IVCA’s DII & Exits Forum 2025 Set to Accelerate India’s Domestic Capital Momentum

Policy leaders, sovereign allocators and private-market investors prepare for an in-depth dialogue on strengthening India’s long-term capital base

The Indian Venture and Alternate Capital Association (IVCA), the apex body for India’s private-market ecosystem, is bringing policymakers, fund managers and institutional investors together at the Domestic Institutional Investors and Exits Forum 2025. Scheduled for 2 December in New Delhi, the gathering arrives at a pivotal moment in India’s financial evolution as domestic ownership grows across public and private markets.

Supported by 360 ONE as Title Partner, Cooley as Legal Partner, Peak XV Partners as Gold Partner, and backed by BIRAC, MGB Advisors and Uniqus Consultech, the Forum will serve as a strategic platform to explore how India can deepen its homegrown pools of long-term capital. One of the key highlights will be the on-stage release of the DII Report 2025, a research collaboration between IVCA, 360 ONE and CRISIL. The report is expected to offer a comprehensive assessment of India’s domestic capital landscape and the opportunities that lie ahead.

The Forum comes at a time when India’s private markets are expanding rapidly. Alternative Investment Funds have crossed ₹14.2 trillion in commitments as of mid-2025, supported by strong performance across venture capital, private equity, private credit and real estate. Despite this growth, the participation of domestic institutional investors remains modest in comparison to global standards. The need for deeper engagement, regulatory clarity and more robust exit channels has therefore become increasingly urgent.

Rajat Tandon, President of IVCA, believes the momentum is unmistakable. He noted that domestic limited partner participation in AIFs has now crossed 52 percent, signalling a structural shift in India’s private-market ecosystem. According to him, this rising confidence among Indian institutions must now translate into sustained allocations, as the next decade of value creation will depend on India’s ability to mobilise its own long-term capital.

The rise of domestic allocators is being recognised across the industry. Sameer Nath, Chief Investment Officer and Head of Venture Capital and Private Equity at 360 ONE Asset, observed that domestic institutional capital has come of age. He pointed out that DIIs are showing growing conviction across investment strategies and are supporting both new themes as well as established models. In his view, homegrown general partners are increasingly competitive, filling market gaps and strengthening ecosystem capacity. He added that this mirrors trends seen in other emerging economies and aligns with what has already taken shape in India’s public markets.

The shift is visible in the public-market landscape as well. Domestic ownership has surpassed foreign ownership for the first time in twenty-two years, and mutual fund assets under management have crossed ₹75 trillion. The Forum aims to extend this confidence into private markets by examining policy support, reporting standards and institution-friendly investment structures.

A major area of focus will be exits, a crucial enabler for recycling capital. India has logged 552 IPOs between FY23 and FY25, with SME listings contributing significantly to the depth of the market. Rajan Anandan, Managing Director at Peak XV and Surge, stated that India is fast becoming the startup IPO capital of the world. He believes the combination of scaled companies and a maturing capital ecosystem has elevated the country’s innovation landscape to a new phase of maturity.

Industry leaders from PFRDA and BIRAC will be joining the conversations, bringing perspectives on liquidity mechanisms, secondaries, regulatory reforms and institutional participation. Strengthened governance standards, improving transparency and growing domestic equity inflows are creating a more stable foundation for private-market growth.

Shashwat Tewary, Capital Markets Partner at Cooley, highlighted that India’s maturing capital-markets ecosystem is enabling increasingly successful exits. He emphasised that cross-border expertise, combined with adherence to global best practices, is helping founders and issuers navigate complexity with confidence.

As India’s innovation, infrastructure, startup and deep-tech sectors enter their next phase of expansion, the discussions at the Forum are expected to shape how domestic capital can anchor a more resilient and self-sustaining investment ecosystem.