在上周于新加坡举行的第11届亚洲私募股权与风险投资峰会上，与会专家表示，随着基金管理人面临大型退出放缓以及分配资本的更大压力，印度私募股权市场正日益聚焦于将增长转化为有限合伙人（LP）的退出和回报。
India’s private equity market is increasingly focused on turning growth into exits and returns for limited partners (LPs), as fund managers face slower large exits and greater pressure to distribute capital, panellists said at the 11th edition of the Asia PE-VC Summit in Singapore last week.
在题为“印度私募股权已赢得增长论证，现在能否实现资本回报？”的讨论中，发言者指出，投入资本分红率（DPI）仍然是该国关注的核心问题。他们强调，公开市场、私募销售和接续基金正成为实现资本回报日益重要的途径。
In a discussion titled ‘India PE has won the growth argument. Can it now return capital? ‘ speakers said distributions to paid-in capital (DPI) remain a key concern in the country. They pointed to public markets, private sales and continuation funds as increasingly important routes for returning capital.
Carpediem Capital创始人兼董事总经理阿布舍克·沙尔曼（Abhishek Sharman）在小组讨论中表示：“DPI始终是一个令人担忧的问题，它总有提升空间。这无疑是需要改进的方面之一。”
“DPI is always a concern; it can always be better. It’s one of those things that can certainly be improved,” said Abhishek Sharman, Founder & Managing Director, Carpediem Capital at the panel.
沙尔曼补充道：“随着印度基金管理人经验日益丰富，他们也意识到，在没有DPI的情况下向有限合伙人寻求资金是毫无意义的。因此，如今你可以看到各种解决方案应运而生，其目的都是为了提高DPI。”
“Indian managers, as they become more experienced, also recognise that going to LPs and seeking capital without having DPI is a moot conversation. And therefore, today you see a variety of solutions coming to the fore with the view that DPI should be increased,” added Sharman.
“……在没有DPI的情况下向有限合伙人寻求资金是毫无意义的。”根据讨论中引用的Venture Intelligence数据，印度私募股权和风险投资公司2026年迄今已录得135亿美元的退出额，而2025年和2024年的退出额分别为214亿美元和263亿美元。
“…going to LPs and seeking capital without having DPI is a moot conversation.”India-focused PE and VC firms have recorded $13.5 billion in exits so far in 2026, compared with $21.4 billion in 2025 and $26.3 billion in 2024, according to Venture Intelligence data cited during the discussion.
在过去两年中，印度的公共股市基本保持平稳状态，这可能推迟了一些大型企业的上市退出计划（即企业通过公开市场出售股份以实现退出）。据 Sharman 称：“一旦市场环境改善，上市退出的数量可能会增加，因为公共股市仍然是企业退出的主要渠道。”
Over the last two years, Indian public markets have largely been flat, which may have postponed some of the bigger exits, according to Sharman. “Once market conditions improve, we could see exit numbers rise, because public markets remain the largest source of exits.”Asked whether continuation funds are being used to retain high-performing companies or to return capital, Ritesh Chandra, Managing Partner, Avendus Future Leaders Fund said there is always a need to return capital.
当被问及是否使用‘延续基金’（continuation funds）来保留表现优异的公司，或是为了返还投资者的资金时，Avendus Future Leaders Fund 的管理合伙人 Ritesh Chandra 表示，企业始终有返还资本的需求。“在市场环境不利或基金时间有限的情况下，‘延续基金’可以为企业提供一种替代性的退出方式。”他还指出，这类基金的日益普及也反映了市场的成熟度。
“When market conditions are unfavourable, or funds are running out of time, a continuation vehicle can provide an alternative to a distressed exit. He said the growing acceptance of such vehicles is also a sign of maturity in the market.”Sharman added that differences in fund vintages and market conditions can influence exit timing, while giving private companies more time and scale can potentially change their range of outcomes and create a path towards a future IPO.
当被问及为何像 NSE 和 Reliance Jio 这样的大型企业选择以比最初预期更小的规模进行 IPO 时，Sharman 解释说，这些都属于大型IPO项目，市场可能难以同时消化这么多新发行的股票。他表示，企业更倾向于维持股票的价格稳定，而非最大化发行股份数量；例如，Reliance Jio 将发行方式调整为主要面向机构投资者（即优先向机构投资者出售股票），而 NSE 也减少了股票的发行规模。
Asked why large IPOs such as NSE and Reliance Jio have been planned or launched at smaller sizes than initially expected, Sharman said these are mega issuances, and it can be challenging for the market to absorb multiple large offerings. He said issuers have chosen to preserve pricing rather than maximising the quantum of shares sold. Reliance Jio, for instance, changed the issue mix towards primary capital, while NSE reduced the issue size.
Chandra 进一步解释说，NSE 的情况有所不同：由于定价问题，一些股东选择退出；但这并非因为市场缺乏需求。他指出，对于高质量的企业来说，资金并不短缺——NSE 的那次IPO（规模约为25亿美元）的认购倍数达到了6倍，充分证明了市场的需求存在。“市场是有流动性的，”他说，“关键在于找到优质的企业资产。”
Chandra added that NSE’s case was different, with pricing leading some selling shareholders to back out rather than a lack of demand. He said there is no dearth of capital for high-quality issuances, pointing to NSE’s roughly $2.5 billion issue being oversubscribed six times. “There is demand. There is liquidity in the market,” he said, adding that the key is finding high-quality assets.
当被问及哪些类型的交易在市场上占据主导地位（包括私募股权支持的并购、首次公开募股（IPO）、二级市场交易和接续基金等）时，Trilegal公司业务主管合伙人Yogesh Singh表示，市场目前呈现出多种交易类型并存的局面，其中股权出售仍占据主导地位。
Asked what types of deals are dominating the market, including a mix of PE-backed M&As, IPOs, secondary transactions and continuation funds, Yogesh Singh, Partner–Head of Corporate Practice, Trilegal said the market is seeing a combination of deal types, with stake sales remaining dominant.
过去两个月，IPO活动也显著增加。然而，Singh指出，IPO并不一定意味着完全退出，也可能涉及部分退出和延期支付。
IPO activity has also increased significantly in the last two months. However, an IPO does not necessarily mean a full exit and can involve partial exits and deferred payouts, said Singh.
他补充说，投资者对公司和发起人的选择越来越挑剔，除了增长潜力外，公司治理和发起人素质正变得愈发重要。
He added that investors are increasingly selective about companies and promoters, with governance and promoter quality becoming more important alongside growth.
在谈到投资者如何在收购中管理创始人过渡并保持与发起人目标一致时，Everstone Capital Asia私募股权董事总经理兼影响力投资主管Roshini Bakshi表示，具体方法因情况而异。
On how investors manage founder transitions in buyouts while keeping promoters aligned, Roshini Bakshi, Managing Director, Private Equity and Head of Impact, Everstone Capital Asia said the approach is case-specific.
她补充道：“我们专注于明确发起人的优势，使发起人与这些优势保持一致，并展示退出路径。对我们而言，至关重要的是明确我们将如何带领公司从今天走向未来四年，并制定出让发起人能看到最终价值的计划。”
“We focus on defining the promoter’s strengths, aligning the promoter with those strengths, and showing a pathway to exit. For us, it’s very important to work through where we are taking the company from today to the next four years and put that plan in place where the promoter sees the value at the end of it,” she added.
Bakshi表示，战略性出售和IPO可以为发起人提供持续参与的途径，而投资者则带来资本和额外的价值创造能力。
Bakshi said strategic sales and IPOs can provide promoters with a pathway to continued participation, while investors bring capital and additional value-creation capabilities.
关于印度优势，当被问及全球有限合伙人（LP）在将印度与其他新兴市场进行比较时会考虑哪些因素时，Sharman表示，投资者会考量多种因素，且权重会根据市场情况而变化。
India’s strengths Asked what global LPs consider when comparing India with other emerging markets, Sharman said investors look at multiple factors, with the weightage changing depending on market conditions.
“增长是不可否认的，”他说，并补充称货币问题近期已成为一个关键担忧。有限合伙人也在关注印度能否为每年进入劳动力市场的约1500万年轻人创造就业机会。
“The growth is undeniable,” he said, adding that currency has recently become a key concern. LPs are also looking at whether India can create employment for the roughly 15 million young people entering the workforce every year.
尽管存在这些担忧，夏尔曼仍表示印度仍是未来15至20年内少数几个能够实现强劲复合增长的市场之一。他指出，在未来22至23年内，约有15亿人的人均GDP将从约2500美元提升至1.4万至1.6万美元，这正是投资机会的关键所在。
Despite these concerns, Sharman said India remains one of the few markets capable of delivering strong compounded growth over the next 15–20 years. He pointed to the expected transition of around 1.5 billion people from a per-capita GDP of about $2,500 to $14,000–16,000 over the next 22–23 years as a key part of the investment opportunity.
钱德拉进一步补充说，规模与多样性也是印度的优势所在：“除了该地区的中国之外，没有其他市场能像印度那样提供如此庞大的市场规模。印度的价值创造活动遍布多个行业，而其他市场的增长往往集中在少数几个领域。”
Adding to the above, Chandra said that scale and diversity are other advantages for India. “No other market can offer you the scale that India does, other than China in the region. The value creation in India is spread across multiple industries, unlike markets where growth is more concentrated in a few sectors.”
当被问及投资者如何在投资与退出过程中实现价值创造时，巴克希表示该公司更倾向于进行控股型投资，并通常会获得目标公司的多数股权。该公司的大部分投资对象都是其首次提供融资的投资者；在这些公司中，公司的创始人通常只持有少数股权，或者仅在某些特定情况下才会持有股份。
“The value creation in India is spread across multiple industries, unlike markets where growth is more concentrated in a few sectors.”Asked how investors drive value creation between investment and exit, Bakshi said the firm prefers control investments and generally takes majority stakes. Most of its investments are in companies where it is the first financial investor, with the promoter retaining a minority stake or in carve-out situations.
她解释说，公司的投资策略是在尽职调查阶段就确定的，重点关注五个方面：公司治理结构、销售与增长能力、运营效率、数字化转型以及公司的创始人（即控股股东）的角色。她指出，大多数被投资公司已经实现了正的息税折旧及摊销前利润（EBITDA），因此公司的投资重点在于公司的持续增长，而非企业的扭亏为盈。公司在运营、销售和数字化转型方面会引入外部合作伙伴，而公司治理结构的调整则由公司内部完成。
She said the investment thesis is developed from the pre-IC diligence stage, with the firm focusing on five areas: organisation, sales and growth, operations, digital transformation and the promoter construct. Most of the companies are already EBITDA-positive, she said, meaning the focus is on growth rather than turnaround. The firm brings in external partners for operational, sales and digital transformation, while handling organisation transformation internally.
巴克希还表示，该公司通过股东协议明确了创始人的角色、职责与权利，包括相关激励措施，以及创始人拥有否决权或非否决权的具体事项。
Bakshi said the firm has also become more structured in defining the promoter’s role, responsibilities and rights through shareholder agreements, including incentives and areas where the promoter has veto or non-veto rights.
在阐述从过去错误中汲取的关键教训时，Bakshi表示，该公司早期的基金曾进行过一些少数股权投资，但并未明确界定发起人的架构。她说，这导致双方在发起人职责、投资者支持，以及最终退出的时机、买家和估值等方面产生了分歧。
Elaborating on key lessons from past mistakes, Bakshi said the firm’s early funds had taken some minority positions without clearly defining the promoter construct. She said this led to disagreements over promoter responsibilities, investor support, and eventually the timing, buyer and value of an exit.
当被问及地缘政治不确定性和西亚危机如何影响投资与退出活动，以及创始人和投资者是否正在寻求重新谈判条款时，Singh表示，如今的投资者非常关注价值保护、严格的公司治理准则以及对退出途径的清晰思考。此外，各方也更加注重尽职调查，以了解完整的退出路线图。同时，市场上也出现了关于风险转移的复杂对话，例如在投资者不愿承担特定风险的情况下，会使用保证与赔偿（W&I）保险等机制。
Asked how geopolitical uncertainty and the West Asia crisis are affecting investment and exit activity, and whether founders and investors are seeking to renegotiate terms, Singh said investors today are very focused on value protection, tight corporate governance norms and clear thinking around exit avenues. There is also greater focus on diligence to understand the full roadmap for an exit. There are also sophisticated conversations around risk transfer, with mechanisms such as W&I insurance being used where investors do not want to take on particular risks.
“在创始人方面，我们通常会看到关于合理的收益共享、管理层激励、防范估值下调、反稀释机制、运营控制权以及流动性灵活性的要求。总体而言，受过去历次危机的影响，包括2008年的债券违约、2014年的政策停滞、新冠疫情以及当前的地缘政治不确定性，各方在交易达成的多个层面上的对话都变得更加严谨，”Singh说道。
“On the founder side, we typically see requests for proper upside sharing, management incentives, protection against down rounds, anti-dilution mechanisms, operational control and flexibility around liquidity. Overall, there are much more disciplined conversations around multiple aspects of deal-making, shaped by past crises, including the 2008 bond defaults, the 2014 policy paralysis, the COVID-19 pandemic and the current geopolitical uncertainty,” Singh said.
关于治理担忧或GDP数据是否会影响回报的问题，Chandra表示，对腐败的担忧已显著消退，尤其是随着年轻一代创始人日益专注于公司层面的价值创造，而非从企业中套取资金。他表示，腐败和会计违规事件现在已“极为罕见”。
On the question of whether governance concerns or GDP data affect returns, Chandra said concerns around corruption have receded significantly, particularly as younger founders increasingly focus on company-level value creation rather than extracting money from businesses. He said incidences of corruption and accounting irregularities are now “extremely rare”.
关于印度国内生产总值（GDP）数据存在的问题，钱德拉表示投资者应该关注一些更重要的指标，比如间接税收入、乘用车销量、房屋登记数量以及电力消耗量。他提到：间接税收入同比增长了15%，乘用车销量增长了30%，房屋登记数量增长了15%至18%。
On concerns around India’s GDP data, Chandra said investors should instead look at leading indicators such as indirect tax collections, passenger vehicle sales, housing registrations and power consumption. He cited 15% year-on-year growth in indirect tax collections, 30% growth in passenger vehicle sales and 15–18% growth in housing registrations.
“鉴于我们主要投资的是处于发展后期的企业，我们预计企业业绩会增长20%；实际上，我们更乐观地预计增长幅度会达到25%。”他说，并强调国内经济的整体发展趋势比GDP增长率具体是7%、7.5%还是7.8%更为重要。
“We are seeing, given the fact that we invest in late-stage companies, 20% growth; 25% growth is given,” he said, adding that the broader trend in the domestic economy matters more than debates over whether GDP growth is 7%, 7.5% or 7.8%.
对于印度公司与东南亚公司之间的合并是否能够创造多种套利机会的问题，钱德拉认为：在存在战略协同性的领域（尤其是科技行业），企业合并是合理的；但套利不应成为企业合并的主要动机。
On whether mergers between Indian and Southeast Asian companies could create multiple arbitrage opportunities, Chandra said consolidation could make sense where there are strategic similarities, particularly in technology, but multiple arbitrage should not be the starting point.
对此，辛格补充说：印度的相关监管政策允许某些东南亚公司与印度企业直接合并，无需经过法院或仲裁机构的审批，整个流程可能在三个月内完成。他表示他的公司在过去12个月内至少见证了20起这样的合并案例。
To this, Singh added India has a regulatory route that allows certain Southeast Asian companies to merge with Indian entities without going through a court or tribunal, with the process potentially completed in less than three months. He said his firm had seen at least 20 such transactions in the past 12 months.
巴克希则表示她的公司更倾向于那些具有运营协同效应的企业合并，尤其是在医疗科技（medtech）和快速消费品（QSR）领域，而不仅仅是为了追求估值上的套利机会。
Bakshi said her firm, meanwhile, has pursued such combinations where there are operational synergies, including in medtech and QSRs, rather than simply to capture valuation arbitrage.
在估值方面，夏尔曼认为当前的估值水平是“合理的”；他指出过去18至24个月内，上市公司的盈利能力有所提升，而市盈率（P/E ratio）基本保持稳定。他还表示私人市场的估值也变得更加合理了。
On valuations, Sharman said they are “reasonable”, noting that public-market earnings have increased while multiples have remained broadly stable over the past 18–24 months. He added that private-market valuations have also become more reasonable.
钱德拉最后指出：印度市场从来都不是一个“廉价”的市场，但其中确实存在一些让投资者感兴趣的投资机会。
Chandra, meanwhile, said India has never been a cheap market, but there are pockets of opportunity that investors find attractive.