In India’s venture and private equity ecosystem, conversations around fund formation and governance are no longer back-office themes. They sit at the center of how capital is raised, deployed, and returned. As regulatory frameworks evolve and LP expectations grow sharper, the role of finance leadership inside funds has quietly transformed.
In a detailed conversation with Indian Startup Times, Ruchita Jasani, CFO at Sorin Investments, reflected on her two-decade journey across audit, financial services, private equity, and fund administration. The discussion moved from her early career choices to the nuances of fund structuring in India, and from governance discipline to the future of the CFO role in venture capital.
From Audit Foundations to Fund Structuring
Ruchita’s career began in audit, qualifying as a Chartered Accountant and working with large global firms such as Deloitte and KPMG. Those early years built her grounding in financial controls, regulatory interpretation, and structured thinking.
She then transitioned into industry roles at Morgan Stanley, where she gained exposure to financial services at scale, before moving to Motilal Oswal Financial Services. It was here that her trajectory shifted decisively toward private equity and venture capital.
Motilal Oswal provided hands-on exposure to fund vehicles, offshore feeder structures, tax considerations, and the operational realities of managing investor capital. Rather than learning fund structures academically, she was directly involved in evaluating decisions around domestic AIF structures, cross-border setups, and advisor-manager roles. That period, she noted, was the inflection point that shaped her long-term career in PE/VC finance.
Subsequent roles, including platform-level investment exposure at Shapoorji Pallonji Group and fund administration experience in the US, added another layer of operating depth. She saw both sides of capital: as allocator and as platform operator.
The Expanding Mandate of the CFO
One of the strongest themes in the conversation was how dramatically the CFO role in funds has evolved.
Earlier, the mandate was relatively contained: financial reporting, compliance, capital calls, and distribution management. Today, especially in maiden or emerging funds, the CFO’s remit stretches far beyond core finance.
Ruchita described how the role increasingly includes:
- Reviewing legal documentation and fund agreements
- Participating in investment diligence
- Engaging directly with LPs
- Supporting portfolio companies on finance and governance issues
- Interpreting regulatory and tax shifts
In smaller or first-time funds, bandwidth often allows for deeper involvement across these areas. In larger, more institutional funds, responsibilities may narrow as teams scale and roles become more specialized. Even then, the CFO remains central to LP communication and compliance architecture.
She also highlighted a practical reality: as funds scale, many operational tasks such as accounting, back-office processing, and certain compliance functions are outsourced. This allows the internal team to focus on oversight, strategy, and LP engagement rather than transaction processing.
Fund Structuring in India: Regulation, Tax, and Cross-Border Complexity
Structuring a fund in India is never just a legal exercise. It is shaped by regulatory interpretation, tax certainty, and LP comfort.
Ruchita emphasized how evolving rules from SEBI and RBI directly influence structuring decisions. Caps on cross-border investments, foreign exchange considerations, and treaty interpretations all affect how domestic AIFs and offshore feeders are configured.
Tax ambiguity remains one of the most decisive variables. High-profile judicial developments and treaty interpretations have made investors more cautious. For many LPs, predictability is as important as performance. A structure that is technically efficient but exposed to future regulatory reinterpretation may reduce investor comfort.
As a result, fund formation in India requires close coordination between legal advisors, tax experts, and finance leadership. The CFO is often the integrator across these perspectives, translating regulatory nuance into operational clarity.
Governance as a Non-Negotiable
When asked about essential governance practices in today’s VC landscape, Ruchita was clear. Governance is not optional, and transparency is foundational to LP trust.
She outlined a few core principles:
Clear segregation between manager and fund costs
LPs expect strict clarity on what expenses are borne by the management company versus the fund vehicle. Blurring this line can erode trust quickly.
Standardized, timely reporting
Quarterly reports, detailed capital account statements, and portfolio updates are no longer considered value-adds. They are expected.
Regular LP engagement
Beyond reports, quarterly update calls and ongoing communication help set expectations around capital calls, deployment pace, and portfolio performance.
Adherence to ILPA and ESG standards
Institutional LPs increasingly expect alignment with global frameworks such as ILPA reporting guidelines and ESG disclosures. Even when not legally mandated, these standards serve as credibility signals.
Ruchita noted that governance is not only about compliance. It is about setting expectations and avoiding surprises. Funds that communicate proactively about portfolio developments, both positive and challenging, build long-term LP loyalty.
Changing LP Expectations
Over the past five to seven years, LP sophistication in India has increased meaningfully.
Retail LPs historically struggled with private equity’s J-curve dynamics, often expecting early liquidity. Institutional LPs, by contrast, now demonstrate deeper understanding of drawdown structures, exit timelines, and risk-return trade-offs.
At the same time, institutional investors have become more demanding. They seek:
- Greater transparency in reporting
- Clear articulation of strategy and mandate
- Evidence of internal controls
- ESG alignment
- Consistency between stated thesis and actual investments
Sticking to the fund mandate, Ruchita emphasized, is critical. Drift from stated strategy can create governance concerns and raise questions in subsequent fundraises.
PE vs VC: Similar Structures, Different Realities
While private equity and venture capital share similar structural foundations, operational realities differ significantly.
In platform or control-oriented private equity transactions, investors often have deep operational oversight. Full-control stakes require granular monitoring of books, MIS systems, and operational levers.
In venture capital, where minority stakes are common, monitoring relies more on board participation, strategic questioning, and periodic financial review. VC also demands more hands-on founder engagement, particularly in early-stage portfolios where systems may still be evolving.
Private equity may emphasize quarterly performance metrics and structured oversight. Venture capital often involves greater founder mentoring, strategic calibration, and adaptability.
Despite these differences, governance discipline remains equally important across asset classes.
Will VC Adopt Greater Institutional Rigor?
A key question raised during the conversation was whether Indian venture capital will move closer to private equity in terms of institutional rigor.
Ruchita observed that while the asset class dynamics differ, pressure from institutional LPs is driving greater standardization. As domestic funds raise capital from both global and Indian institutional investors such as SIDBI, SRI, and the newly formed RDIF, reporting expectations have significantly intensified, with a strong emphasis on compliance, transparency, and measurable impact disclosures across their respective platforms.
However, she cautioned that venture capital cannot be fully “PE-ified.” The founder-driven nature of early-stage investing requires flexibility, contextual judgment, and long-term patience.
The direction, though, is clear: stronger reporting systems, deeper data analytics, and more structured governance will increasingly define successful VC platforms.
The Future CFO: Curious, Multi-Skilled, Analytical
Looking ahead, Ruchita believes the CFO role will only become more critical.
Future finance leaders in PE/VC will need:
- Curiosity across legal, regulatory, and tax domains
- Comfort with analytics and data interpretation
- Understanding of cross-border capital flows
- Awareness of funding structures and alternatives
- Strong LP communication skills
The role is no longer limited to accounting oversight. It sits at the intersection of compliance, strategy, capital formation, and portfolio support.
For young Chartered Accountants and finance professionals aspiring to enter VC/PE, she offered practical advice: understand what the role truly involves before entering. Exposure through consulting, investment banking, or transaction advisory can provide adjacent skill sets. Building breadth alongside depth is essential.
A Career Anchored in Discipline and Adaptability
When reflecting on the mindset that has aided her journey, Ruchita underscored adaptability and continuous learning. Regulatory frameworks change. LP expectations evolve. Market cycles turn. The ability to remain steady, curious, and solutions-oriented becomes a competitive advantage.
As the conversation concluded, next steps were agreed upon: the draft would be shared for review, high-resolution profile assets and logo would be provided, and a founder seeking fundraising guidance would connect directly with her via LinkedIn.
Conclusion: Finance as Strategic Backbone
Fund formation and governance may not always capture headlines, but they define the long-term credibility of a venture platform.
Through her journey across audit, investment banking, private equity, and venture finance, Ruchita Jasani’s perspective makes one point clear: institutional trust is built in the details. Clear structures, transparent reporting, disciplined governance, and evolving finance leadership are not optional extras. They are the backbone of sustainable capital.
As India’s venture ecosystem matures, the CFO’s chair will only grow more strategic. And those who combine technical rigor with curiosity and cross-functional depth will help shape the next decade of institutional capital in the country.
-Interview Conducted by Sandhya Bharti
