Abstract
Abstract Vultures are frequently used as a disparaging term to characterize how some private equity (PE) funds operate. However, a few PE funds that dared to invest between 2011 and early 2014 years—when India’s economic development slowed dramatically—can be compared favourably to birds of prey. Between 2011 and 2013, the number of PE and VC deals fell by 17% to 418, with VC funds faring better than PE funds. These years were among the most challenging to do business in because of economic and political uncertainties, unfavourable currency volatility, domestic policy inertia, high inflation, and high cost of capital. PE funds had to cope with scams and flameouts, as well as far too many instances of promoter—investor strife, in the midst of all of this. This case focuses on PE and VC funds evaluation and their investment returns in light of the fund managers’ high—risk activity.
Published Version
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