Max Pog’s Post

SEBI's Angel Fund Overhaul: Survival of the Fittest A sobering reality is emerging from SEBI's September 2025 circular on angel funds. What appears to be well-intentioned regulatory reform is creating an existential divide in India's angel investment ecosystem. The Numbers Don't Lie SEBI mandates that angel funds can raise capital exclusively from accredited investors. The challenge? India had merely 649 accredited investors as of May 2025 . Hundreds of angel funds are now competing for the same microscopic investor pool. Existing funds have until September 2026 to comply, with interim restrictions capping non-accredited investors at 200 per fund. New funds must comply immediately. The reality check: While larger Angel Funds claim thousands of investors, most of them won't meet accredited investor criteria. Even from these thousands of investors, the reality is that the bulk of investments would be from a small core group. For some time now, angel funds have depended on onboarding new members from tier 2 and tier 3 cities to keep the investing engine chugging. This strategy is no longer workable. Why Smaller Funds Face Extinction Access disparity: Limited networks compared to established larger funds Cost burden: Third-party verification hits smaller operations disproportionately hard Fundraising paralysis: Struggle to achieve first close under new constraints Competition intensity: Larger funds with brand recognition attract scarce eligible investors The Consolidation Advantage For larger angel funds, SEBI's framework represents opportunity, not threat: Established HNI and family office networks Economies of scale in compliance costs Brand recognition attracting scarce accredited investors The Cost of This Divide Within 18 months, we're looking at fundamental reshaping: Fund closures: Smaller funds shutting operations Forced consolidation: Mergers with larger platforms Structure pivots: Abandoning fund models for family office structures Market concentration: Handful of large funds dominating deal flow A Path Forward For regulators: Expand the accredited investor base beyond 649. Consider graduated compliance timelines. For smaller funds: Partner with larger platforms or pivot to specialized niches. For the ecosystem: Alternative funding mechanisms must fill the gap. The Bottom Line SEBI's framework may achieve investor protection goals, but at the cost of diversity. The unintended consequence: creating a "too small to survive" environment where compliance becomes a competitive moat. My own expectation is that not more than 3-4 Large Angel funds may survive. This also represents an excellent opportunity for Wealth management, PMS and advisory firms to invade the angel investing landscape. The next 18 months will determine which funds adapted and which became casualties of well-intentioned regulation. #AngelInvesting #SEBIRegulations #StartupFunding #VentureCapital #FinancialRegulation

Fund sizes in VC often act as a decision factor for LPs. Specifically, many have decided that big is bad and small is good. This is far too simple a heuristic, as the "VC" definition now is more complex, and we are really talking about two distinct asset classes masquerading as one. Large Funds ($750MM+): These are usually raised by established larger managers who deploy the bulk of their capital into consensus, growth-stage companies. For a LP, these funds are usually in place to drive stability, a reduction in volatility, and a way to deploy more dollars. Over the last 5-7 years of so, many managers in this category bundle products (i.e. An early stage stapled with a growth). With these bundles 70-80% of the capital is likely Series B and later, and the rubrik for a large fund manager when doing an initial investment is the multiples they get from later round pro-rata (i.e. a 5x on a $100MM Series D investment is more interest than a 20x on a $10MM Series A. So the thinking is often driven by "how much capital can we potentially fund into this company over time"). This leads to risk/returns that trade near growth equity/small cap buyout rather than venture capital's traditional risk/return pattern. Smaller Funds (<$250M): This is what purist VC used to be. High potential for multiples, high alpha generation, but with the trade-off of significantly higher risk and volatility. From a TVPI standpoint, EVERY YEAR, both the top performers AND the biggest underperformers each year are this group. Using PB data, we observed that the delta between top quartile and median for small funds was ~13% while large funds average a delta of 7%. The challenge with smaller funds is discovery, diligence, and diversification. Getting this right is literally a full-time job with 2,000+ funds in the market and perhaps only 10-20% driving the type of performance that justifies the additional risk. Most LPs end up getting beta exposure even in smaller funds because they lack the network depth, time, or diligence expertise to identify the true alpha generators. It's also why FoF exposure often is the way to go for most given the time instensity for what may only represent 1-2% of total assets. The loss of agency prevents many people from doing this of course. Both types of investment products can make sense in a well-balanced portfolio and the mix depends on the investor goals. But directly comparing large and small VC funds usually misses the main point of these being different products.

Incredibly true, VC today largely is a biopolar universe where risk/reward paysoff sub $100m funds and above $1b+ vertically integrated multistage platforms. It will be hard to repeat performance in the middle.

The JioBlackRock Flexi Cap Fund New Fund Offer (NFO) is an open-ended equity fund that invests in companies across all market capitalizations: large-cap, mid-cap, and small-cap. Its primary objective is to generate long-term capital appreciation. The NFO subscription period was from September 23 to October 7, 2025, after which the fund will reopen for continuous sale and repurchase within five business days of the allotment date. Key Features and Investment Strategy This fund is notable for being India's first active equity fund powered by BlackRock's Systematic Active Equity (SAE) approach. • Systematic Active Equity (SAE) Approach: This is a disciplined, model-driven process that combines human expertise with advanced technology and AI-driven insights to make investment decisions. It leverages vast datasets, including traditional financial data and alternative data (like social media trends, market sentiment, and satellite imagery), to identify investment opportunities and manage risk. The goal is to reduce emotional bias, ensure consistency, and deliver consistent returns. BlackRock’s integrated platform, Aladdin, supports the fund's management at scale. • Asset Allocation: The scheme will typically allocate: • 65–100% in equity and equity-related instruments across large, mid, and small cap companies. • 0–35% in debt and money market instruments. • 0–10% in units of REITs and InvITs. • Fund Management: The fund is benchmarked against the Nifty 500 Total Return Index (TRI) and is managed by Tanvi Kacheria and Sahil Chaudhary. • Investor-Friendly Features: The fund offers a low minimum application amount of ₹500 for lump sum or SIP and has a nil exit load, meaning there's no penalty for redeeming the investment at any time. It is expected to have a competitive expense ratio, with one source quoting it around 0.50%. Investment Advice and How to Invest • Investment Recommendation: Rishi Kohli, CIO of JioBlackRock Mutual Fund, has suggested that new investors can start with Systematic Investment Plans (SIPs), while seasoned investors may consider lump sums, to manage risk and volatility. • How to Invest: You can invest in the fund by applying directly on the fund house's website after completing the necessary onboarding (bank details, PAN, etc.). Alternatively, the fund is available for investment through various third-party online platforms like Groww, Zerodha, and Paytm Money. Once the NFO period closes, the fund will be available for continuous investment and withdrawal

If you have dealflow, start investing. Stop waiting for the perfect fund structure. Stop waiting for institutional LPs. Stop waiting for permission from Sand Hill Road. You have dealflow. You have conviction. You have access to capital through friends and family. What you lack is action. The institutional LPs will come after you prove your thesis works. The expensive fund structure can wait until you have real portfolio companies to show. The best emerging managers I know started with humble beginnings, scraping together their own resources with money from friends and family. They built a track record, and showed the world what they can do. Emerging managers who invest before fundraising are the most successful. This is not theory. This is pattern recognition from watching hundreds of fund managers over the past decade. The ones who waited for institutional backing first never got off the ground. The ones who started with humble resources and proved their thesis early became the next generation of top-tier VCs. The message is clear. Start writing checks. What are you waiting for?

💹 JioBlackRock Flexi Cap Fund NFO Closes After Investor Rush; Offers India's First AI-Powered Active Equity Strategy with a Low 0.50% Expense Ratio 💸 The New Fund Offer (NFO) for the JioBlackRock Flexi Cap Fund is now closed, but you can still invest in this fund as it is an open-ended scheme. It uses a unique, technology-driven approach to invest across large, mid, and small-cap companies. 💡 Understanding the Fund's Strategy The JioBlackRock Flexi Cap Fund differentiates itself through its Systematic Active Equity (SAE) approach, which aims to combine human expertise with technology and data analysis. - Technology-Driven Process: The fund uses BlackRock's ALADDIN platform and alternative data to generate research scores for stock selection. This data-driven method seeks to identify opportunities and manage risk in real-time. - Portfolio and Management: The fund is benchmarked against the Nifty 500 TRI and is managed by fund managers Tanvi Kacheria and Sunil Chaudhary. It aims for a diversified portfolio of around 70-80 stocks. 🤔 Who Should Consider Investing? Given its novel approach, this fund may be suitable for specific types of investors. - Ideal Investor Profile: This fund could be a good fit if you are a long-term investor with a high-risk appetite, understand technology-driven models, and want a low-cost, diversified core equity holding. - Expert Caution: Some experts suggest a calibrated "wait and watch" strategy for this new fund. A financial influencer compared it to a "Formula 1 car" – powerful but complex, and potentially volatile, requiring investors to be comfortable with market swings. - Suggested Approach: You might consider starting with a small satellite allocation (e.g., 5-10% of your equity portfolio) via a Systematic Investment Plan (SIP) to gain exposure while the fund establishes its track record. 💰 How to Invest Now Since the NFO has closed, you can invest once the fund reopens for ongoing subscriptions. This typically happens within 5-10 business days after the NFO closing date. You will then be able to buy units at the prevailing Net Asset Value (NAV) through most mutual fund platforms or directly from JioBlackRock. Follow us for getting in touch with business updates! ✨ https://lnkd.in/gDr3AfGj

September 29, 2025 Ventus Capital Partners Announces First Closing of US$15 Million Search Fund Investment Vehicle Buenos Aires, Argentina & Virginia, USA — Ventus Capital Partners is pleased to announce the First Closing of Ventus Capital Partners Fund I, LP, an investment vehicle with a target fund size of US$15 million. Following this initial milestone, the Fund will continue its fundraising efforts over the coming months to reach its target. As of the First Closing, the Fund has already committed capital to 20 search funds across 12 countries, including Australia, Italy, India, the United Kingdom, Spain, Brazil, Argentina, Chile, Colombia, the Dominican Republic, the United States, and Peru. Ventus’ strategic objective is to build a diversified portfolio of 40 search funds worldwide, which is expected to result in more than 20 direct investments in operating companies with strong value-creation potential. The Fund is managed by Horacio Reyser and Matias Tavella, Managing Partners of Ventus Capital Partners, who bring nearly five decades of combined experience in private equity and operational management. Collectively, they have overseen more than US$3 billion in assets across some of the most relevant funds and companies in the region. Ventus Capital Partners has also forged strategic alliances with DLA Piper and IAE Business School to promote the organic development of the Search Fund model. Furthermore, the Fund has established an Advisory Board comprising Norberto Morita, Jose Orlando, and Alejandro Stengel, whose expertise will strengthen governance and strategic decision-making. About Ventus Capital Partners Ventus Capital Partners (VCP) is an independent investment firm focused on private equity transactions across diverse sectors. The firm creates unique opportunities for investors by building long-term relationships grounded in trust, performance, and the highest ethical standards. VCP invests globally through two primary strategies: Search Fund Model: Supporting the global expansion of the Search Fund model, first developed at Stanford University in 1984, which has consistently demonstrated strong returns. Independent Sponsor Buyout: Identifying investment opportunities in Latin America that deliver attractive returns in partnership with management teams, deploying dedicated capital for each transaction. With offices in the United States and Argentina, Ventus Capital Partners connects talent and capital to drive sustainable growth strategies worldwide. Media & Investor Relations Contact info@ventuscp.com

🏦 JioBlackRock Flexi Cap Fund Overview 📑🖋️ JioBlackRock Mutual Fund is launching its first active equity fund, a flexi-cap fund. This fund opens for subscription from September 23 to October 7. The fund is named JioBlackRock Flexi Cap Fund. 🎯 Objective: To achieve long-term capital appreciation through diversified equity and equity-related investments, benchmarking the Nifty 500 Index (TRI). 💹 Innovative Investment Approach: JioBlackRock Mutual Fund launched India's first active equity fund, powered by Systematic Active Equity (SAE), blending technology with human expertise, integrating data, AI, and human insight to enhance decision-making. 📄 Goal: To transform data signals into actionable foresight for investment decisions. 📒 Understanding the Systematic Active Equity (SAE) Approach The SAE approach is a sophisticated investment strategy characterised by: 👉🏻 Active Investment Strategy: Proactive management to adapt to market changes. 👉🏻 Systematic Stock Selection: A structured and disciplined method for choosing stocks. 👉🏻 Portfolio Construction: Thoughtful assembly of the investment portfolio. 📑 Key Features of SAE: 1. Responsiveness: Allows fund managers to respond proactively to evolving market conditions and new opportunities. 2. Defined Investible Universe: Fund managers define a stock universe using stringent criteria, including governance, Debt Servicing, Regulatory Compliance, Market Perceptions, and Other Relevant Parameters. 3. Data-Driven Insights: Utilises inputs from fund managers combined with signal research scores provided by BlackRock Inc. 📚 Investment Details and Structure  Plan Type: Offers a Direct Plan only. Option: Growth option. Exit Load: Nil (no charges for exiting the fund). Minimum Application Amounts: Lump-sum Investments or Switch-ins: Minimum: Rs 500     Thereafter: Any amount Systematic Investment Plans (SIPs): Minimum: Rs 500 Multiples: In multiples of Re 1 thereafter Minimum Instalments: Six instalments 💰 Asset Allocation Strategy This flexi-cap fund will strategically allocate its assets across different categories: 📈 Equity and Equity-Related Instruments:       Allocation: 65-100%        Coverage: Large-cap, mid-cap, and small-cap companies Debt and Money Market Instruments:        Allocation: 0-35%   Units of REITs and InvITs (Real Estate Investment Trusts & Infrastructure Investment Trusts):       Allocation: 0-10% 📜 Per the flexi-cap fund's SID, it suits investors seeking long-term capital appreciation and equity exposure across market caps. 👩🏻💼 Hey my LinkedIn Famille! I believe you guys find this quick overview, intriguing and worthwhile to read. 😃 Happy Learning!!! P.S.- Please acknowledge that this is not a promotion of any entity or recommendation of any asset class but rather solely for knowledge and learning purposes. #JioBlackRock #RelianceIndustries #FundLaunch #SystematicActiveEquity #LinkedIn #IndianMarkets #LinkedInPost

𝗪𝗵𝗮𝘁 𝗶𝗳 𝘃𝗲𝗻𝘁𝘂𝗿𝗲 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗳𝘂𝗻𝗱𝘀 𝘄𝗲𝗿𝗲 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲𝗱 𝗹𝗶𝗸𝗲 𝗮 𝘀𝘁𝗼𝗰𝗸? 𝗪𝗵𝗮𝘁 𝗶𝗳 𝗩𝗖 𝗯𝗲𝗰𝗮𝗺𝗲 𝗮 𝗽𝗿𝗼𝗱𝘂𝗰𝘁? I’ve been exploring how the AMC structure could be applied to venture capital. An AMC is a Swiss financial product that allows investors to participate in a professionally managed portfolio, without directly holding the assets. Think of it as a “wrapper” that turns an active investment strategy into a single, tradable note. In essence, an AMC works like a hybrid between an ETF, a bond, and a managed fund, combining professional management, flexible strategy, and simple execution: - Like an ETF, it tracks a basket of assets. - Like a managed fund, the portfolio manager can adjust the composition over time. - And like a bond, it delivers the portfolio’s value at redemption. ✅ 𝗘𝗮𝘀𝗲 𝗼𝗳 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 Investing in an AMC is almost as simple as buying a stock. You can do it through your usual bank or broker, with no extra forms. Your bank handles KYC, reporting, and declarations automatically. In practice: you can invest in venture capital or private markets as easily as buying a listed share. 🎯 𝗙𝗹𝗲𝘅𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝗮𝗰𝗿𝗼𝘀𝘀 𝗮𝘀𝘀𝗲𝘁 𝗰𝗹𝗮𝘀𝘀𝗲𝘀 An AMC can hold almost any asset, from listed equities and bonds to startup shares, SAFE notes, convertible debt, fund positions, or even tokenized instruments. It’s a gateway to low-accessible asset classes, wrapped in a regulated structure. 💶 𝗡𝗼 𝗺𝗶𝗻𝗶𝗺𝘂𝗺 𝘁𝗶𝗰𝗸𝗲𝘁 Most AMCs have no minimum ticket, unlike traditional VC or club deals that often require €100k. You can invest the amount you choose, from a single startup ticket to several million. However, AMCs are reserved for qualified investors. 🔁 𝗟𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆 & 𝗲𝘅𝗶𝘁 𝗼𝗽𝘁𝗶𝗼𝗻𝘀 AMCs can be listed or traded OTC, offering liquidity most private funds can’t. Even unlisted ones can allow secondary transfers. The structure can be fixed-term or open-ended, more flexible than the 10-year VC fund. 📊 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 & 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 Investors receive regular NAV updates, with all holdings and valuations reported by the issuer. Because AMCs are fully bankable, they appear directly in your portfolio statements with automatic reporting. 🇨🇭 𝗟𝗲𝗴𝗮𝗹 & 𝘁𝗮𝘅 𝗮𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲𝘀 AMCs benefit from Switzerland’s strong regulatory and tax environment, offering a high level of investor protection and attractive conditions for both Swiss and international investors. ➡️ 𝗜𝗻 𝘀𝗵𝗼𝗿𝘁: AMCs could be a good way to respond to some of the usual problems in venture capital: illiquidity, high risk, limited transparency, high management fees, and the fact that it’s hardly accessible for most investors. 👉 Full article on Medium: https://lnkd.in/eHvzmzQm

Building Trust in Turbulent Times: PE Innovation and Fundraising for Institutional Investors Private equity (PE) in Europe and the GCC is adapting to market headwinds through innovation, structural flexibility, and greater alignment with institutional investor priorities. While fundraising remains challenging, several recent successes reflect ongoing confidence in the asset class. Recent Fundraising Momentum Despite macroeconomic uncertainty, select GPs continue to attract institutional capital at scale. In 2025, KKR deployed $20 billion across Europe, with over $10 billion from its private equity arm—demonstrating deep investor appetite for high-quality, diversified strategies. In the GCC, BlueFive Capital, based in Abu Dhabi, closed its inaugural Reef Private Equity Fund I at $2 billion, focusing on control and strategic minority investments across healthcare, technology, hospitality, and aviation. Meanwhile, Verdane raised approximately €750 million for its Idun II fund, targeting European energy transition and sustainability-driven growth equity opportunities—underscoring rising LP interest in ESG-aligned strategies. Challenges and Innovations Fundraising timelines are extending as LPs navigate the “denominator effect,” tighter liquidity, and fewer exits. Smaller and first-time funds face higher hurdles. Yet innovation is bridging the gap. GPs are responding with: • Co-investments & SMAs offering flexibility, transparency, and lower fees. • Continuation funds enabling longer holds of quality assets with liquidity options. • Evergreen/open-ended funds increasingly attractive to pension funds seeking yield with optional liquidity. • Fee innovation, including discounts for anchor LPs and hybrid waterfall models tied to long-term performance. Evolving LP Expectations Institutional investors are becoming more selective. Top priorities include: • Demonstrated GP performance across cycles. • Enhanced reporting (IRR, MOIC, ESG metrics). • Co-investment access and liquidity options. • Alignment on values—especially around ESG, sustainability, and governance. Future Outlook Large, established GPs will likely continue to attract capital, while niche or first-time managers must differentiate through domain expertise, geographic focus, or innovative structures. Regulatory developments—such as ELTIF 2.0 in the EU and ADGM reforms in the GCC—will further influence fund structuring. Conclusion For institutional LPs, the next generation of private equity will be defined by trust, transparency, and tailored solutions. GPs that align closely with investor goals and embrace innovation will remain best positioned in a complex, fast-evolving landscape.