session

11:40 AM – 12:20 PM

HOMEGROWN SECONDARY FUNDS

Panel Discussion: Making Secondaries Work- Structuring and Executing Transactions

Key themes:

How should participants choose the right structure for secondary transactions?
What AIF requirements, FEMA pricing rules and cross-border considerations shape execution, and where would greater regulatory clarity help?
How should management fees, carry, transaction costs and tax liabilities be structured and allocated to align managers, sellers and incoming investors?
How can investor consents, transfer restrictions and contractual rights be managed across selling, continuing and incoming investors?
What valuation processes, conflict-management safeguards and disclosures are needed to protect investors, particularly in GP-led transactions?
What can streamline due diligence, documentation and closing to minimise execution risk?

Speakers:

Norbert Fernandes

Co-founding Partner, Kenro Capital

Hitesh Ahuja

Co-Founder & Managing Partner, PixelSky Capital

Satish Mugulavalli

Founder and Managing Partner, Hissa Fund

Rachit Motla (Moderator)

Partner, Price Waterhouse & Co LLP

12:30 PM – 1:30 PM

NETWORKING

Networking Lunch

1:40 PM – 2:00 PM

KNOWLEDGE SESSION

Knowledge Session

2:00 PM – 2:40 PM

CONTINUATION FUNDS

Panel Discussion: Continuation Funds: Governance, Economics and LP-GP Alignment

Key themes:

The carry reset problem: how does crystallising and resetting carry on the full asset value in a continuation vehicle affect the sharing of economic upside between GPs and LPs over the continuation period?
What tools (tiered carry, performance hurdles, co-invest alignment, GP reinvestment of crystallised carry) are Indian GPs using to mitigate perceived conflicts?
What constitutes genuine LP optionality and are 20-business-day election windows realistic given the complexity of roll/cash-out decisions?
How should LPACs be constituted and empowered in Indian AIFs to play a meaningful governance role in CV approvals, and what does SEBI's framework currently allow?
Independent fairness opinions: who should appoint, who should pay, and what standard of independence is genuinely independent?
What disclosures should LPs seek: Full fee schedules, cost-bearing arrangements, buyer identity and alignment, GP co-investment in the CV before the election notice?
Where is the line between a well-structured CV that genuinely benefits all constituencies (selling LPs, rolling LPs, new buyers, and GPs)?

Speakers:

LN Sadani

Founder and CEO, Lensbridge Capital

Ashish Fafadia

Partner, Blume Ventures

Vikram Gupta

Founder and Managing Partner, IvyCap Ventures

Mack Wan (Moderator)

Partner, Kirkland & Ellis

2:40 PM – 2:50 PM

CLOSING

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.

2:50 PM – 4:00 PM

NETWORKING

Conference Agenda

Registration & Networking

Opening Keynote Address

Panel Discussion: The Rise of India-Focused Secondary Funds: Strategies, Returns and Liquidity Infrastructure

Key themes:

Speakers:

Knowledge Session

Panel Discussion: Making Secondaries Work- Structuring and Executing Transactions

Key themes:

Speakers:

Networking Lunch

Knowledge Session

Panel Discussion: Continuation Funds: Governance, Economics and LP-GP Alignment

Key themes:

Speakers:

Closing Remarks

Networking Session

Join the conversation shaping the development of India's secondaries market