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March 2026 | Based on McKinsey x IVCA LP Survey, November 2025India has quietly become the most attractive private market destination in Asia-Pacific. In a survey of more than 50 global limited partners, 31% ranked India first and 76% placed it within their top three choices across the region. That is a meaningful shift from just a decade ago, driven in large part by China's contraction. India's share of Asia-Pacific PE and VC deployment has grown from around 12% between 2015 and 2019 to about 21% from 2020 to 2024.The headline numbers back the sentiment. PE and VC deal activity expanded 1.6-fold to $207 billion between 2016-20 and 2021-25, while exits more than doubled to around $120 billion. Private capital as a share of GDP has more than doubled in the past decade, reaching 1.42% in 2025.Two types of LP, two readings of the same storyThe survey reveals a clear split between high allocators, who view India as a complex but scalable opportunity, and moderate allocators, who approach it with considerably more caution. Both groups broadly agree on India's strengths: political and economic stability, strong entrepreneurial talent, and domestic consumption as a structural driver. Where they diverge is on governance quality, regulatory consistency, and foreign investment policy. High allocators view exit potential, availability of quality targets, and depth of capital markets as relative strengths, while moderate allocators score these factors lower and in some cases weaker than other markets.On manager selection, the difference is just as sharp. High allocators prioritise deal pipeline quality and risk-adjusted IRR. Moderate allocators focus on a longer checklist including exit record measured by DPI, governance and disclosures, and management fees.Where capital is goingSector concentration remains pronounced. Almost three-quarters of PE capital in India was concentrated across five sectors from 2021 to 2025: technology (29%), financial services (15%), IT and IT services (13%), pharmaceuticals and healthcare (10%), and consumer goods (6%). LP preferences show no sign of broadening beyond this core, with pharma, new technology, and financial services dominating across buyout, growth, and venture strategies alike.On strategy, buyout and growth approaches are most preferred over the next five years, scoring 7.8 and 7.7 respectively on a ten-point scale, with venture at 6.4 and seed at 5.3. Control-oriented buyout strategies are particularly appealing for their influence over exit timing, which directly addresses the exit risk concern that moderates keep raising.Co-investment has become a significant part of the picture. Around 60% of surveyed LPs have participated in co-investments in India, and 54% of those reported outperformance relative to underlying fund investments, with another 42% reporting performance on par with fund investments.India-dedicated GPs gaining groundAppetite for India-dedicated fund managers is building. More than 50% of LPs surveyed plan to increase their allocation to India-dedicated funds, with just 5% expecting a reduction. On fund size, the $500 million to $1 billion range is most preferred, reflecting LP views on capital absorption potential. Domestic GPs still represent only around 15% of total PE deployment, a fraction of Korea's 62%, though that share has grown from 10% to 15% in recent years.What needs fixingDespite the optimism, structural issues remain. India's GP cohort ranks modestly against other markets on the metrics that matter most to LPs, including performance record (rated 5.4/10), exit record (4.9/10), and quality of investment teams (5.1/10). Currency risk, a complicated tax regime, capital control friction, and visa constraints are cited consistently across both allocator types.The policy agenda implied by the survey is fairly specific: LPs highlight the need for greater clarity around valuation norms and tax treatment including carried interest taxation, simplifying approval processes for cross-border transactions, and enabling longer-duration fund structures with periodic liquidity windows.Beyond PE and VC, private credit is drawing interest. About $36 billion was deployed in India's private credit market from 2020 to 2024, driven by demand for bespoke financing, improved creditor resolution frameworks, and persistent funding gaps for mid-market enterprises.The bottom lineIndia's private market story is real and increasingly institutionalised. But it remains narrow in terms of sector spread, GP concentration, and capital depth relative to the size of the economy. The six largest GPs accounted for 64% of the total $13.68 billion raised between 2022 and 2024, up from 59% from 2016 to 2018. The LPs who have leaned in know how to navigate that. The ones still on the fence are waiting for the structural improvements that would make the market more legible and liquid at scale.Source: <a href="https://www.mckinsey.com/industries/private-capital/our-insights/indias-private-markets-the-global-limited-partner-view" rel="noopener noreferrer" target="_blank">McKinsey &amp; Company / IVCA LP Survey, November 2025. Published March 11, 2026.</a>--Join Newnex - the exclusive platform for institutional VCs to syndicate, co-invest and follow-on privately without intermediaries. <a href="http://www.newnex.io/" rel="noopener noreferrer" target="_blank" style="color: rgb(37, 99, 235);">www.newnex.io</a>

India's Private Markets: What Global LPs Actually Think (McKinsey - IVCA)

Partners Group published Private Markets outlook 2026. We are summarising the TL;DR key insights from the report for a quick reference with relevant actions. Private markets enter 2026 at elevated valuation levels across public and private assets, increasing sensitivity to shocks and reducing margin for error.High starting valuations require greater emphasis on valuation discipline, downside protection, and selectivity in capital deployment. Policy support remains a stabilising factor but does not eliminate valuation risk.• United States: expected rate cuts and fiscal measures support consumption and investment.• Europe: continued monetary easing in response to weak consumption and modest growth.• China: policy focused on domestic consumption and managing industrial overcapacity, supporting stabilisation rather than acceleration.Regional conditions are uneven.• United States remains relatively resilient but exposed to policy, trade, and institutional uncertainty.• Europe faces structural challenges including weak household consumption and subdued industrial activity.• China’s economy is stabilising but constrained by deflationary pressures and excess capacity. Long-term structural forces remain central to private markets opportunity.• Artificial intelligence is a key secular growth driver, with long-term expansion in adoption, data usage, and hyperscaler investment despite elevated valuations in parts of the ecosystem.• Infrastructure faces significant renewal needs after years of underinvestment, with growing capital requirements across energy, power, utilities, transport, and digital assets.• Real estate is undergoing structural adaptation driven by energy efficiency, digitisation, and changing usage patterns, increasing obsolescence risk for non-compliant assets. Portfolio construction discipline is critical in a high-valuation environment.• Scenario analysis and stress testing across adverse macro outcomes are essential.• Portfolios should focus on secular themes rather than short-term cyclical drivers.• Capital deployment should be gradual over three to four years to achieve vintage diversification.• Geographic diversification remains important, balancing North America, Europe, and other regions. Private equity activity is recovering after a prolonged slowdown.• Valuations have moderated from peak levels, creating selective opportunities.• Preference for control investments, thematic strategies, and selective secondaries.• Continuation vehicles are increasing and require careful quality assessment.Private credit returns are expected to moderate as interest rates decline.• Credit fundamentals remain stable.• Europe offers relatively better value than the US due to wider spreads and stronger creditor protections.• Selectivity remains important, particularly in middle-market lending.Infrastructure is positioned as a strategic allocation within private markets.• Supported by inflation-linked cash flows and strong secular demand.• Opportunities exist in both direct investments and secondaries where pricing dislocations are present. Real estate requires selectivity and value-add execution.• Returns must be driven by operational improvements rather than leverage.• Secondary investments provide access where direct transaction activity remains constrained. Royalties are an expanding asset class.• Global market estimated at approximately USD 2 trillion.• Used as a diversifier with low correlation to traditional private market assets.• Structures are expanding beyond traditional sectors.Overall, Partners Group positions 2026 as a year where capital discipline, patience, and rigorous portfolio construction matter more than capital availability, with success driven by selectivity rather than broad market exposure. Key-insights and possible actions: Markets start 2026 near historic highs<ul><li>Expectations of volatility mean discipline in valuation and scenario analysis is critical.</li><li>Be prepared for downturns as well as upside — don’t assume a straight continuation of recent trends.</li><li>Supportive fiscal and monetary policy (US fiscal expansion, ECB easing, China initiatives) may help sustain activity.</li></ul>Possible actions:- Set valuation guards and scenario stress tests for portfolio underwriting.- Avoid overpaying at peak multiples — discipline beats trend-chasing. Portfolio Construction Principles1. Stress-Test for Disruption<ul><li>Build scenarios (recession, stagflation, productivity shocks) into underwriting and risk management.</li><li>Don’t rely on a single macro view for 2026.</li></ul>Possible actions:- Implement multi-scenario models in investment memos and committee reviews. 2. Maintain Thematic Discipline<ul><li>Structural, secular themes (AI adoption, infrastructure modernization, demographics) should drive capital allocation rather than short-cycle economic calls.</li></ul>Possible actions:- Prioritize investments tied to resilient structural demand, not cyclical bet-ups. 3. Vintage &amp; Regional Diversification<ul><li>Spread private equity vintages (3–4 years) to smooth entry price dispersion.</li><li>Target balanced geographic exposure: North America 40–50%; Europe 40–50%; RoW 10–20%.</li></ul>Possible actions:- Structure deployment pacing and triangulate entry by region and cycle phase.- Asset Class Priorities- Private Equity Outlook:<ul><li>Transaction volumes are rebounding after a multi-year trough.</li><li>Valuations are moderating from peak levels, creating opportunities.</li><li>Stronger opportunities in control buyouts and selected secondaries.</li></ul>Possible actions:- Focus on control / operational value-creation strategies in sectors like pharmaceuticals and resilient industrials.- Underwrite GP-led continuation vehicles cautiously — quality varies. Private CreditOutlook:<ul><li>Returns moderate as base rates decline.</li><li>Credit quality remains stable.</li><li>Europe offers relative value over the US (spread &amp; protections).</li></ul>Possible actions:- Emphasize selective middle-market lending over large direct segments that face margin compression. InfrastructureOutlook:<ul><li>Strategic overweight due to inflation protection and secular growth (e.g., power, data, energy).</li><li>Mid-market secondaries with attractive discounts. <a href="https://www.partnersgroup.com/en/news-and-views/perspective/private-markets-outlook-2026" rel="noopener noreferrer" target="_blank">partnersgroup.com</a></li></ul>Possible actions:- Target resilient, essential infrastructure with inflation-linked cash flows.- Prioritize due diligence in renewables and data centers given regional policy variances. Real EstateOutlook:<ul><li>Value-add strategies matter more than yield chasing.</li><li>Secondaries present attractive entry amid muted direct activity.</li></ul>Possible actions:-Lean into operational value creation and tech adoption in assets (e.g., logistics, residential).- Use secondaries to capture discounts. RoyaltiesOutlook:<ul><li>Growing as a diversification tool across sectors (pharma, energy, entertainment).</li><li>Low correlation to other private-market returns.</li></ul>Possible actions:- Integrate royalty strategies as non-correlated holdings to improve portfolio resilience. Key Shifts to Act On in 2026:<ul><li>Stay valuation-disciplined and scenario prepared.</li><li>Embed structural thematic investing (AI, infrastructure, demographics) into strategy.</li><li>Balance vintage and regional diversification.</li><li>Be selective: middle-market credit, control private equity, inflation-linked infrastructure, and secondaries where price dislocations exist.</li></ul> Disclaimer: Possible actions outlined above are for informational purposes only and do not constitute investment advice, recommendations, or an offer to buy or sell any securities. Full report here: <a href="https://www.partnersgroup.com/en/news-and-views/perspective/private-markets-outlook-2026#executive-summary" rel="noopener noreferrer" target="_blank">https://www.partnersgroup.com/en/news-and-views/perspective/private-markets-outlook-2026#executive-summary</a> ----Newnex is a verified institutional VC network enabling direct syndication and co-investment with other VCs - no intermediaries and no SPVs.Sign up free.<a href="http://www.newnex.io/" rel="noopener noreferrer" target="_blank">www.newnex.io</a>

Insights from Partners Group Private Markets Outlook 2026

Continuation vehicles are becoming important in today’s private investment world. They allow investment managers to keep holding onto their best-performing assets longer, instead of being forced to sell them when their original fund reaches its end. If you’re new to the concept or just want a clear overview, here’s everything you need to know - from what they are to how they get set up and why they matter. What Are Continuation Vehicles?Think of a continuation vehicle as a new investment fund created specifically to take over and hold a company or asset that’s doing well. Usually, VC funds have fixed lifespans - typically 10 years with extensions. However, some assets need more time to reach their full potential. Rather than selling these assets prematurely, managers set up a continuation vehicle so they and investors can keep benefiting from growth. Imagine you’re a VC firm. Your firm owns some stake in a company, but when your fund’s term ends, you’d normally have to sell. Instead, you start a new fund (the continuation vehicle) that buys the stake from your original fund and raises money from new or existing investors willing to stay for the long haul. Why Use Continuation Vehicles?<ul><li>More Time to Grow: Good companies often need extra years to fully mature and create value.</li><li>Investor Flexibility: Some investors may want to exit, while others may want to roll their stakes forward into the new vehicle.</li><li>Strong Commitment: The managers themselves typically invest their own money too, aligning their success with yours.</li></ul> Key Features You Should Know<ul><li>Fees: Most continuation vehicles today charge a low management fee - usually 1% or less per year on invested capital. This is a shift from higher fees, driven by investor demands for fair pricing.</li><li>Performance Bonuses: Managers earn extra rewards if the asset performs well, with carried interest often rising to 30% after hitting certain return milestones.</li><li>Governance: Investors get protections like approval rights, “key person” clauses that protect against sudden departures, and the ability to remove managers for misconduct.</li><li>Follow-On Capital: Many vehicles put aside extra capital (“dry powder”) to fund additional growth activities, like acquisitions or expansion, rather than just holding the asset passively.</li></ul> How Are Continuation Vehicles Set Up?<ol><li>Selecting the Asset: The GP (general partner or manager) identifies a company or group of companies (assets) that has strong growth potential but may need more time.</li><li>Investor Check: The GP gauges who among existing investors wants to stay in (rollover) or cash out.</li><li>Fair Valuation: An independent review ensures the price for transferring the asset to the new vehicle is fair to all parties.</li><li>Forming the Vehicle: A new fund or company is established with agreed terms on fees, duration (usually five years plus extensions), carried interest, and governance rules.</li><li>Aligning Interests: The GP usually invests their own money or rolls over previous earnings, ensuring they have “skin in the game.”</li><li>Governance Protections: Key person triggers, LP removal rights, and lead investors are put in place for oversight.</li><li>Raising Reserves: Capital is raised not only to buy the asset but also to fund follow-on opportunities.</li><li>Launch and Manage: The continuation vehicle launches, and the GP actively manages and grows the investment while keeping investors informed.</li></ol> An example:Picture a venture capital fund backing an UK tech startup. The fund nears its end, but the startup is just hitting profitability and needs more capital and time. Instead of selling, the VC sets up a continuation vehicle, inviting willing investors to roll their stakes or cash out at a fair price. The new vehicle raises extra “dry powder” to fuel further growth. The GP invests personally, management rights and terms are agreed, and the whole group is poised to potentially reap greater rewards over the next five years. What Should Investors Watch For?If you’re considering investing via a continuation vehicle, keep these in mind:<ul><li>Check that management fees are reasonable, ideally 1% or less.</li><li>Look for tiered carried interest that rewards strong performance.</li><li>Ensure the GP has committed their own capital—this shows confidence and alignment.</li><li>Verify governance features like key person clauses and removal rights.</li><li>Confirm there’s reserve capital available for ongoing growth, not just a holding vehicle.</li></ul> Continuation vehicles are about giving great investments the time and resources they need to thrive, while offering flexibility to investors and alignment with managers. They bring transparency, discipline, and opportunity to private markets. As this structure gains popularity, especially in fast-growing markets like India, it’s worth understanding how they work and why they’re becoming a standard tool for serious private investors. Join NEWNEX - the verified VC-LP Network where VCs connect with VCs directly without intermediaries <a href="https://newnex.io/" rel="noopener noreferrer" target="_blank">https://newnex.io</a>

Understanding Continuation Vehicles: A Simple Guide to Structure, Setup, and Benefits for VCs

As 2024 draws to a close, we find ourselves reflecting on an incredible year marked by growth, challenges, and countless reasons to be thankful.This year at Newnex has been a critical year. Together with your unwavering support, we’ve brought our vision to life, welcoming over 60 VC and LP firms into our trusted network. Your trust and collaboration have propelled us forward, helping us begin the journey of shaping the future of venture capital investing. Key Milestones of 2024This year has been a journey of achievements:<ul><li>Growth &amp; Impact: We launched Newnex and expanded our verified network, empowering firms to transact privately through trusted connections.</li><li>Innovation &amp; Progress: We launched new features and refined our platform, ensuring seamless experiences and creating meaningful connections.</li><li>Collaboration &amp; Feedback: Your ideas, feedback, and energy have been at the heart of our progress, guiding our mission to make venture capital smarter and more connected.</li></ul>In an ever-evolving landscape of tech and venture capital, we’re building the future with a digital-first approach that respects the institutional rigor required in equity investing. Together, we are pioneering a new era for the industry. Our Gratitude<ul><li>To our members: Thank you for believing in us and being a vital part of the Newnex community. Your engagement and trust fuel our purpose.</li><li>To our partners: Your collaboration and shared vision have been essential in achieving our milestones. We’re honored to grow alongside you.</li><li>To our team: Your dedication, creativity, and passion are the driving forces behind our success. You inspire us every day.</li></ul> Looking Ahead to 2025As we step into 2025, we are filled with excitement for the opportunities ahead. Our commitment to innovation, collaboration, and serving our community remains stronger than ever. We can’t wait to unveil what’s in store as we continue to build a platform that empowers and connects. Warm Wishes for the HolidaysFrom all of us at Newnex, we wish you and your loved ones a joyful and peaceful holiday season. May your Christmas be filled with warmth and happiness, and may 2025 bring you success, growth, and new opportunities.Thank you for being an essential part of our journey. Here’s to a future of shared success!With gratitude and best wishes, Praveen &amp; The Newnex Team<a href="http://www.newnex.io/praveen" rel="noopener noreferrer" target="_blank">www.newnex.io/praveen</a>

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Press Release: cspaar.erp Expands European Presence with Strategic Partnerships and Tailored ERP Solutions for Small and Medium-Sized Businesses Aarhus, Denmark – 2024 – Scandinavian IT company cspaar continues to push boundaries in ERP solutions, delivering customized systems to small and medium-sized businesses (SMBs) in Denmark and the Netherlands. With a strong focus on growth and innovation, cspaar has entered into key partnerships that further enhance its market reach. cspaar has partnered with the Dutch consulting company Keep ERP Simple, which will handle the sales and distribution of cspaar.erp in the Netherlands. This collaboration marks a significant step in cspaar’s European expansion strategy, making it easier for Dutch businesses to access and benefit from their comprehensive ERP solution. Since its founding in 2021, cspaar.erp has provided customized ERP systems covering order management, point-of-sale (POS) systems, inventory management, and accounting. The key advantage of cspaar.erp is that clients only need to rely on **one** supplier for all their business infrastructure, reducing complexity and increasing operational efficiency. “We are excited about the opportunities this partnership brings,” said Caspar Christophe Ejsing, CEO of cspaar. “Our goal has always been to help small and medium-sized businesses streamline their workflows by offering a comprehensive ERP solution that meets their unique needs. This new collaboration will allow us to provide even better solutions and services.” cspaar.erp stands out in a competitive landscape that includes companies like Flatpay, C1ST, and iZettle, by offering an all-in-one ERP solution that combines various functions on a single platform. This eliminates the need for multiple systems and suppliers, simplifying both setup and daily operations for businesses. As part of its growth strategy, cspaar is focused on expanding further into Europe while continuing to invest in product development and customer support. The company also offers prospective clients a 25% discount on the first 6 months of using the software, allowing them to explore the system’s capabilities and see how it can enhance their operations. With a strong commitment to customer satisfaction and a broad range of services, cspaar.erp is on track to become the preferred ERP solution provider for small and medium-sized businesses across Scandinavia and Europe

cspaar.erp Expands European Presence

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