David Wilton, Chief Investment Officer at Oister Global, on Outlook for India’s Private Markets in 2025

David Wilton, Chief Investment Officer at Oister Global, joined a recent ION Influencers Fireside Chat hosted by Giovanni Amodeo. focusing on the outlook for Indian private markets in 2025:

Key Topics Discussed:

Background and Role of David Wilton & Oyster Global:

• David has 30 years of experience in venture capital and private equity, including managing the World Bank’s pension fund portfolio and leading the IFC’s funds group.
• Oyster Global was founded by the creators of Loomis Partners to provide access to Indian private markets, similar to U.S.-based platforms like iCapital, targeting high-net-worth individuals.

Evolution of Private Markets in India (Last 20 Years):

• The growth of Indian private markets is relatively recent, with high-net-worth individuals supporting the market for the last decade.
• The focus in India is different from the U.S., where large General Partners (GPs) are now seeking retail investors due to fully saturated institutional investments.
• India’s market is growing fast, with a focus on scalable, high-return investments.
• The Indian market has broad support and is more transparent than China’s, with growth driven by infrastructure that cannot be easily reversed, even with changes in government.

Comparison Between India and China:

• India’s decentralized growth contrasts with China’s top-down approach. In China, developments often happen out of public view, while India’s growth is more visible and transparent.
• India’s growth is expected to continue, even with potential political shifts, as the foundational systems are stable and supported.

Investment Opportunities and Market Size:

• For investors with hundreds of millions to a couple of billion, choices become limited. However, for those investing smaller amounts (from a few hundred thousand to tens of millions), India is a “sweet spot” for private equity and venture capital.

Sophistication of Family Offices and GPs:

• There’s still a challenge in accessing quality information about GPs. This issue is common globally, not just in India, as identifying top performers in private equity can be difficult.
• As the market grows, this challenge becomes more significant.
• There’s a generational difference in how GPs approach fiduciary duties, with newer players showing less understanding or adherence to proper reporting standards compared to the more established markets like the U.S. and Europe.
• Despite this, most of the GPs in India are performing well, though transparency and reporting quality may still vary slightly.

Blind Spots and Inefficiencies in the Industry:

• Identifying top-performing GPs remains a major challenge. Information on GPs in emerging markets like India can be sparse, and this issue is growing with market expansion.
• Fiduciary duties are not always fully understood by newer GPs, and reporting quality may not always meet international standards, though overall, improvements are seen.

Key timestamps:

00:09 Introduction to the Fireside Chats
01:41 Democratization of Private Markets in India
03:20 Market Size and Growth in India
03:56 Market Maturity and Performance Indicators
06:56 Transparency in Indian Private Markets
07:41 Emerging Investment Strategies
09:27 Exit Strategies in the Indian Market
12:46 Changing Perceptions of India Among Investors
17:26 Future Opportunities in Indian Markets
19:31 Targeting Developing Markets
20:05 Challenges for US General Partners in India
21:33 Government Policy and Digital Innovation
22:25 Emerging Market Dynamics
23:07 Investment Returns in India
23:50 Comparative Growth Paths: India vs. China
25:02 Sophistication in Family Offices and GPs
25:58 Generational Differences in GP Perceptions
26:51 Quality of Reporting and Transparency