Mumbai: The Indian Venture and Alternate Capital Association (IVCA) hosted the Secondaries Conference 2025 in Mumbai, convening investors, fund managers, policymakers, and global experts to discuss India’s evolving secondary market. Supported by Blume Ventures, TPG NewQuest, PwC, Madison India Capital, Foundation Private Equity, Morgan Lewis & Bockius, and YourNest Venture Capital, the event highlighted secondaries as a mainstream liquidity tool in private markets.

Ritesh Banglani, Partner at Stellaris Venture Partners, noted that the global secondary market hit $156 billion in 2024, with GP-led deals forming nearly half. He projected India’s secondary transactions to reach $20 billion annually, underlining their growing role as both liquidity and portfolio management tools.

Panel discussions explored LP-led secondaries, direct deals, GP-led transactions, and continuation funds. Speakers emphasized that GP-led deals, which globally touched $70 billion in 2024, are helping Indian GPs extend support to high-potential companies while offering liquidity to LPs. Continuation funds—accounting for 85% of GP-led activity worldwide—were highlighted as increasingly relevant in India, especially in sectors requiring long-term horizons like technology and healthcare.

Industry leaders including Ashish Fafadia (Blume Ventures), Sunil Goyal (YourNest), and Mamtesh Sugla (TPG NewQuest) stressed that continuation vehicles provide alignment for GPs, flexibility for LPs, and comfort for founders, even as India’s share of the global market remains below 2%.

Closing the conference, IVCA President Rajat Tandon said secondaries have “moved from niche to mainstream,” contributing a quarter of India’s exit value in 2024, and will remain central to building resilient private markets.