https://nexthorizoncapital.in/ 2026-09-20 weekly 1.0 https://nexthorizoncapital.in/founders 2026-09-20 monthly 0.9 https://nexthorizoncapital.in/research 2026-09-20 weekly 0.9 https://nexthorizoncapital.in/mandates 2026-09-20 monthly 0.8 https://nexthorizoncapital.in/team 2026-09-20 monthly 0.7 https://nexthorizoncapital.in/careers 2026-09-20 weekly 0.7 https://nexthorizoncapital.in/mandates/kotak 2026-09-20 monthly 0.8 https://nexthorizoncapital.in/mandates/peatos 2026-09-20 monthly 0.8 https://nexthorizoncapital.in/mandates/sunward 2026-09-20 monthly 0.8 https://nexthorizoncapital.in/pillars/buyside-recruiting-india-undergraduates 2026-09-20 monthly 0.8 https://nexthorizoncapital.in/pillars/our-engagements 2026-09-20 monthly 0.8 https://nexthorizoncapital.in/pillars/student-buyside-advisory-playbook 2026-09-20 monthly 0.8 https://nexthorizoncapital.in/pillars/student-led-finance-organizations-india 2026-09-20 monthly 0.8 https://nexthorizoncapital.in/research/india-s-lawsuits-are-becoming-investable-litigation-funding-via-aifs 2026-09-19 monthly 0.8 https://cdn.sanity.io/images/db4e8kgw/production/bc23c84318a79457b417044fc478610db07c45ca-1672x941.png?auto=format&fit=crop&w=1200&h=675&crop=entropy&q=82 Litigation finance is emerging as a new alternative asset class in India, with institutional capital beginning to back legal claims and recoveries. https://cdn.sanity.io/images/db4e8kgw/production/bdc1029f3881bd9cfc4ecb926eb1f21f14f1b3b5-1575x999.png?auto=format&fit=max&w=1600&q=80 India’s litigation market is beginning to look less like a legal cost centre and more like an emerging alternative asset class. Globally, litigation finance is projected to grow from US$23.58 billion in 2024 to US$64.76 billion by 2035. India is now beginning to build the institutional infrastructure to participate in that market, led by Five Rivers Capital’s ₹500 crore Category II AIF. With 1,878 pending insolvency avoidance applications involving ₹4.38 lakh crore, the potential opportunity extends well beyond conventional commercial disputes. Our latest piece examines how legal claims are being underwritten, financed and transformed into investable assets. https://nexthorizoncapital.in/research/gps-are-buying-companies-from-themselves-at-full-price 2026-09-12 monthly 0.8 https://cdn.sanity.io/images/db4e8kgw/production/ce0cdcf40dee4e18ecb2387e37c79c19c523ee97-1672x941.png?auto=format&fit=crop&w=1200&h=675&crop=entropy&q=82 GP-led secondary volume rises sharply from 2015 to 2025, alongside major continuation-fund transactions. https://cdn.sanity.io/images/db4e8kgw/production/2cdec61039dc7bf7fe83406b4720818c0dfc2f64-4200x3150.png?auto=format&fit=max&w=1600&q=80 GP-led secondary volume rises sharply from 2015 to 2025, alongside major continuation-fund transactions. https://nexthorizoncapital.in/research/2021-when-private-equity-s-capital-and-valuations-peaked-together 2026-09-06 monthly 0.8 https://cdn.sanity.io/images/db4e8kgw/production/026dcddb5066b848f9c4296a64ce739c6bbfc09e-1448x1086.png?auto=format&fit=crop&w=1200&h=675&crop=entropy&q=82 2021: When Private Equity’s Capital and Valuations Peaked Together https://cdn.sanity.io/images/db4e8kgw/production/6da1ef9e6f0d2027859ab9192ad116cc26779bc0-2048x1536.jpg?auto=format&fit=max&w=1600&q=80 2021: When Private Equity’s Capital and Valuations Peaked Together https://nexthorizoncapital.in/research/the-ipo-is-taking-longer-private-markets-have-built-a-side-door 2026-08-29 monthly 0.8 https://cdn.sanity.io/images/db4e8kgw/production/62933983716e6458c7cc531b4d025c669b76639c-1536x1024.png?auto=format&fit=crop&w=1200&h=675&crop=entropy&q=82 The IPO is no longer the only path to liquidity. As private companies stay private longer, a rapidly expanding secondary market is creating new ways for investors and founders to realise value before a public listing. https://cdn.sanity.io/images/db4e8kgw/production/1d29c346c971552d1b7eca1b4ca5ddf043e9da9f-2266x1474.png?auto=format&fit=max&w=1600&q=80 Chart showing median company age at IPO rising from 8.0 years in 2018 to 12.0 years in 2025 alongside secondary-market volume increasing from $75 billion to $233 billion, illustrating the growth of private-market liquidity. https://nexthorizoncapital.in/research/the-whitespace-in-ai-travel-the-chatbot-isn-t-enough 2026-08-24 monthly 0.8 https://cdn.sanity.io/images/db4e8kgw/production/484e8338ffa255a58330581411a0fd4038115800-1536x1024.png?auto=format&fit=crop&w=1200&h=675&crop=entropy&q=82 The Whitespace in AI × Travel: The Chatbot Isn't Enough https://cdn.sanity.io/images/db4e8kgw/production/3346063c8c9b368f0a01b9aa32f9006216821ec0-1536x1024.jpg?auto=format&fit=max&w=1600&q=80 The Whitespace in AI × Travel: The Chatbot Isn't Enough https://nexthorizoncapital.in/research/inr15-7-lakh-crore-committed-so-where-is-the-capital 2026-08-15 monthly 0.8 https://cdn.sanity.io/images/db4e8kgw/production/384d007549b0a2d6f0e4451afaeec68a0c9d83e7-1448x1086.png?auto=format&fit=crop&w=1200&h=675&crop=entropy&q=82 India's AIF industry has accumulated a record pool of committed capital, but less than half had been invested by December 2025. The gap says more about capital absorption than capital scarcity. https://cdn.sanity.io/images/db4e8kgw/production/408f4788ee69c462c9ef0ce53469c7cab0daca41-2018x1388.png?auto=format&fit=max&w=1600&q=80 AIF commitments versus investments made across India's three AIF categories, showing the largest deployment gap in Category II. https://nexthorizoncapital.in/research/the-search-fund-mirage-why-35-irr-isn-t-your-return 2026-08-08 monthly 0.8 https://cdn.sanity.io/images/db4e8kgw/production/cdf53c3e10ac65fa50e3f1809f65299feda79b20-1536x1024.png?auto=format&fit=crop&w=1200&h=675&crop=entropy&q=82 A new Yale study reveals why the celebrated 35.1% IRR reflects the performance of an ecosystem, not the experience of the average investor. https://cdn.sanity.io/images/db4e8kgw/production/0b804621666b3ce0818f7084bda9e784adb80291-1600x1200.jpg?auto=format&fit=max&w=1600&q=80 Stanford's celebrated 35.1% search fund IRR has become the industry's defining statistic. A new Yale study of 1,192 investments shows why the average can be misleading, revealing that investor outcomes depend far more on portfolio construction and exposure to rare outlier returns than headline benchmarks. https://nexthorizoncapital.in/research/12-is-the-new-five-the-math-that-just-killed-average-private-equity 2026-07-31 monthly 0.8 https://cdn.sanity.io/images/db4e8kgw/production/2911a41b41244bd21c77c4d612f6cee524a8a0e8-1448x1086.png?auto=format&fit=crop&w=1200&h=675&crop=entropy&q=82 12 Is The New Five: The Math That Just Killed Average Private Equity https://cdn.sanity.io/images/db4e8kgw/production/02ef18c8902e77b272282c696789fa13145ad560-840x630.jpg?auto=format&fit=max&w=1600&q=80 Stacked bar chart comparing sources of private equity value creation across three eras, showing operational improvement replacing multiple expansion and leverage as the primary driver of returns by 2020–2025. https://nexthorizoncapital.in/research/when-an-exit-isn-t-really-an-exit 2026-07-24 monthly 0.8 https://cdn.sanity.io/images/db4e8kgw/production/8192a5d372e29fdd0980c0670fcec86e6fe7dd46-1536x1024.png?auto=format&fit=crop&w=1200&h=675&crop=entropy&q=82 When an Exit Isn't Really an Exit https://cdn.sanity.io/images/db4e8kgw/production/eb9d0b5d3e68d84a761ecb668e74da2dfea30db7-1600x1200.jpg?auto=format&fit=max&w=1600&q=80 When an Exit Isn't Really an Exit https://nexthorizoncapital.in/research/the-price-of-liquidity 2026-07-18 monthly 0.8 https://cdn.sanity.io/images/db4e8kgw/production/ae0b857ffb546aa08599f26add7a22b00ea53992-2556x1398.png?auto=format&fit=crop&w=1200&h=675&crop=entropy&q=82 The shift towards liquid alternatives has changed the economics of generating alpha. https://cdn.sanity.io/images/db4e8kgw/production/ddb993cdf474bd934f9edebb28b01d729cee0e17-1514x848.png?auto=format&fit=max&w=1600&q=80 Line chart comparing monthly returns of India's Category III long-short funds with the Nifty 50 TRI from February 2024 to September 2025. The chart shows Category III funds outperformed the index during most market drawdowns, with the highest monthly beat rate of 90% in July 2025 across 31 tracked funds. The observation covers 20 of 22 months and tracks between 30 and 35 funds. https://nexthorizoncapital.in/research/india-s-vc-market-is-deploying-faster-than-it-is-raising 2026-07-08 monthly 0.8 https://cdn.sanity.io/images/db4e8kgw/production/09980d678fbc55df30209464cc6c4afbca042171-1536x1024.png?auto=format&fit=crop&w=1200&h=675&crop=entropy&q=82 India’s VC Market Is Deploying Faster Than It Is Raising https://cdn.sanity.io/images/db4e8kgw/production/9ec450ac2e13f434a7e5e353a7852e126c6eb14f-1575x1575.jpg?auto=format&fit=max&w=1600&q=80 Indian VC deal value and fundraising from 2019 to 2025. Deal value recovered from $9.6B in 2023 to $16B in 2025, while fundraising recovered from $2.7B in 2024 to $5.4B in 2025. https://nexthorizoncapital.in/llms.txt 2026-09-20 weekly 0.6 https://nexthorizoncapital.in/llms-full.txt 2026-09-20 weekly 0.6 https://nexthorizoncapital.in/context/index.md 2026-09-20 weekly 0.5 https://nexthorizoncapital.in/context/founders.md 2026-09-20 weekly 0.5 https://nexthorizoncapital.in/context/mandates.md 2026-09-20 monthly 0.5 https://nexthorizoncapital.in/context/kotak-mandate.md 2026-09-20 monthly 0.5 https://nexthorizoncapital.in/context/research.md 2026-09-20 weekly 0.5