The Indian Venture and Alternate Capital Association has named a new executive committee for the 2026-28 term, appointing Srini Srinivasan, managing director at Kotak Alternate Asset Managers, as chairperson and Gopal Jain, managing partner at Gaja Capital, as vice-chairperson. The leadership change comes as India’s alternate capital market enters a more mature stage, with stronger policy engagement, improving exit conditions, and rising interest from domestic investors. The industry body said the new team will take charge at a moment when the sector is moving from rapid expansion toward a more institutionally grounded phase.
Leadership Transition
The new committee succeeds an outgoing leadership group that focused heavily on strengthening the association’s structure, governance standards, and regulatory credibility. Under that tenure, IVCA introduced a formal code of ethics for alternative investment funds and broadened representation through councils covering different asset classes, strategies, and member categories. The association said these measures helped shift its policy work from periodic advocacy to more consistent and solutions-oriented engagement with government and regulators.
Market Context and Growth Trends
IVCA’s latest assessment points to a major expansion in India’s AIF landscape, with total commitments rising from ₹0.84 lakh crore in 2017 to ₹13.49 lakh crore in 2025. According to the association, domestic limited partners now account for 52.7 percent of capital in Category I and II AIFs, marking a notable shift in the market’s funding base. Even so, the body said large domestic institutional pools such as pension funds, provident funds, and insurers remain significantly underrepresented in private markets despite collectively overseeing more than ₹100 lakh crore.
Policy and Regulatory Priorities
The association linked recent industry momentum to a series of regulatory and policy developments that have improved market clarity and operating conditions. These include progress on co-investment frameworks for AIFs, regulatory adjustments, central bank guidance on equity instruments, and budget measures such as the removal of angel tax and changes benefiting structures in the International Financial Services Centre. IVCA also said it has been working with institutions including EPFO, PFRDA, and insurance players to enable broader domestic participation in alternative investment funds.
Signals from the New Leadership
In outlining his priorities, Srinivasan indicated that the next phase for the association will involve balancing international investor engagement with a stronger push to mobilize domestic capital. He suggested that deeper local participation will be essential for building long-term resilience across segments such as venture capital, growth investing, private credit, and infrastructure, while continued policy dialogue remains necessary to keep regulation aligned with changing market realities. Jain, meanwhile, emphasized that the market’s next stage of development will depend on greater certainty in tax and regulation, along with a more supportive framework for both foreign and domestic investors to participate at scale.
A Broader Institutional Agenda
Beyond policy advocacy, IVCA has also been expanding its role in shaping how India’s private capital story is presented to global investors and industry participants. The association highlighted initiatives such as the Maximum India Conclave, engagement with global limited partners, and research collaborations including a report developed with McKinsey as part of that effort. It also pointed to ecosystem-building programs such as VC101 for emerging managers and work on climate finance, private credit, blended finance, and innovation-led capital formation.
The newly elected executive committee includes senior figures from a wide range of firms spanning venture capital, private equity, asset management, credit, and institutional investing, reflecting the breadth of India’s alternative capital market. IVCA said it will continue to focus on improving ease of doing business, expanding domestic capital participation, strengthening governance, and reinforcing India’s position as a global fund management destination. With policy momentum building and domestic investor participation gradually deepening, the new leadership takes over at a time when the industry appears poised to move from scale to sustainability.