Alternative asset fund managers have returned $38.7 billion in 2021 by exiting 229 deals. Exits through secondaries hit $12.9 billion, signalling a deepening of an alternate asset market in India
“No one wants to hear our traditional deals, all that the bulge-bracket private equity (PE) funds and even sovereign funds want to hear is whether we have a tech deal,” rues a managing director of an investment banking firm in Mumbai, who’s returned to office after a year-and-a-half. Tech deals are undoubtedly the flavour of the season and everyone wants a share of that pie.
But it is not just the investments that have caught the attention of fund managers. What has set the ball rolling is the ability to return capital from India, which was, till five years ago, a sticky subject of conversation for foreign capital providers.