Theme
Market Opportunity
Impact Opportunity
SDGs Impacted
Financial
Inclusion
25% growth in microfinance industry in last 5 years
20-30% p.a. growth in affordable housing finance
90% of Indians lack access to formal sources of credit
US$350bn gap in formal credit for India's 63m
Global Energy Transition
US$30tn total investment expected across energy transition technologies in next 20 years
2/3rd reduction in energy intensity needed by 2050
75% share of renewables in electricity by 2050 (25% today
Digital Innovation and Participation
US$10bn of SaaS revenue by 2025 for Indian companies
25% growth for digital IT services until 2025
0.7% of GDP spent on R&D in India (vs. 2-3% by peer group)
c.660m Indians still do not have access to the internet (2020)
Quality Healthcare Access
US$50bn medical devices exports from India by 2025
US$8bn revenue cycle management market by 2023
30m Indians slip into poverty annually due to healthcare costs
38 medical personnel per 10,000 people (vs. 45 targeted)
Education Inclusion
US$60bn online education market in India, growing at >40% per annum
32 students per primary school teacher (vs. 16 in China)
< 20% of engineering graduates are "employable"
GPC adopts a distinctive approach to investing in India based on creating market leaders, which, at this stage in India’s development, recognises the role of globalisation of Indian businesses and helping these businesses penetrate international markets as well as bringing international business to India
Strategic, Thematic Investing
GPC has a built a proprietary thematic research capability generating Indian, cross-border and international investment themes. This research has been effectively used to drive origination and deal flow for the Fund. Key investment themes developed so far include: Mass Inclusion; Digital Leapfrog; the Rise of the Indian Multinational; the Industrial and Infrastructure Revolution; a parallel Agricultural Revolution and Changing Demographics and Consumers
GPC invests primarily in healthcare, technology and services recognising that India needs international grade companies to emerge and foreign participation to drive mass market participation
Mass healthcare provision
- Current Gap: India’s ratio of 0.7 doctors per 1,000 people that is significantly lower than the WHO average of 2.5 doctors
- Future Trend Indicator: India’s healthcare sector is expected to grow to at a 16% CAGR to US$280bn by 2020
Mass technology & digital participation
- Current Gap: Indian Internet penetration at c.27% compared to 51% in China and 88% in the US in 2015
- Future Trend Indicator: Internet usage is growing at c.40% in India, compared to global growth of c.10%
Financial inclusion
- Current Gap: 19% of the Indian population does not have access to a bank account
- Future Trend Indicator: 255m new bank accounts opened in India with c.US$11bn of deposits, since Aug-2014
Mass education & skills development
- Current Gap: Only 8.2% of Indians are graduates with illiterates being six times more than graduates
- Future Trend Indicator: Size of India’s education sector expected to double to US$180bn by 2020
Workforce inclusion
- Current Gap: c.91% of India’s workforce is part of the unorganised sector
- Future Trend Indicator: At least 280m more people will enter India’s job market by 2050
India-International
The fund selects technology, healthcare and services, particularly financial, as meeting its criteria in terms of growth, profits, internationalisation scope and governance, Given, Indian companies have far lower cost structures, which, in the Fund’s target sectors, GPC estimates are 30-50% lower than in the U.S., this creates an opportunity for the Fund to partner with local companies which are looking to internationalise and in particular diversify and grow into more profitable developed markets
GPC’s International Approach to India
GPC investments help create companies with international revenues and a low cost structure utilising India’s advantages and leverage international know-how to help them succeed in the domestic markets too
Creates highly successful international businesses that operate in the most attractive international markets leveraging India’s cost structure advantage and providing access to India too
Creates market leaders in India by taking high potential quality Indian companies into the most attractive international markets and bringing them international partners
Partnership Capital
As part of its investment process, GPC develops a “value blueprint” for each company, which encompasses multiple initiatives in which GPC will participate. The initiatives are selected according to Portfolio Company business needs, their impact on value and GPC’s value addition skill set. GPC executes these initiatives in partnership with the the leadership teams of its portfolio companies, and the team has a demonstrable track record of working with senior management teams and business owners, to unlock value and reposition companies for growth
Transformative Value
For each of its portfolio companies, GPC develops and executes a “value transformation plan”, a multidimensional growth strategy capable of producing a step change in valuation and return potential. These plans consist of a series of specific strategies and actions agreed with management and shareholders, often built around “international commercialisation”, creating new businesses and products and restructuring management teams and incentives. GPC’s strategy of “partnership capital” allows it to execute value transformation in partnership with management, contributing its international team, relationships, advisors, ideas and expertise
Three core risk-return adjusted capital allocation strategies
Strategy 1: Base Returns
- Established Local Companies.Established companies with strong management that are set to do well locally in their domestic markets or internationally if there is an international dimension
- Focused GPC Value-Addition.Active at the strategy level, but does not require intense portfolio management; generally require relationships, financial / M&A advice and governance
- Target Allocation: 30% of invested capital
Strategy 2: Value Transformation
- Established Companies, Potential to Transform. Established companies with strong management that have a solid local base, and the potential to scale dramatically globally such that the international revenues will propel them to become top 3 in their industry
- Intense GPC Intervention and Value-Addition
- Partner with management to establish stretch targets and design a business plant to execute and bring to bear our local/international value-addition capability, our operating teams and business partners;
- Bring international experience and know how through our international team and advisors, partners and broader relationships
- Target Allocation: 50% of invested capital
Strategy 3: Outperformance
- Disruptive Ideas, Businesses. Candidates that have the potential to build disruptive businesses across their industry and become industry leaders
- Ambitious Growth Plan. Develop a radical plan that takes on risk for outsized returns, we and our partners become the entrepreneurs and put together whole management teams to execute the plan, both locally and internationally; partner with foreign strategics as an option
- Target Allocation: 20% of invested capital
Responsible Investing
GPC firmly believes that its long-term success as a firm and value creation in portfolio companies and for investors is intrinsically linked to India’s rapid, sustainable and peaceful development, combined with its ability to foster strong trade, investment and cultural linkages with the rest of the world. The firm is therefore strongly committed to investing responsibly and delivering a disproportionate social and economic impact through its activities
Our Framework
Citizenship. Impact on policy for peace, prosperity and freedom (influencing government policies to promote these ideas)
Exclusion. No investment or support for sectors causing harm to people, animals and the environment
Inclusion. Investment in themes and companies that contribute to financial, digital, healthcare, educational and work place inclusion
Direct Impact. Support to portfolio companies in declaring, making and measuring and communicating their impact
International Participation. Strategy, implementation and access to foreign markets and assets and expertise
Commercial Impact. Implementing structures and practices that lead to disciplined businesses positioned for market leadership and financial returns
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Selected Investment Portfolio
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Quarterly Letter to Investors: Q2 2025
Growth Outperformance Despite Tariffs and Geopolitical Uncertainty
Dear Investor,
We are pleased to provide you with the quarterly report for Greater Pacific Capital Private Investing India, LP, (the “Fund” and “GPC PII”) covering the period from 1 April to 30 June 2025.
Summary Update
- India’s Growth Robust Despite Significant Geopolitical Risk. India’s GDP beat estimates to grow at 7.8% in Q2 2025, though 50% tariffs imposed by the US recently are expected to impact this, while significant international and local risks remain.
- Fund Performance Stable, Marginal Improvement in NAV. Fund NAV recovery path continued, to 0.55x MOIC as of 30 June 2025 as compared to 0.51x last quarter.
- Operating, Financing and Macro Risks Remain. The Manager continues to be closely engaged with portfolio companies to manage operating and financing risks, and to capture growth and value creation opportunities, in what is a complex international macro environment due to trade, tariffs and global risks.
- Profitable Impact Continues to Guide the Firm’s Approach. The Manager continues to work closely with portfolio companies to identify and capture business opportunities that can deliver tangible climate and development impact.
Please be aware that, it has come to our knowledge that certain individuals representing to be employees, affiliates, agents or representatives of ‘Greater Pacific’ have engaged in approaching the general public including through creation of groups on WhatsApp and Telegram for the purposes of disseminating investment advice / market information / trading tactics, etc. Under these false pretences, they are trying to gain access to the personal information or to acquire money or other valuables by offering advice / information / other business opportunities. Such fraudulent offers and claims appear to have been made via email, social media platforms, text messages, phone calls, WhatsApp, Telegram etc. These claims and offers are fraudulent, and you are strongly advised to exercise great caution and disregard such offers and invitations.
Kindly note that Greater Pacific Capital LLP, Greater Pacific Capital India Private Limited or its partners and affiliates do not offer any market or other information or investment advice on any social media platform or group or seek investment from the general public through those medium. Greater Pacific Capital LLP, Greater Pacific Capital India Private Limited or its partners and affiliates do not take any responsibility and cannot be held liable for any claims, losses, damages, expenses, or other inconvenience resulting from or in any way connected to the actions of these imposters.
Accordingly, we would advise you to engage great caution and refrain from engaging with / responding to such persons who may approach you through social media platforms, WhatsApp, Telegram etc. on behalf of ‘Greater Pacific’ and immediately notify the police and other competent jurisdictional authority.
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