In this episode, we dive deep into the world of private equity and India's economic future with Sanjay Kukreja, Chief Investment Officer and Partner at ChrysCapital, India's largest PE firm. Sanjay shares invaluable insights from his 25-year journey in the industry, discussing how ChrysCapital grew from a $60 million fund to managing $9 billion in assets. He offers a candid look at the evolution of private equity in India, from the early days of venture capital to the current focus on growth and control investments.
Sanjay explores the art of generating alpha in the market, emphasizing the importance of backing quality businesses and entrepreneurs over chasing valuations. The conversation covers a wide range of topics, from the intricacies of supporting portfolio companies to navigating IPOs in the Indian market. Sanjay shares his thoughts on new-age companies and the differences between emerging founders and established businesses.
Throughout the interview, Sanjay offers key lessons learned from both successes and mistakes, providing a masterclass in long-term investing and institution building. He also discusses the challenges of building a world-class investment firm in India and identifying young talent in the industry. His unique perspective on India's economic potential and the role of private equity in shaping its future offers valuable insights for investors, entrepreneurs, and business leaders alike.
0:00 - Introduction
1:47 - Sanjay's broad investing journey
4:25 - How Sanjay generates alpha in the market
22:57 - The LP side of the narrative
28:14 - Different investment styles
34:07 - Support provided to companies
48:19 - Experiences with IPOs
50:08 - Impact of primary capital on Sanjay's business model
54:02 - Sanjay's thoughts on new age companies
56:45 - Backing new age companies in the portfolio
1:08:08 - Sanjay's leadership and franchise-building efforts
1:13:24 - How Sanjay identifies young investors
1:19:02 - Lessons Sanjay has learned from mistakes
1:24:22 - Differences between new age founders and established businesses
1:27:49 - How Sanjay's friends and partners would describe him
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