About the Event

India stands at an inflection point in its economic development, with real assets—comprising infrastructure, real estate, energy, and other physical capital— playing a critical role in shaping the country’s future growth trajectory. As the government pursues its ambition of becoming a $5 trillion economy, real assets are not only foundational to building long-term economic resilience but are also instrumental in driving inclusive and sustainable development.

Not surprisingly then that in every annual Budget of the central government, the two key spokes of real assets- ‘infrastructure’ and real estate as captured under housing, forms a usual part of policy focus.

But the scope of real assets spread far and beyond. Even if one excludes soft infrastructure, the real assets straddle large part of the economy including energy, transportation, logistics, waste management, telecom infra and mining besides real estate cutting across commercial, industrial and residential.

These put together dominate the physical fixed assets in the country and has been attracting lot of money both within India and through foreign inflows. The significance of real assets is not lost on either the public sector or the private sector as the broader sector required large scale capital commitment, long gestation periods and risky return of investments. The money flow in the real assets space twines heavy doses of equity, debt and hybrid capital.

The capital play in the industry also reflects in the corporate deal arena. Almost half of all top private equity deals and largest M&As involving Indian companies during 2024 was in the real assets space, encompassing areas like airports, highways, power generation & transmission, telecom towers and commercial properties, according to data compiled by VCCEdge. Year 2023 also saw prominence of real assets transactions among top deals, especially in the flow of private capital. India’s real asset space has been witnessing growing participation from institutional investors, sovereign wealth funds, and pension funds, attracted by scalable opportunities and improving transparency.

Regulatory advancements, including RERA, IBC, and SEBI’s REIT and InvIT framework, have significantly enhanced investor confidence and market maturity. Simultaneously, sustainability imperatives are reshaping capital flows, with ESG-aligned infrastructure, renewable energy assets, and green financing instruments drawing heightened interest.

As India prepares for a decade of accelerated physical and digital infrastructure build-out, real assets will remain central to its structural transformation. To capture the tailwinds supporting and indeed driving the growth of real assets in the country, VCCircle is organising its inaugural edition of a networking and thought leadership conclave.

This forum will serve as a critical platform for stakeholders across the spectrum—policy makers, financial institutions, developers, asset managers, and international investors—to come together and exchange perspectives on emerging trends, risks, and strategies with thought-provoking discussions, actionable insights, and strengthened collaborations that will advance the future of real assets in India.

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Agenda

9:15 AM onwards
  • 9:15 AM – 9:20 AM

    Welcome Address

  • 9:20 AM – 9:30 AM

    Special Address

    Ankur Gupta, Deputy CIO & Head of Asia Pacific and Middle East, Brookfield

  • 9:30 AM – 10:10 AM

    Transport infrastructure: Riding on privatisation wave

    The privatisation push of the last three decades for transport infrastructure, be it roads, airports or ports has certainly changed the overall profile of India’s readiness to drive a faster economic growth. That said a lot of opportunity is yet to be unlocked, especially in the railways side of the equation. What has been the experience of those operating highways and other transport infra in terms of economics? How do investors look at these assets in terms of returns? Has the gestation period shrunk over time and untangling of regulatory knots? How have various business models evolved?

    Speakers:
    Abhishek Arora
    ,CIO, Maple Highways
    Gaurav Chandna, Joint CEO, Highways Infra Trust
    Vinay Sekar, CEO, Cube highway INvit

    Moderator:
    Aman Malik
    , Senior Editor, VCCircle

  • 10:10 AM – 10:30 AM

    Fireside Chat - Mainstreaming Real Assets: Investing in India's Physical and Sustainable Future

    As India accelerates its infrastructure and sustainability goals, Real Assets — once considered niche or illiquid — are now emerging as a mainstream investment class. In this Fireside Chat we shall explore how institutional innovation, product democratization, and a strong sustainability lens are reshaping the real asset landscape. From fractional ownership to green infra, and from policy alignment to global capital flows, this session offers deep insight into the evolving asset class that’s quietly powering India’s next decade of growth.

    Speaker:
    Subahoo Chordia
    , CEO, Edelweiss Alternatives (EAAA) 

    Moderator:
    Anitesh Dharam
    , CBO, VCCircle & VCCEdge

  • 10:30 AM – 11:10 AM

    What next for energy transition & green infrastructure?

    Solar and wind power has been a big driver of India’s shift from dependence on thermal energy with emergence of a string of large players and many others trying to follow in their tread. ESG mandates and climate change concerns too have accelerated capital deployment. How is the next wave likely to play out in India’s renewable energy sector? How soon can the existing coal fired assets can be replaced by the greener cousin? Is there a scope of cleaning the unclean energy source as a short to medium term strategy given that the government intends to add more thermal energy capacity going forward? How about battery storage, hydrogen and ammonia as alternative feeds?

    Speakers:
    Pratyush Thakur
    , Country Head ( India), Blueleaf Energy
    Jay Kumar Waghela, CEO Distributed Solar, Fourth Partner Energy
    Pinaki Bhattacharyya, Founder, MD & CEO, AMPIN Energy Transition
    Sanjeev Aggarwal, Founder & Chairman, Hexa Climate 

    Moderator:
    Aman Malik
    , Senior Editor, VCCircle

  • 11:10 AM – 11:30 AM

    Networking Break

  • 11:30 AM – 12:10 PM

    Blending the real assets opportunity: REIT & InvIT

    Real estate investment trust and infrastructure investment trusts have opened a new window for both operators and investors in real assets to look at the wider opportunity in the country. What has been the experience of early adopters of these two models? Has there been a divergence in performance between REIT and InvITs? What more needs to be done to gain from this model from a regulatory perspective?

    Speakers:
    Ramesh Nair
    , MD & CEO, Mindspace REIT
    Shirish Godbole, CEO, Knowledge Realty Trust
    Amit Shetty, CEO, Embassy REIT
    Alok Aggarwal, CEO & MD, Brookfield Properties

    Moderator:
    Swet Sarika
    , Assistant Editor, VCCircle

  • 12:10 PM – 12:40 PM

    Building Digital Bharat: Overcoming Challenges & Seizing Opportunities in Digital Infrastructure

    What started with telecom infra with rollout of towers as the communication revolution took over India, has now moved to another level and platforms such as Aadhaar, UPI, DigiLocker, and the Open Network for Digital Commerce (ONDC) have transformed financial inclusion, e-governance, and commerce, bringing millions into the digital fold. However, significant challenges remain. How are digital infra operators be it towers and data centre businesses overcoming the problems? How can long term investors participate in the growth of digital infra and what has been the experience of early investors and operators in the field? How can firms build exit-ready structures for IPOs or tech operator buy-ins? Can hyperscale partnerships be the driver of long-term infrastructure control?

    Speaker:
    CtrlS 

    Moderator:
    Ajay Ramanathan, Special Correspondent, VCCircle 

  • 12:40 PM – 1:10 PM

    Climate Policy Brief: Green Energy and Infrastructure

    India’s climate policies drive green energy and infrastructure, vital for real assets investment. The National Solar Mission targets 500 GW renewable capacity by 2030, supporting solar and wind projects. The FAME scheme advances EV infrastructure, while green bonds fund clean energy. But regulatory hurdles and high costs challenge progress, requiring public-private partnerships (PPPs) via the National Infrastructure Pipeline. Investors can leverage tax incentives and ESG frameworks for decarbonization, collaborating with policymakers for scalable, resilient investments.

    Speaker:
    Vivek Sen
    , India Head, Climate Policy Initiative
    Nikunj Ghodawat, CFO, Clean Max Enviro Energy Solutions Pvt Ltd
    Shabana Bajari, CFO, KP Energy Ltd.

    Moderator:
    Aman Malik
    , Senior Editor, VCCircle

  • 1:10 PM – 2:00 PM

    Networking Lunch

  • 2:00 PM – 2:30 PM

    Family Offices: Key Stakeholder in Real Assets

    Real assets combine the touch and feel factor of a real estate property and long term income generation capability of an infrastructure or commercial building. Not surprisingly, real asset is an important part of the money allocation pie chart for family offices. How do family offices weigh their real asset investment strategy versus other alternatives? Is it just a risk diversification play? How is the investment strategy changing with new products that have evolved in the last decade with REITs and InvITs?

    Speakers:
    Avinash Dulani
    , VP- Investments , Thakor Family Office
    Vinay Rangani, CIO, Graviss Family Office

    Moderator: 
    Prithvi Durai
    , Senior Correspondent, VCCircle

  • 2:30 PM – 3:00 PM

    Homing in on residential: Taking the success of commercial realty to residential space

    The commercial realty space has seen a big change over the last decade with large institutional ownership of income generating projects. The residential side of the market remains fragmented and dealmaking largely involves short term quasi debt funding. How can developers and investors spice up residential realty with new products and even creating income generating assets like the developed markets? Which regional pockets and cities can bring the next set of opportunity as top markets see virtual decline of real ‘affordable’ housing with asset price shooting up? How can developers still offer affordable housing in metro cities?

    Speakers:
    Saurabh Rathi
    , Managing Director & Co-head, Real Estate Funds, Motilal Oswal Alternates
    Bhavya Bhagrecha, Pantomath Cap
    Ankur Gupta, Head Investments, Hines India

    Moderator:
    Swet Sarika
    , Assistant Editor, VCCircle

  • 3:00 PM – 3:20 PM

    Fireside Chat

  • 3:20 PM – 3:40 PM

    Networking Break

  • 3:40 PM – 4:10 PM

    Platform play for real assets: Digital, Financial & Collaborative Solutions

    Large alternative investors, pension funds and sovereign wealth funds have created platforms to play in real assets. How has that strategy turned out for these long term investors? What are the learnings and how can the model be fine-tuned further for best execution and lucrative returns? How can financial investors best navigate operational challenges in taking the reins of such platforms?

    Speakers:
    Pawan Parikh
    , CEO, Safeway Concessions
    Ankur Trehan, Principal-Infrastructure, Actis

    Moderator:
    Aman Malik
    , Senior Editor, VCCircle

  • 4:10 PM – 4:40 PM

    Industrial Logistics: A dark horse

    Overshadowed by the big money flowing in office properties and the consumer facing residential side of real estate, is industrial properties going through its own renaissance. Supported by wide scale enhancement and capacity building in logistics and warehousing besides growth of ecommerce, industrial real estate is also a big booming business. Investors are increasingly targeting these segments for stable returns and long-term appreciation, with Tier-2 and Tier-3 cities emerging as new hotspots for development and investment. At what stage is India’s industrial real estate growth? How are government initiatives, such as the National Industrial Corridor and Smart Cities Mission, shaping the future of these sectors? What trends are emerging in tenant preferences, especially regarding technology integration, sustainability, and experiential retail? What are the major challenges—regulatory, infrastructural, or financial—facing developers and investors in these segments? How can stakeholders leverage REITs, digital platforms, and innovative funding models to maximize returns in industrial real estate?

    Speakers:
    Tapan Bhatt
    , COO, Ascendas Firstspace
    RK Narayan, President Strategy & Business Development, Horizon Industrial Parks ( a blackstone company)
    Nirav Kothary, Director, Godwitt Construction

    Moderator:
    Swet Sarika
    , Assistant Editor, VCCircle

  • 4:40 PM – 5:10 PM

    Proptech: What next?

    Proptech used to be a battlefield of classified ventures but after the consolidation in that segment a decade back, various other players have emerged They are into co-working, student housing, interior design and more. How have some of the newer sub-segments within proptech performed? What are the success mantras among those breakout players? Which segments are showing signs of a new set of opportunity to be tapped?

    Speakers:
    Abhay Garg
    , Head, Brigade REAP & Earth Fund (Brigade Group)
    Murali Krishna V, Head, SPYRE Proptech Venture Fund
    Jitendra Jagadev, Co-founder & CEO, Nestaway (A part of Aurum Proptech Ltd.)
    Sumit Lakhani, CEO, Awfis

    Moderator:
    Ajay Ramanathan
    , Special Correspondent, VCCircle


Speakers '25

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Vinay Rangani

CIO, Graviss Group
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Pratyush Thakur

Country Head (India), BlueLeaf Energy
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Abhishek Arora

CIO, Maple Highways
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Gaurav Chandna

Joint CEO, Highways Infra Trust
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Avinash Dulani

VP- Investments, Thakor Family Office
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Vinay Sekar

CEO, Cube Highways InvIT
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Tapan Bhatt

COO-logistics business, Ascendas Firstspace (A capitaLand-Firstspace joint venture)
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Ramesh Nair

MD & CEO, Mindspace REIT
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Vivek Sen

India Head, Climate Policy Initiative
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RK Narayan

President Strategy & Business Development, Horizon Industrial Parks (a blackstone company)
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Shirish Godbole

CEO, Knowledge Realty Trust
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Ankur Gupta

Head- Investments, Hines India Pvt. Ltd
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Saurabh Rathi

Managing Director & Co-head, Real Estate Funds, Motilal Oswal Alternates
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Pawan Parikh

CEO, Safeway Concessions
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Amit Shetty

Chief Executive Officer, Embassy REIT
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Bhavya Bagrecha

Fund Manager, Bharat Bhoomi Fund
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Jay Kumar Waghela

CEO Distributed Solar, Fourth Partner Energy
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Alok Aggarwal

CEO & MD, Brookfield Properties
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Abhay Garg

Head, Brigade REAP & Earth Fund
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Sanjeev Aggarwal

Founder and Executive Chairman, Hexa Climate
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Pinaki Bhattacharyya

Founder, MD and CEO, AMPIN Energy Transition
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Nirav Kothary

Director, Godwitt Construction
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Subahoo Chordia

CEO, Edelweiss Alternatives (EAAA)
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Murali Krishna V

Head, SPYRE Proptech Venture Fund
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Jitendra Jagadev

Co-founder & CEO, Nestaway (A part of Aurum Proptech Ltd.)
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Shabana Bajari

CFO, KP Energy Ltd.
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Ankur Gupta

Deputy CIO & Head of Asia Pacific and Middle East, Brookfield
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Nikunj Ghodawat

CFO, Clean Max Enviro Energy Solutions Pvt Ltd
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Sumit Lakhani

CEO, Awfis
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Sunil Pareek

Executive Director & Ceo, Assetz Property Group


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