New Delhi, Apr 1 : The Indian Venture and Alternate Capital Association (IVCA), the apex industry body for alternate capital in India, has elected its new Executive Committee (EC) for the 2026–28 term.Srini Srinivasan, Managing Director, Kotak Alternate Asset Managers, has been elected as the Chairperson of IVCA, and Gopal Jain, Managing Partner, Gaja Capital, has been elected as the Vice-Chairperson.
The newly constituted EC assumes leadership at a time when India’s alternate capital ecosystem is entering a more institutionally anchored phase — marked by stronger regulatory engagement, improving exit visibility, and a decisive shift toward domestic sources of capital. Over the past two years, IVCA’s engagement with regulators and policymakers has evolved into a more structured and solutions-led dialogue, resulting in several key developments across the ecosystem.
These include progress on co-investment frameworks for AIFs, calibrated regulatory adjustments, clarity from the RBI on equity instruments, and important tax and policy measures through the Union Budget including the removal of angel tax, rationalisation for IFSC structures, and continued support for fund-of-funds and deeptech capital formation. At the same time, IVCA has played a central role in advancing the conversation around domestic capital participation working closely with institutions such as EPFO, PFRDA, and insurers to enable greater participation in AIFs.
A recent IVCA report highlights the scale of this shift. Commitments to AIFs have grown nearly 16x from ₹0.84 lakh crore in 2017 to ₹13.49 lakh crore in 2025 with domestic LPs now contributing 52.7% of capital in Category I & II AIFs. Despite this progress, domestic institutional pools — including pension funds, provident funds, and insurers which together manage over ₹100 lakh crore, remain underpenetrated in private markets, underscoring a significant opportunity for the next phase of growth.
Commenting on his appointment, Srini Srinivasan, Chairperson, IVCA, said, “We are stepping into this term at a pivotal moment for the industry. Over the past two years, IVCA has evolved into an institution anchored in trust, with more structured and constructive engagement with regulators and policymakers. As we look ahead, strengthening domestic capital formation will be critical to building long-term resilience across our ecosystem — from venture and growth to private credit and infrastructure. Our focus will be twofold continuing to deepen engagement with global investors to ensure India remains a priority allocation, while at the same time accelerating participation from domestic institutions. Alongside this, we will work closely with regulators on evolving AIF frameworks to reflect new market realities, ensuring that the ecosystem continues to grow with both discipline and inclusivity.”
Reflecting on the next phase of the ecosystem’s evolution, Gopal Jain, Vice-Chairperson, IVCA, added, “India’s VC & PE ecosystem has expanded significantly across asset classes and strategies. This expansion has been driven by improving execution how efficiently capital is deployed, how predictably it exits, and how seamlessly it recycles into the system. We are seeing clear signs of this with improving exit activity and deeper participation from domestic investors. The next phase will depend on getting the building blocks aligned regulatory clarity, tax certainty, and a more enabling environment for both global and domestic capital to participate at scale. IVCA’s role will be to continue working closely with all stakeholders to ensure that growth in the ecosystem is not just rapid, but sustainable and well-governed.”
During the 2024–26 term, IVCA placed a strong emphasis on strengthening its institutional foundations. A formal Code of Ethics for AIFs was introduced to reinforce accountability and governance across the ecosystem. The Association also expanded its leadership structure through councils, enabling broader representation across asset classes, strategies, and member segments.
IVCA’s role also expanded in shaping India’s global capital narrative. Initiatives such as the Maximum India Conclave and structured engagement with global LPs — alongside research collaborations such as the global LP report with McKinsey have helped position India more prominently in global allocation discussions.
In parallel, IVCA has continued to build platforms for ecosystem development, including VC101 for emerging managers, climate finance initiatives under the Climate & Sustainability Council, and industry dialogues on private credit, blended finance, and innovation-led capital.
Ashley Menezes, outgoing Chairperson, IVCA, said, “Over the past two years, our focus has been on strengthening IVCA as an institution — consciously rebuilding trust with regulators, embedding governance discipline, and broadening participation across the ecosystem. We sought to move from episodic advocacy to consistent, solutions-led engagement, anchored in transparency and accountability. Encouragingly, this approach has helped strengthen regulatory confidence and institutional credibility. The incoming Executive Committee inherits a stronger foundation — one that must be built upon with the same consistency, discipline, and commitment to long-term institution-building.”
The members of the newly elected Executive Committee are: Abhishek Mohan (Managing Director, Peak XV Partners); Amit Agarwal (Chief Executive Officer, EAAA India Alternatives Limited); Anisha Singh (Founder & Managing Partner, She Capital); Ashish Fafadia (Managing Partner, Blume Ventures); Ashish Kotecha (Partner, Bain Capital); Bhautik Ambani (Chief Executive Officer and Director, AlphaGrep Investment Management); Deepak Padaki (President, Catamaran Ventures); Gopal Jain (Managing Partner, Gaja Capital); Karan Bhagat (Founder, MD & CEO, 360 ONE Asset Management); Lavanya Ashok (Partner, Growth Equity, Trifecta Capital); Manish Kheterpal (Co-founder & Managing Partner, WaterBridge Ventures); Monu Jain, Partner (Aavishkaar Capital); Mukesh Mehta (Senior Managing Director & CIO of India, Blackstone); Narendra Ostawal (Managing Director, Head of India Private Equity, Warburg Pincus); P. R. Srinivasan (Founder and Managing Partner, Xponentia Capital Partners); Pratibha Jain (Head of Strategy and Group General Counsel, Everstone Group); Simrun Mehta (Managing Director, Private Equity, KKR India Advisors); Srini Sriniwasan (Managing Director, Kotak Alternate Asset Managers); T. C. Meenakshi Sundaram (Founder & Vice Chairman, Chiratae Ventures); Vikram Gupta (Founder & Managing Partner, IvyCap Ventures) and Vipul Roongta (Chief Executive Officer, HDFC Capital Advisors)
In addition, senior representatives from key institutions will continue to engage with the EC as part of IVCA’s broader engagement framework. As India’s alternate capital ecosystem continues to scale, IVCA remains focused on improving ease of doing business, enabling deeper domestic capital participation, strengthening governance standards, and enhancing India’s positioning as a global fund management hub.
Note to Editor
Picture of Srini Srinivasan, Managing Director, Kotak Alternate Asset Managers & Chairperson, IVCA
Picture of Gopal Jain, Managing Partner, Gaja Capital & Vice-Chairperson, IVCA
