The opening keynote address from Ajay Shah set the scene for India's current performance and what can be expected over the next few years. Other addresses from Phlip Bilden (Harbourvest), Patrick McGovern (IDG), Ishaat Hussain (Tata Sons) and Keki Mistry (HDFC) were equally illuminating in their own fields. They were complimented by a lighthearted look at XI lessons PE fund managers can learn from test cricket, delivered over dinner by Wen Tan from Squadron Capital Advisors.
The LP panel foresaw potential challenges for India's economy arising from the US sub-prime debt crisis, yet their outlook remained generally positive, though conservatively so. The overriding feeling was that PE fund managers with funds already raised from recent years, and unencumbered by heavily-indebted portfolio companies, remain in a good position to benefit from falling asset prices. Value-added hands-on management will of course remain key.
Our thanks to all those who dealt with the conference rescheduling and the reasons behind it with such equanimity. We look forward to seeing you all again in December for the next installmentour tenth anniversary in India.
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